KATHMANDU: Former Finance Minister Janardan Sharma announced on September 10, 2021, that the 5 percent customs duty on sponge iron imports would be reduced to zero through a replacement…
KATHMANDU: Former Finance Minister Janardan Sharma announced on September 10, 2021, that the 5 percent customs duty on sponge iron imports would be reduced to zero through a replacement…
KATHMANDU: The price of gold has increased by Rs 2,300 per tola (11.66 grams) in the domestic market on Thursday as compared to the previous trading…
KATHMANDU: The National Federation of Cooperatives, the umbrella body of the cooperatives, has responded positively to the budget for the next fiscal year, stating that it addresses long-term issues faced by cooperatives nationwide.…
BIRGUNJ: Importers have raised objections to the government's decision to increase the rate of tax levied in advance at the customs.…
KATHMANDU: Mountaineers on Everest left the world's highest peak on Wednesday, ending a climbing season that broke multiple records but left eight people dead, AFP reported citing tourism officials and expedition…
SINDHUPALCHOWK: Chinese Ambassador to Nepal Chen Song has said that China is ready to help upgrade the Barhabise-Tatopani road…
KATHMANDU: The weather currently is partly to mostly cloudy in the hill areas of Koshi and Sudurpaschim provinces, and mostly clear in the rest of the…
Mahalaxmi Bikas Bank Limited has provided aid through various branches under its Corporate Social Responsibility (CSR)…
KATHMANDU: A total of 4,035 Nepali citizens died in course of foreign employment between fiscal year 2020-21 to FY…
The Nepal Stock Exchange (NEPSE) Index witnessed a loss of 23.81 points, equivalent to 1.12%, closing at 2089.42 on the first trading day after the budget for the fiscal year 2024/2025 on…
KATHMANDU: Over the past decade, there has been a notable surge in individuals pursuing training and education within various sectors of the tourism industry, particularly in trekking-related activities.…
KATHMANDU: A total of fourteen life insurance companies settled insurance claims amounting to over Rs 130 billion by the third quarter of the current fiscal year.…
KATHMANDU: Amid concerns that the government would bring a large budget at a time when it is facing resource crunch, Finance Minister Barshaman Pun presented the budget for the upcoming fiscal year with a marginal increment compared to the budget of the current fiscal…
KATHMANDU: An Indian climber rescued from Everest died in a hospital on Monday, taking the death toll this season on the world's highest mountain to eight, AFP…
KATHMANDU: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has said that the budget for the upcoming fiscal year 2024/025 has addressed the concerns of the private sector.…
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He also introduced an excise duty of Rs 2.5 per kg on billet imports. This decision created a divide among iron rod producers and related material manufacturers.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">However, the current government has reversed that decision through the budget for the next fiscal year (FY 2081/82). Finance Minister Barshman Pun announced that the customs duty on sponge iron would be increased from 1 percent to 2.5 percent. Additionally, the zero percent duty on the import of scrap, pig iron, and silico magnesium—key raw materials for melting units—has been raised to 1 percent. On the other hand, the excise duty on billet imports has been revoked.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Organising a press conference at the Ministry of Finance on Wednesday, Minister Pun claimed that the government has corrected past mistakes, asserting, "Tax rates have not been changed based on individual preferences."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Businessmen who produce iron rods by importing billets have welcomed the government's announcement, while those who have installed sponge iron and smelting plants oppose the new tax policy.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Nepal Iron Rod Producers Association, representing businesses that produce iron rods and other iron products, held a press conference in Kathmandu on Wednesday claiming that the industry, worth Rs 36 billion, is in jeopardy due to the government’s policy. According to the association, industrialists who increased investment based on the replacement bill’s policy on sponge iron and melting units are now in trouble.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The association expressed concerns that the government's decision will have a long-term negative impact on industrialization.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Kiran Sakh, who produces iron rods by importing billets, argued that industrialists producing billets from sponge iron have exaggerated their costs. "Before the replacement bill, there were seven smelting factories; later, seven more were added," he said. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Despite the division among businessmen regarding government policy, they agree that the government is not providing policy stability.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Speaking at a press conference on Wednesday, Anjan Shrestha, Senior Vice President of the Federation of Nepalese Chamber of Commerce Industry, criticized the government's unstable policies, stating, "Why was it necessary to increase the customs duty that was reduced yesterday? The government's policies are constantly changing.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The association publicly stated that it cannot operate melting plants without a consistent customs facility. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Sahil Aggarwal, president of the association, said that increasing customs duty on sponge, scrap, and pig iron while reducing it on billets discourages rather than encourages value-adding industries in Nepal. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"Most steel industries in Nepal have installed melting plants," he said. "This policy should be corrected." According to the association, out of the 23 industries currently operating in the country, 18-19 have installed melting plants that import and melt sponge, pig, and scrap iron into billets.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Bishnu Neupane, president of Saurabh Group, stated that the domestic billet manufacturing industries require separate infrastructure compared to the imported billet manufacturing industry, necessitating an additional investment of Rs 2 billion to Rs 4 billion. He argued that the government's announcement will negatively affect the billet manufacturing industry. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"If the government does not protect such industries, who will?" he asked. "Currently, all industrialists have rolling mills (producing iron rods by importing billets). Now, we are forced to import billets, pushing the country back 20 years."</span></span></span></p> ', 'published' => true, 'created' => '2024-05-30', 'modified' => '2024-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '20859', 'image' => '20240530020101_20210914024156_cs5(17).jpg', 'article_date' => '2024-05-30 14:00:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21131', 'article_category_id' => '1', 'title' => ' Price of Gold Up by Rs 2300 per Tola ', 'sub_title' => '', 'summary' => 'KATHMANDU: The price of gold has increased by Rs 2,300 per tola (11.66 grams) in the domestic market on Thursday as compared to the previous trading day. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The price of gold has increased by Rs 2,300 per tola (11.66 grams) in the domestic market on Thursday as compared to the previous trading day. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Federation of Nepal Gold and Silver Dealers Association, hallmark gold is being traded at Rs 140,500 per tola which was Rs 138,200 on Wednesday. Similarly, the price of the worked gold has been determined at Rs 139,800 per tola against Rs 137,550 on Wednesday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the price of silver has gone up by Rs 70 per tola and is fixed at Rs 2,000. It was Rs traded at Rs 1,930 on Wednesday, according to the Federation of Nepal Gold and Silver Dealers Association. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-30', 'modified' => '2024-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '20858', 'image' => '20240530013358_gold newwww.jpg', 'article_date' => '2024-05-30 13:33:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21130', 'article_category_id' => '1', 'title' => 'Victims of Problematic Cooperatives Welcome Provision in Budget to Return Savings of Depositors', 'sub_title' => '', 'summary' => 'KATHMANDU: The National Federation of Cooperatives, the umbrella body of the cooperatives, has responded positively to the budget for the next fiscal year, stating that it addresses long-term issues faced by cooperatives nationwide. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The National Federation of Cooperatives, the umbrella body of the cooperatives, has responded positively to the budget for the next fiscal year, stating that it addresses long-term issues faced by cooperatives nationwide. Issuing a statement on Wednesday, the federation welcomed the budget announcement, particularly the assistance in returning the money of small depositors.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Finance Minister Barshman Pun announced on Tuesday that the budget includes measures to return the savings of up to half a million rupees to the depositors of problematic cooperatives, using property mortgages of the owners. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaking at a press conference held at the ministry on Wednesday, Finance Minister Pun reiterated that the plan to return the deposits of up to Rs 500,000 aims to solve the problems faced by the cooperatives sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"To address the issues of savings and credit cooperatives, we will return the savings of the depositors, even if it is at least 500,000, by mortgaging the properties of the owners," he said. "This shows that the government is committed to resolving the problems of the cooperatives."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Minister Pun acknowledged that while many cooperatives have performed well, the sector's reputation has been tarnished by a few miscreant organizations. He urged those who have conducted their activities properly not to be discouraged. "Those who have not done wrong should not feel that a mistake has been made in the cooperative sector," he said. "We will support those in trouble."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The federation also welcomed the budget which focuses on helping small depositors recover their money. The federation expressed hope that this year will see the implementation of a debt information center, debt recovery tribunal, savings and loan protection fund, and cooperative promotion fund. The budget also addresses the establishment of a separate regulatory body to supervise savings and credit cooperatives and ensure their operation according to legal principles and policies. The federation stated its readiness to collaborate with the Ministry of Land Management, Cooperatives, and Poverty Alleviation for successful implementation of the provisions announced in the budget.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">So far, the federal government has declared 20 cooperatives as problematic. However, more than 500 organizations are struggling to return the depositors’ savings, despite not being formally declared as problematic. The government has been criticism for its lack of action in resolving these issues of cooperatives, despite protests from individuals who have been unable to retrieve their savings from the cooperatives.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">To address these problems, the government had formed a task force under the coordination of Dr Jayakant Raut, a member of the National Planning Commission. Although the task force submitted a recommendation report to Prime Minister Pushpa Kamal Dahal in last August, no substantial action has been taken to resolve the issues. Agitating depositors of the problematic cooperatives are now entering the third phase of protests, citing the government's lack of interest in fulfilling the agreements reached with them on two previous occasions.</span></span></p> ', 'published' => true, 'created' => '2024-05-30', 'modified' => '2024-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '20857', 'image' => '20240530010902_cooerativesssss.jpg', 'article_date' => '2024-05-30 13:07:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21129', 'article_category_id' => '1', 'title' => 'Traders Object to 10 Percent Advance Income Tax on Potatoes and Onions', 'sub_title' => '', 'summary' => 'BIRGUNJ: Importers have raised objections to the government's decision to increase the rate of tax levied in advance at the customs. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">BIRGUNJ: Importers have raised objections to the government's decision to increase the rate of tax levied in advance at the customs. The government had decided to increase such taxes through the budget announced for the next fiscal year (FY 2081/82). They accuse the government of bringing a large budget instead of adopting austerity measures and arbitrarily raising taxes for resource management.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Importer Om Prakash More demanded the immediate revocation of the system of collecting a 10 percent advance tax at customs, calling it impractical. The government has increased the advance income tax rate from 1.5 percent to 10 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Importers argue that most of the items subject to the 10 percent advance tax are daily essentials for general consumption. The government plans to collect this tax on potatoes and onions as well. Businessmen claim that such high tax rates on items like vegetables, potatoes, onions, and fish will increase prices and adversely affect consumers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Finance Minister Barshman Pun removed the VAT on potatoes and onions in the next year's budget. However, businessmen accuse the minister of seeking credit for removing VAT while intending to collect it through other means. Previously, the advance tax on potatoes and onions was 1.5 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Madhav Rajpal, vice president of the Birgunj Chamber of Commerce and Industry, earlier, the combined customs duty, VAT, and advance income tax amounted to 23.5 percent. Now, with the removal of VAT and the addition of a 10 percent advance tax, the total tax has been adjusted to 19 percent. Rajpal criticized this change, stating that while the VAT removal seems beneficial, the additional 10 percent tax is an added burden.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Officials from the Department of Customs say that it will take a few days to get a clear picture of the impact of the new budget. Information officer Punya Bikram Khadka remarked, "The budget has just been announced. It is too soon to assess its impacts."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government also plans to charge a 2.5 percent advance tax on the import of flour and similar items. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The government itself states that more than 20 percent profit constitutes black market activity. However, to pay a 10 percent advance tax, a 40 percent profit would be necessary," More said. "Is it possible to make such a profit by selling potatoes, onions, and vegetables?"</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Businessman More insists that even if advance income tax must be collected, the rate should not exceed 2.5 percent, as the maximum profit in such businesses is around 10 percent.</span></span></p> ', 'published' => true, 'created' => '2024-05-30', 'modified' => '2024-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '20856', 'image' => '20240530121936_20170411040236_onion.jpg', 'article_date' => '2024-05-30 12:18:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21127', 'article_category_id' => '1', 'title' => 'Everest Records Tumble as Season Ends with Eight Fatalities', 'sub_title' => '', 'summary' => 'KATHMANDU: Mountaineers on Everest left the world's highest peak on Wednesday, ending a climbing season that broke multiple records but left eight people dead, AFP reported citing tourism officials and expedition organisers.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">KATHMANDU: Mountaineers on Everest left the world's highest peak on Wednesday, ending a climbing season that broke multiple records but left eight people dead, AFP reported citing tourism officials and expedition organisers.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">More than 600 climbers and guides reached the 8,849-metre (29,032-foot) high Himalayan summit, Rakesh Gurung of the tourism department told AFP, with the exact total yet to be verified.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">"Teams have packed up and the route will be closed now," AFP quoted Gurung as saying. "The season has ended."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to the news agency, last year was the deadliest season on the mountain with 18 fatalities, but the toll for 2024 was much lower despite climbers reporting bottlenecks at the peak.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Among the eight dead were two climbers from Mongolia and one each from Kenya, India and Nepal.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Three people -- a British climber and two Nepali guides -- are listed as missing and presumed dead.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Nepal is home to eight of the world's 10 highest peaks and welcomes hundreds of adventurers each spring, when temperatures are warm and winds typically calm.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Records broken this year include Nepali climber Phunjo Lama's climb of just 14 hours and 31 minutes, the world's fastest ascent of the mountain by a woman, added AFP.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Climbers usually take days to reach the top.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Kami Rita Sherpa, 54, a Nepali climber known as "Everest Man", reached the peak for a record 30th time, three decades after his first summit.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">"So many climbers earn their name and fame by climbing our mountains," said Purnima Shrestha, who reached the summit for a record three times this season, the most for a woman.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">"I think it is good that we Nepalis set records in our motherland."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to AFP, Briton Kenton Cool also extended his non-Nepali record with his 18th summit, while Polish climber Piotr Jerzy Krzyzowski became the first to summit both Lhotse and Everest without supplemental oxygen.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Mountaineering guide Tsering Pemba Sherpa, who reached the summit of Everest for the 11th time, told AFP that a dry winter had increased the risks with wider crevasses and chances of rockfalls.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Some climbers shared images of hundreds queueing to make their final summit push in the "death zone", where thin air and low oxygen levels heighten the risk of altitude sickness.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">But guide Binayak Malla said that was a consequence of the narrow windows of weather to climb.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">"Climbers aim for the summit when the weather is good," Malla said. "That's what caused the rush."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to AFP, Nepal issued more than 900 permits for its mountains this year, including 421 for Everest, earning more than $5 million in royalties.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-30', 'modified' => '2024-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '20855', 'image' => '20240530110314_20240401075430_SubhasDarnal_KalapatharSolukhumbu_RSS_IMG_20240308_200422.jpg', 'article_date' => '2024-05-30 11:02:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21128', 'article_category_id' => '1', 'title' => 'China Ready to Help Upgrade Barhabise-Tatopani Road: Chinese Ambassador ', 'sub_title' => '', 'summary' => 'SINDHUPALCHOWK: Chinese Ambassador to Nepal Chen Song has said that China is ready to help upgrade the Barhabise-Tatopani road section. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">SINDHUPALCHOWK: Chinese Ambassador to Nepal Chen Song has said that China is ready to help upgrade the Barhabise-Tatopani road section. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During a discussion held on Wednesday evening with stakeholders at the Tatopani Customs Office about border management and the road leading to the Friendship Bridge, Chinese Ambassador Chen said that both countries can build roads together. He also shared that Chinese technicians will come to study the location of the landslide and other facets of the road. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, MP from Sindhupalchok, Madhav Sapkota, shared that Rs 1.2 billion has been allocated for the upgrading of the road and proposed that both countries should work together on it. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Head of the Road Division Office, Dolakha, Arjun Shrestha, presented a detailed project report of road upgrading work prepared by Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Advisor to the Prime Minister on Foreign Affairs, Dr Rupak Sapkota, Chair of Bhotekoshi Rural Municipality Pasang Norbu Sherpa, local people's representatives, political parties, the Chief District Officer, the chiefs of security agencies, the chief of customs office, division road office staff were present in the discussion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Tatopani trade and transit point with China was closed following the 2015 earthquake and was re-opened in September 2023. And an agreement was reached during the visit of Prime Minister Pushpa Kamal Dahal to China last October for the Chinese side to help upgrade the road leading to the border crossing. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-30', 'modified' => '2024-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '20854', 'image' => '20240530114334_GOwxRCSa8AAQJyd.jpg', 'article_date' => '2024-05-30 11:42:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21126', 'article_category_id' => '1', 'title' => 'Maximum Temperature of Kathmandu likely to Reach 33 Degrees Celsius Today ', 'sub_title' => '', 'summary' => 'KATHMANDU: The weather currently is partly to mostly cloudy in the hill areas of Koshi and Sudurpaschim provinces, and mostly clear in the rest of 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"">KATHMANDU: The weather currently is partly to mostly cloudy in the hill areas of Koshi and Sudurpaschim provinces, and mostly clear in the rest of the country. This is due to the partial effects of the local winds, the westerly winds as well as the low pressure system around Bihar in India, according to the Department of Hydrology and Meteorology. </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"">The department added that the maximum temperature in the Kathmandu Valley today is expected to be between 31 and 33 degrees Celsius. On Tuesday, the temperature was 28.5 degrees Celsius and increased to 33.3 degrees Celsius on Wednesday. </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"">The department has issued warning of excessive heat in the Terai districts for a few days and has urged the people to adopt precautionary measures. The department has suggested people to stay indoors, take plenty of liquid, wear light clothes and consult the nearest medical facility in case of health problems due to excessive heat. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Later this afternoon, there is a possibility of light rain with thunder and lightning in some places of Koshi Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tonight, the weather will remain partly to mostly cloudy in Koshi, Madhes, Bagmati and Gandaki provinces and clear in the remaining parts of the country. There is a possibility of light to moderate rain with thunder and lightning at some places in Koshi, Madhes, Bagmati and Gandaki provinces and one or two places in the hill regions of Lumbini. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the next 24 hours, there is a possibility of light to moderate rainfall with thunder and lightning in some places of Koshi, Madhes, Bagmati and Gandaki provinces and one or two places in the hill areas of Lumbini Province. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-30', 'modified' => '2024-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '20853', 'image' => '20240530095745_20230604125858_global-warming.jpg', 'article_date' => '2024-05-30 09:57:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21125', 'article_category_id' => '1', 'title' => 'Mahalaxmi Bikas Bank Supports Social Works', 'sub_title' => '', 'summary' => 'Mahalaxmi Bikas Bank Limited has provided aid through various branches under its Corporate Social Responsibility (CSR) initiatives.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">May 30: Mahalaxmi Bikas Bank Limited has provided aid through various branches under its Corporate Social Responsibility (CSR) initiatives.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">On the occasion of the 2568th Buddha Jayanti and Lumbini Day 2081, the bank's Mahilwar (Lumbini) branch conducted a program distributing free water and sweets in Lumbini. The bank has been providing drinking water on the occasion of Buddha Jayanti for one and a half decades.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Similarly, the bank's Dhangadhi branch has donated Rs 150,000 to Dhangadhi Sub-Metropolitan City's 'Mayor's Educational Improvement Fund.' This monetary assistance aims to help improve the educational quality of children from impoverished families through the fund established to assist children studying in community schools in rural areas. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The chief of the bank's Sudurpashchim Province, Sunil Kumar Nepal, handed over the check worth Rs 150,000 to the mayor of Dhangadhi Sub-Metropolitan City, Gopal Hamal.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Additionally, the bank's Narayangadh branch donated Rs 300,000 to Galeshwar Ashram located in Devghatdham, Tanahun. This donation aims to aid in laying Nepali stone in the Siddheshwar Shiva Temple, constructed in the Nepali pagoda style by the ashram. Shambhu Prasad Parajuli, chief of the bank's Bagmati Province 'B,' handed over the check worth Rs 300,000 to Galeshwar Ashram.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-30', 'modified' => '2024-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '20852', 'image' => '20240530083314_collage (15).jpg', 'article_date' => '2024-05-30 08:31:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '21124', 'article_category_id' => '1', 'title' => '4,035 Nepali Migrant Workers Die in Course of Foreign Employment in Three Years', 'sub_title' => '', 'summary' => 'KATHMANDU: A total of 4,035 Nepali citizens died in course of foreign employment between fiscal year 2020-21 to FY 2022-23. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: A total of 4,035 Nepali citizens died in course of foreign employment between fiscal year 2020-21 to FY 2022-23. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the data from the Foreign Employment Board, 870 Nepali migrant workers also suffered injuries or fell ill during the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Over the past three years, there has been a concerning rise in the number of deaths and illnesses among Nepali migrant workers. The percentages of these incidents were 18.50% in the fiscal year 2020/21, 31.95% in FY 2021/22, and 49.54% in FY 2022/23. Despite the decline in deaths, the cases of mutilations and illness have soared over these years. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The challenges faced by Nepali migrant workers include adverse weather conditions in destination countries, increased workloads, liquor consumption, conflicts with colleagues, familial pressure, lack of awareness of local laws, technical errors in handling and the operation of machinery, traffic accidents, workplace incidents, burns, suffocation, drowning, and illnesses, according to the government data. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the last fiscal year, out of 1,250 fatalities, 27.96% occurred in Malaysia, followed by 26.36% in Saudi Arabia, 17.98% in the United Arab Emirates, 17.32% in Qatar, 6.04% in Kuwait, and 4.43% in other nations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A report prepared by the board urges the government to investigate the root causes of these deaths, implement awareness programs, and provide psychosocial counseling services among others to the Nepali migrant workers.-- RSS </span></span></p> ', 'published' => true, 'created' => '2024-05-29', 'modified' => '2024-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '20851', 'image' => '20240529064405_20230712120844_foreign emp.jpg', 'article_date' => '2024-05-29 18:43:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21123', 'article_category_id' => '1', 'title' => 'NEPSE Drops 23.81 Points to Close at 2089.42', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index witnessed a loss of 23.81 points, equivalent to 1.12%, closing at 2089.42 on the first trading day after the budget for the fiscal year 2024/2025 on Wednesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">May 29: The Nepal Stock Exchange (NEPSE) Index witnessed a loss of 23.81 points, equivalent to 1.12%, closing at 2089.42 on the first trading day after the budget announcement for the fiscal year 2024/2025 on Wednesday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today’s trading session, 314 scrips were traded on the NEPSE through 63,080 transactions. A total of 10,738,169 shares changed hands, resulting in a total turnover of Rs 4.57 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Pokhara Finance Limited (PFL) led the turnover with total transactions worth Rs 19 crores. Unilever Nepal Limited, Kalinchowk Darshan Limited (KDL), Upper Lohore Khola Hydropower Company Limited (ULHC), and Bhagawati Hydropower Development Company (BGWT) each gained 10% and hit the positive circuit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Buddha Bhumi Nepal Hydropower Company Limited (BNHC) experienced the highest loss at 9.41%, closing at a market price of Rs 587 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector indices, all sectors closed in negative territory except the Finance Index, Hotels and Tourism Index, Manufacturing and Processing Index, and Trading Index.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Mutual Fund Index stayed neutral. The Banking Index lost the most at 2.94%, while the Manufacturing and Processing Index saw the highest gain at 2.68%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-29', 'modified' => '2024-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '20850', 'image' => '20240529033335_collage (14).jpg', 'article_date' => '2024-05-29 15:32:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '21122', 'article_category_id' => '1', 'title' => 'Tourism-Related Training Witnesses a Notable Surge in the Last Ten Years', 'sub_title' => '', 'summary' => 'KATHMANDU: Over the past decade, there has been a notable surge in individuals pursuing training and education within various sectors of the tourism industry, particularly in trekking-related activities. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: Over the past decade, there has been a notable surge in individuals pursuing training and education within various sectors of the tourism industry, particularly in trekking-related activities. This increase is evident in fields such as mountain climbing, trekking, hotel management, and local guide services.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">From the fiscal year 2070/71 to 2079/80, the number of individuals undertaking education and training in tourism-related areas—including hotel management, mountain climbing, trekking guide, homestay management, and porter guide—has reached 25,686. This marks a significant rise from the 2,784 individuals recorded in the fiscal year 2070/71.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The 'Nepal Tourist Statistics-2023' report, published by the Ministry of Culture, Tourism, and Civil Aviation, attributes this upward trend in training to the growth in the number of tourists.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Key institutions such as the Nepal Tourism and Hotel Management Foundation (NATHAM) and the Nepal Mountain Academy, operating under the Ministry of Tourism, have been pivotal in offering training and education programs, particularly in hotel management and mountain climbing/trekking guide.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Despite a temporary decline observed during the earthquake year (fiscal year 2072/73) and the COVID-19 pandemic, there has been a general upward trajectory in training. Notably, since fiscal year 2076/77, there was a slight decline in training enrollment because of the pandemic, although fiscal year 2079/80 witnessed a resurgence, with 2,692 individuals undertaking training across various tourism-related domains.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The resurgence in training participation in fiscal year 2079/80 is attributed to the gradual easing of COVID-19 restrictions and the subsequent uptick in tourism activities. Various training programs covering aspects such as homestay management, food safety, travel and tourism management, culinary skills, guide services, and adventure tourism have seen increased enrollment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Notably, trekking guide training remains the most sought-after program, reflecting the continued popularity of trekking and tourism in Nepal.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">With holidays and sightseeing attracting 62.50% of tourists and trekking drawing 15.20% of visitors, the demand for skilled professionals in these areas is expected to persist, further driving training and education initiatives in the tourism sector.</span></span></span></p> ', 'published' => true, 'created' => '2024-05-29', 'modified' => '2024-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '20849', 'image' => '20240529124645_be (Copy).jpg', 'article_date' => '2024-05-29 12:46:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21121', 'article_category_id' => '1', 'title' => 'Life Insurance Companies Settle Claims of Over Rs 130 Billion in Nine Months', 'sub_title' => '', 'summary' => 'KATHMANDU: A total of fourteen life insurance companies settled insurance claims amounting to over Rs 130 billion by the third quarter of the current fiscal year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: A total of fourteen life insurance companies settled insurance claims amounting to over Rs 130 billion by the third quarter of the current fiscal year. According to the financial statements published by these companies, this figure represents a 15.65 percent increase compared to the same period last year, when they settled claims worth more than Rs 112 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This year has seen an increase in the settlement of insurance claims by all life insurance companies. Rajkumar Aryal, Chief Executive Officer of Sun Nepal Life Insurance Company, noted that companies are processing claims efficiently. Addressing reports that some companies have occasionally delayed the settlement of claims, Aryal explained that there are specific methods and procedures in place to ensure claims are paid promptly to those who submit all necessary documents. He also mentioned that problems can arise in cases where insured individuals use their insurance policies to secure loans but fail to repay them. In such instances, after the maturity of the policy, only the remaining amount, after deducting the loan’s principal, interest, and penalties, is returned to the insured.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Comparing this year's third-quarter data to the same period last year, Prabhu Mahalaxmi Life Insurance Company’s net claim settlements increased by 140.26 percent, the highest among the companies. Similarly, Sanima Reliance Life Insurance Company, which settled claims worth more than Rs 1.618 billion last year, settled claims worth over Rs 3.83 billion this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In terms of the total amount paid, Nepal Life Insurance Company leads with settlements amounting to Rs 36.9 billion in net claims in the nine months this year. During the corresponding period of the last fiscal year, Nepal Life Insurance Company had settled claims worth over Rs 32.75 billion.</span></span></p> ', 'published' => true, 'created' => '2024-05-29', 'modified' => '2024-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '20848', 'image' => '20240529123637_Insurance.jpg', 'article_date' => '2024-05-29 12:35:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21120', 'article_category_id' => '1', 'title' => 'Government Introduces a Balanced Budget for Next FY', 'sub_title' => '', 'summary' => 'KATHMANDU: Amid concerns that the government would bring a large budget at a time when it is facing resource crunch, Finance Minister Barshaman Pun presented the budget for the upcoming fiscal year with a marginal increment compared to the budget of the current fiscal year.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Prithvi Man Shrestha</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: Amid concerns that the government would bring a large budget at a time when it is facing resource crunch, Finance Minister Barshaman Pun presented the budget for the upcoming fiscal year with a marginal increment compared to the budget of the current fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Finance Minister Pun introduced a budget of Rs 1.86 trillion for the upcoming fiscal year, which is 6.2 percent larger than this year's budget. The budget, presented at a joint meeting of the House of Representatives and the National Assembly on Tuesday, includes a reduction in the current expenditure but an increase in capital expenses and financial management.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Many expected a populist budget, but Finance Minister Pun prioritized restraint. Pre-budget discussions suggested possible allocations for the Parliamentary Constituency Development Fund, benefits for disqualified Maoist combatants, and hike in allowances for government employees. However, none of these were included in the budget. Economic experts have noted that the budget appears cautious given the slump in economy and the government's revenue collection challenges.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Former Finance Secretary Rameshwar Khanal remarked, "The objective of maintaining economic stability is evident in the budget."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, former governor of Nepal Rastra Bank, Chiranjeevi Nepal, stated, "Despite the majority of communist parties in the coalition government, the expected populist programs are absent."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The government revised the current year's revenue collection estimate to Rs 1.253 trillion, which is 88.1 percent of the initial target. However, with one and a half months remaining in the fiscal year, the government has collected only Rs 863 billion as of Monday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"Considering the revenue collected so far, next year's budget seems ambitious, but not excessively high," Khanal remarked.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The budget of current fiscal year was downsized by Rs 220 billion to Rs 1.53 trillion, and only Rs 1115 billion has been spent as of Monday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"The budget seems large given our spending capabilities," added former governor Nepal.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The budget for capital expenditure and financial management has seen a significant increase. The government plans to keep revenue collection and foreign aid targets close to the current fiscal year’s budget while it plans to significantly raise domestic debt. The target for raising domestic debt next year is Rs 330 billion, up from Rs 240 billion this year. Khanal warned, "In the long run, the burden of debt on the government could widen."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Public debt has increased due to substantial borrowing for post-earthquake reconstruction and the COVID-19 response, reaching over 44 percent of GDP by the second quarter of the current fiscal year. The government allocated about Rs 246 billion for the repayment of internal debt. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Following the political change of 2046, the first stage of economic reforms led to extensive private sector development. Former Finance Minister Dr Ram Sharan Mahat initiated the second phase of reforms a decade ago, but comprehensive economic reform has not occurred. Pun announced a new phase of economic reforms aiming for high economic growth, integrated economic corridors, expansion of digital economy, and a green economy foundation. A high-level commission will be formed to make recommendations.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Reforms will target structural improvements in the business environment, public financing system, financial sector, and public administration. The private sector has long demanded a better business environment, citing unstable government policies and lack of business-friendly practices. The government promises reforms in investment laws, policy stability, investment security, country rating, bilateral investment agreements, dual tax exemption agreements.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The budget focuses on five transformative sectors: agriculture, energy, information technology, tourism, and industrial development. The period from 2081 BS to 2091 BS has been declared the Agricultural Investment Decade and Information Technology Decade. Although no specific goals are set for agriculture, the government has forwarded various new plans and continuity of old programmes. The Information Technology Decade aims to export IT services worth Rs 300 billion and create 500,000 direct jobs in 10 years.</span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The government has set a target of adding 900 MW of electricity in the energy sector next year, to increase the total capacity to 4,500 MW. The government also has plans to involve the private sector in electricity transmission and distribution. Tourism goals include expanding infrastructure to attract 1.6 million foreign tourists next year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Each province is to be developed as a specialized economic center: Koshi as an industrial hub, Madhesh as an agricultural center, Bagmati as an IT hub, Gandaki as a tourism destination, Lumbini for SMEs, Karnali for herbs, and Far West as a religious tourism hub. The Gandaki economic triangle project includes Bharatpur, Butwal, and Pokhara.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Khanal views the creation of economic corridors and hubs as positive. The government targets 6 percent economic growth through this budget. However, stakeholders doubt the budget's successful implementation due to potential political instability. Former governor Nepal remarked, "Frequent government changes mean one government's budget is not owned by the next, hindering implementation. Political instability is a significant obstacle."</span></span></span></p> ', 'published' => true, 'created' => '2024-05-29', 'modified' => '2024-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '20847', 'image' => '20240529115002_budget.jpg', 'article_date' => '2024-05-29 11:49:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21119', 'article_category_id' => '1', 'title' => 'Death Toll Rises to Eight as Indian Climber Dies after Everest Bid', 'sub_title' => '', 'summary' => 'KATHMANDU: An Indian climber rescued from Everest died in a hospital on Monday, taking the death toll this season on the world's highest mountain to eight, AFP reported.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: An Indian climber rescued from Everest died in a hospital on Monday, taking the death toll this season on the world's highest mountain to eight, AFP reported.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the news report published by AFP, Banshi Lal, 46, was plucked from the mountain last week and taken to a hospital in Kathmandu.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Rakesh Gurung, an official at the Department of Tourism, confirmed his death.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Three people, including a British climber and two Nepali guides, among the eight are listed as missing but presumed dead, AFP reported.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The latest fatality comes as the Everest mountaineering season draws to a close, with the death toll relatively low compared to other years. Last year was the deadliest season on the mountain with 18 fatalities, added the news agency.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Three more climbers died climbing other peaks. Those include a Romanian aiming for Lhotse, which neighbours Everest, while a French and a Nepali climber died on Makalu, the world's fifth-highest mountain.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Nepal is home to eight of the world's 10 highest peaks and welcomes hundreds of adventurers each spring, when temperatures are warm and winds typically calm.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to AFP, all the Everest deaths occurred in areas above 8,000 metres (26,200 feet), known as the "death zone", where thin air and low oxygen levels heighten the risk of altitude sickness.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Multiple records have also been broken this year, including by Nepali climber Phunjo Lamam, who reached Everest's summit in 14 hours and 31 minutes, the world's fastest ascent of the mountain by a woman.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Climbers usually take days to reach the top of the 8,849-metre mountain, spending nights at different camps to rest and acclimatise.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Also, 54-year-old Kami Rita Sherpa, a Nepali climber known as "Everest Man", reached the peak of the world's highest mountain for a record 30th time, three decades after his first summit, added AFP.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Government of Nepal has issued more than 900 permits for its mountains this year, including 419 for Everest, earning more than $5 million in royalties.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">More than 600 climbers and their guides have already reached the summit of Everest after a rope-fixing team of ‘Icefall Doctors” reached the peak last month. -- AFP</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-05-29', 'modified' => '2024-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '20846', 'image' => '20240529103241_Everest90.jpg', 'article_date' => '2024-05-29 10:32:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21118', 'article_category_id' => '1', 'title' => ''Budget has Taken Private Sector on Board' ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has said that the budget for the upcoming fiscal year 2024/025 has addressed the concerns of the private sector. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has said that the budget for the upcoming fiscal year 2024/025 has addressed the concerns of the private sector. FNCCI President Chandra Dhakal said the budget has incorporated the private sector in each aspect. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The budget has included programmes for economic reforms. It has prioritized agriculture, tourism, energy, startup, IT sectors. This move can be taken positively," Dhakal added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The President of the Confederation of Nepalese Industries Rajesh Kumar Agrawal termed the budget as 'balanced' and has not imposed any pressure on the private sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">However, former President of Nepal Chamber of Commerce Rajendra Malla said further study is needed on the budget adding that some of the issues have been presented in a confusing manner. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Vice-President of the Federation of Nepal Cottage and Small Industries Mohan Katuwal said the budget should be taken positively adding that implementation is more important. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The size of the budget is a bit large because more than half of the businesses at present are not in operation, he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Industrialist Rita Awal praised the budget saying that it has given priority to women entrepreneurship and argued that its implementation should be ensured. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also talking to the RSS, businessman Dipak Malhotra said the budget should not be commented on a negative note. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-29', 'modified' => '2024-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '20845', 'image' => '20240529103141_RS_KTM-1716896099394.jpg', 'article_date' => '2024-05-29 10:30:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21132', 'article_category_id' => '1', 'title' => 'Govt’s Volatile Tax Policy on Sponge Iron and Billets Risks Investment', 'sub_title' => '', 'summary' => 'KATHMANDU: Former Finance Minister Janardan Sharma announced on September 10, 2021, that the 5 percent customs duty on sponge iron imports would be reduced to zero through a replacement bill.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: Former Finance Minister Janardan Sharma announced on September 10, 2021, that the 5 percent customs duty on sponge iron imports would be reduced to zero through a replacement bill. He also introduced an excise duty of Rs 2.5 per kg on billet imports. This decision created a divide among iron rod producers and related material manufacturers.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">However, the current government has reversed that decision through the budget for the next fiscal year (FY 2081/82). Finance Minister Barshman Pun announced that the customs duty on sponge iron would be increased from 1 percent to 2.5 percent. Additionally, the zero percent duty on the import of scrap, pig iron, and silico magnesium—key raw materials for melting units—has been raised to 1 percent. On the other hand, the excise duty on billet imports has been revoked.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Organising a press conference at the Ministry of Finance on Wednesday, Minister Pun claimed that the government has corrected past mistakes, asserting, "Tax rates have not been changed based on individual preferences."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Businessmen who produce iron rods by importing billets have welcomed the government's announcement, while those who have installed sponge iron and smelting plants oppose the new tax policy.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Nepal Iron Rod Producers Association, representing businesses that produce iron rods and other iron products, held a press conference in Kathmandu on Wednesday claiming that the industry, worth Rs 36 billion, is in jeopardy due to the government’s policy. According to the association, industrialists who increased investment based on the replacement bill’s policy on sponge iron and melting units are now in trouble.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The association expressed concerns that the government's decision will have a long-term negative impact on industrialization.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Kiran Sakh, who produces iron rods by importing billets, argued that industrialists producing billets from sponge iron have exaggerated their costs. "Before the replacement bill, there were seven smelting factories; later, seven more were added," he said. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Despite the division among businessmen regarding government policy, they agree that the government is not providing policy stability.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Speaking at a press conference on Wednesday, Anjan Shrestha, Senior Vice President of the Federation of Nepalese Chamber of Commerce Industry, criticized the government's unstable policies, stating, "Why was it necessary to increase the customs duty that was reduced yesterday? The government's policies are constantly changing.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The association publicly stated that it cannot operate melting plants without a consistent customs facility. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Sahil Aggarwal, president of the association, said that increasing customs duty on sponge, scrap, and pig iron while reducing it on billets discourages rather than encourages value-adding industries in Nepal. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"Most steel industries in Nepal have installed melting plants," he said. "This policy should be corrected." According to the association, out of the 23 industries currently operating in the country, 18-19 have installed melting plants that import and melt sponge, pig, and scrap iron into billets.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Bishnu Neupane, president of Saurabh Group, stated that the domestic billet manufacturing industries require separate infrastructure compared to the imported billet manufacturing industry, necessitating an additional investment of Rs 2 billion to Rs 4 billion. He argued that the government's announcement will negatively affect the billet manufacturing industry. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"If the government does not protect such industries, who will?" he asked. "Currently, all industrialists have rolling mills (producing iron rods by importing billets). Now, we are forced to import billets, pushing the country back 20 years."</span></span></span></p> ', 'published' => true, 'created' => '2024-05-30', 'modified' => '2024-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '20859', 'image' => '20240530020101_20210914024156_cs5(17).jpg', 'article_date' => '2024-05-30 14:00:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21131', 'article_category_id' => '1', 'title' => ' Price of Gold Up by Rs 2300 per Tola ', 'sub_title' => '', 'summary' => 'KATHMANDU: The price of gold has increased by Rs 2,300 per tola (11.66 grams) in the domestic market on Thursday as compared to the previous trading day. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The price of gold has increased by Rs 2,300 per tola (11.66 grams) in the domestic market on Thursday as compared to the previous trading day. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Federation of Nepal Gold and Silver Dealers Association, hallmark gold is being traded at Rs 140,500 per tola which was Rs 138,200 on Wednesday. Similarly, the price of the worked gold has been determined at Rs 139,800 per tola against Rs 137,550 on Wednesday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the price of silver has gone up by Rs 70 per tola and is fixed at Rs 2,000. It was Rs traded at Rs 1,930 on Wednesday, according to the Federation of Nepal Gold and Silver Dealers Association. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-30', 'modified' => '2024-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '20858', 'image' => '20240530013358_gold newwww.jpg', 'article_date' => '2024-05-30 13:33:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21130', 'article_category_id' => '1', 'title' => 'Victims of Problematic Cooperatives Welcome Provision in Budget to Return Savings of Depositors', 'sub_title' => '', 'summary' => 'KATHMANDU: The National Federation of Cooperatives, the umbrella body of the cooperatives, has responded positively to the budget for the next fiscal year, stating that it addresses long-term issues faced by cooperatives nationwide. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The National Federation of Cooperatives, the umbrella body of the cooperatives, has responded positively to the budget for the next fiscal year, stating that it addresses long-term issues faced by cooperatives nationwide. Issuing a statement on Wednesday, the federation welcomed the budget announcement, particularly the assistance in returning the money of small depositors.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Finance Minister Barshman Pun announced on Tuesday that the budget includes measures to return the savings of up to half a million rupees to the depositors of problematic cooperatives, using property mortgages of the owners. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaking at a press conference held at the ministry on Wednesday, Finance Minister Pun reiterated that the plan to return the deposits of up to Rs 500,000 aims to solve the problems faced by the cooperatives sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"To address the issues of savings and credit cooperatives, we will return the savings of the depositors, even if it is at least 500,000, by mortgaging the properties of the owners," he said. "This shows that the government is committed to resolving the problems of the cooperatives."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Minister Pun acknowledged that while many cooperatives have performed well, the sector's reputation has been tarnished by a few miscreant organizations. He urged those who have conducted their activities properly not to be discouraged. "Those who have not done wrong should not feel that a mistake has been made in the cooperative sector," he said. "We will support those in trouble."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The federation also welcomed the budget which focuses on helping small depositors recover their money. The federation expressed hope that this year will see the implementation of a debt information center, debt recovery tribunal, savings and loan protection fund, and cooperative promotion fund. The budget also addresses the establishment of a separate regulatory body to supervise savings and credit cooperatives and ensure their operation according to legal principles and policies. The federation stated its readiness to collaborate with the Ministry of Land Management, Cooperatives, and Poverty Alleviation for successful implementation of the provisions announced in the budget.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">So far, the federal government has declared 20 cooperatives as problematic. However, more than 500 organizations are struggling to return the depositors’ savings, despite not being formally declared as problematic. The government has been criticism for its lack of action in resolving these issues of cooperatives, despite protests from individuals who have been unable to retrieve their savings from the cooperatives.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">To address these problems, the government had formed a task force under the coordination of Dr Jayakant Raut, a member of the National Planning Commission. Although the task force submitted a recommendation report to Prime Minister Pushpa Kamal Dahal in last August, no substantial action has been taken to resolve the issues. Agitating depositors of the problematic cooperatives are now entering the third phase of protests, citing the government's lack of interest in fulfilling the agreements reached with them on two previous occasions.</span></span></p> ', 'published' => true, 'created' => '2024-05-30', 'modified' => '2024-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '20857', 'image' => '20240530010902_cooerativesssss.jpg', 'article_date' => '2024-05-30 13:07:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21129', 'article_category_id' => '1', 'title' => 'Traders Object to 10 Percent Advance Income Tax on Potatoes and Onions', 'sub_title' => '', 'summary' => 'BIRGUNJ: Importers have raised objections to the government's decision to increase the rate of tax levied in advance at the customs. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">BIRGUNJ: Importers have raised objections to the government's decision to increase the rate of tax levied in advance at the customs. The government had decided to increase such taxes through the budget announced for the next fiscal year (FY 2081/82). They accuse the government of bringing a large budget instead of adopting austerity measures and arbitrarily raising taxes for resource management.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Importer Om Prakash More demanded the immediate revocation of the system of collecting a 10 percent advance tax at customs, calling it impractical. The government has increased the advance income tax rate from 1.5 percent to 10 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Importers argue that most of the items subject to the 10 percent advance tax are daily essentials for general consumption. The government plans to collect this tax on potatoes and onions as well. Businessmen claim that such high tax rates on items like vegetables, potatoes, onions, and fish will increase prices and adversely affect consumers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Finance Minister Barshman Pun removed the VAT on potatoes and onions in the next year's budget. However, businessmen accuse the minister of seeking credit for removing VAT while intending to collect it through other means. Previously, the advance tax on potatoes and onions was 1.5 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Madhav Rajpal, vice president of the Birgunj Chamber of Commerce and Industry, earlier, the combined customs duty, VAT, and advance income tax amounted to 23.5 percent. Now, with the removal of VAT and the addition of a 10 percent advance tax, the total tax has been adjusted to 19 percent. Rajpal criticized this change, stating that while the VAT removal seems beneficial, the additional 10 percent tax is an added burden.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Officials from the Department of Customs say that it will take a few days to get a clear picture of the impact of the new budget. Information officer Punya Bikram Khadka remarked, "The budget has just been announced. It is too soon to assess its impacts."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government also plans to charge a 2.5 percent advance tax on the import of flour and similar items. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The government itself states that more than 20 percent profit constitutes black market activity. However, to pay a 10 percent advance tax, a 40 percent profit would be necessary," More said. "Is it possible to make such a profit by selling potatoes, onions, and vegetables?"</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Businessman More insists that even if advance income tax must be collected, the rate should not exceed 2.5 percent, as the maximum profit in such businesses is around 10 percent.</span></span></p> ', 'published' => true, 'created' => '2024-05-30', 'modified' => '2024-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '20856', 'image' => '20240530121936_20170411040236_onion.jpg', 'article_date' => '2024-05-30 12:18:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21127', 'article_category_id' => '1', 'title' => 'Everest Records Tumble as Season Ends with Eight Fatalities', 'sub_title' => '', 'summary' => 'KATHMANDU: Mountaineers on Everest left the world's highest peak on Wednesday, ending a climbing season that broke multiple records but left eight people dead, AFP reported citing tourism officials and expedition organisers.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">KATHMANDU: Mountaineers on Everest left the world's highest peak on Wednesday, ending a climbing season that broke multiple records but left eight people dead, AFP reported citing tourism officials and expedition organisers.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">More than 600 climbers and guides reached the 8,849-metre (29,032-foot) high Himalayan summit, Rakesh Gurung of the tourism department told AFP, with the exact total yet to be verified.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">"Teams have packed up and the route will be closed now," AFP quoted Gurung as saying. "The season has ended."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to the news agency, last year was the deadliest season on the mountain with 18 fatalities, but the toll for 2024 was much lower despite climbers reporting bottlenecks at the peak.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Among the eight dead were two climbers from Mongolia and one each from Kenya, India and Nepal.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Three people -- a British climber and two Nepali guides -- are listed as missing and presumed dead.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Nepal is home to eight of the world's 10 highest peaks and welcomes hundreds of adventurers each spring, when temperatures are warm and winds typically calm.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Records broken this year include Nepali climber Phunjo Lama's climb of just 14 hours and 31 minutes, the world's fastest ascent of the mountain by a woman, added AFP.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Climbers usually take days to reach the top.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Kami Rita Sherpa, 54, a Nepali climber known as "Everest Man", reached the peak for a record 30th time, three decades after his first summit.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">"So many climbers earn their name and fame by climbing our mountains," said Purnima Shrestha, who reached the summit for a record three times this season, the most for a woman.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">"I think it is good that we Nepalis set records in our motherland."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to AFP, Briton Kenton Cool also extended his non-Nepali record with his 18th summit, while Polish climber Piotr Jerzy Krzyzowski became the first to summit both Lhotse and Everest without supplemental oxygen.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Mountaineering guide Tsering Pemba Sherpa, who reached the summit of Everest for the 11th time, told AFP that a dry winter had increased the risks with wider crevasses and chances of rockfalls.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Some climbers shared images of hundreds queueing to make their final summit push in the "death zone", where thin air and low oxygen levels heighten the risk of altitude sickness.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">But guide Binayak Malla said that was a consequence of the narrow windows of weather to climb.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">"Climbers aim for the summit when the weather is good," Malla said. "That's what caused the rush."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to AFP, Nepal issued more than 900 permits for its mountains this year, including 421 for Everest, earning more than $5 million in royalties.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-30', 'modified' => '2024-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '20855', 'image' => '20240530110314_20240401075430_SubhasDarnal_KalapatharSolukhumbu_RSS_IMG_20240308_200422.jpg', 'article_date' => '2024-05-30 11:02:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21128', 'article_category_id' => '1', 'title' => 'China Ready to Help Upgrade Barhabise-Tatopani Road: Chinese Ambassador ', 'sub_title' => '', 'summary' => 'SINDHUPALCHOWK: Chinese Ambassador to Nepal Chen Song has said that China is ready to help upgrade the Barhabise-Tatopani road section. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">SINDHUPALCHOWK: Chinese Ambassador to Nepal Chen Song has said that China is ready to help upgrade the Barhabise-Tatopani road section. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During a discussion held on Wednesday evening with stakeholders at the Tatopani Customs Office about border management and the road leading to the Friendship Bridge, Chinese Ambassador Chen said that both countries can build roads together. He also shared that Chinese technicians will come to study the location of the landslide and other facets of the road. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, MP from Sindhupalchok, Madhav Sapkota, shared that Rs 1.2 billion has been allocated for the upgrading of the road and proposed that both countries should work together on it. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Head of the Road Division Office, Dolakha, Arjun Shrestha, presented a detailed project report of road upgrading work prepared by Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Advisor to the Prime Minister on Foreign Affairs, Dr Rupak Sapkota, Chair of Bhotekoshi Rural Municipality Pasang Norbu Sherpa, local people's representatives, political parties, the Chief District Officer, the chiefs of security agencies, the chief of customs office, division road office staff were present in the discussion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Tatopani trade and transit point with China was closed following the 2015 earthquake and was re-opened in September 2023. And an agreement was reached during the visit of Prime Minister Pushpa Kamal Dahal to China last October for the Chinese side to help upgrade the road leading to the border crossing. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-30', 'modified' => '2024-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '20854', 'image' => '20240530114334_GOwxRCSa8AAQJyd.jpg', 'article_date' => '2024-05-30 11:42:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21126', 'article_category_id' => '1', 'title' => 'Maximum Temperature of Kathmandu likely to Reach 33 Degrees Celsius Today ', 'sub_title' => '', 'summary' => 'KATHMANDU: The weather currently is partly to mostly cloudy in the hill areas of Koshi and Sudurpaschim provinces, and mostly clear in the rest of 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"">KATHMANDU: The weather currently is partly to mostly cloudy in the hill areas of Koshi and Sudurpaschim provinces, and mostly clear in the rest of the country. This is due to the partial effects of the local winds, the westerly winds as well as the low pressure system around Bihar in India, according to the Department of Hydrology and Meteorology. </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"">The department added that the maximum temperature in the Kathmandu Valley today is expected to be between 31 and 33 degrees Celsius. On Tuesday, the temperature was 28.5 degrees Celsius and increased to 33.3 degrees Celsius on Wednesday. </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"">The department has issued warning of excessive heat in the Terai districts for a few days and has urged the people to adopt precautionary measures. The department has suggested people to stay indoors, take plenty of liquid, wear light clothes and consult the nearest medical facility in case of health problems due to excessive heat. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Later this afternoon, there is a possibility of light rain with thunder and lightning in some places of Koshi Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tonight, the weather will remain partly to mostly cloudy in Koshi, Madhes, Bagmati and Gandaki provinces and clear in the remaining parts of the country. There is a possibility of light to moderate rain with thunder and lightning at some places in Koshi, Madhes, Bagmati and Gandaki provinces and one or two places in the hill regions of Lumbini. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the next 24 hours, there is a possibility of light to moderate rainfall with thunder and lightning in some places of Koshi, Madhes, Bagmati and Gandaki provinces and one or two places in the hill areas of Lumbini Province. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-30', 'modified' => '2024-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '20853', 'image' => '20240530095745_20230604125858_global-warming.jpg', 'article_date' => '2024-05-30 09:57:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21125', 'article_category_id' => '1', 'title' => 'Mahalaxmi Bikas Bank Supports Social Works', 'sub_title' => '', 'summary' => 'Mahalaxmi Bikas Bank Limited has provided aid through various branches under its Corporate Social Responsibility (CSR) initiatives.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">May 30: Mahalaxmi Bikas Bank Limited has provided aid through various branches under its Corporate Social Responsibility (CSR) initiatives.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">On the occasion of the 2568th Buddha Jayanti and Lumbini Day 2081, the bank's Mahilwar (Lumbini) branch conducted a program distributing free water and sweets in Lumbini. The bank has been providing drinking water on the occasion of Buddha Jayanti for one and a half decades.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Similarly, the bank's Dhangadhi branch has donated Rs 150,000 to Dhangadhi Sub-Metropolitan City's 'Mayor's Educational Improvement Fund.' This monetary assistance aims to help improve the educational quality of children from impoverished families through the fund established to assist children studying in community schools in rural areas. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The chief of the bank's Sudurpashchim Province, Sunil Kumar Nepal, handed over the check worth Rs 150,000 to the mayor of Dhangadhi Sub-Metropolitan City, Gopal Hamal.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Additionally, the bank's Narayangadh branch donated Rs 300,000 to Galeshwar Ashram located in Devghatdham, Tanahun. This donation aims to aid in laying Nepali stone in the Siddheshwar Shiva Temple, constructed in the Nepali pagoda style by the ashram. Shambhu Prasad Parajuli, chief of the bank's Bagmati Province 'B,' handed over the check worth Rs 300,000 to Galeshwar Ashram.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-30', 'modified' => '2024-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '20852', 'image' => '20240530083314_collage (15).jpg', 'article_date' => '2024-05-30 08:31:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '21124', 'article_category_id' => '1', 'title' => '4,035 Nepali Migrant Workers Die in Course of Foreign Employment in Three Years', 'sub_title' => '', 'summary' => 'KATHMANDU: A total of 4,035 Nepali citizens died in course of foreign employment between fiscal year 2020-21 to FY 2022-23. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: A total of 4,035 Nepali citizens died in course of foreign employment between fiscal year 2020-21 to FY 2022-23. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the data from the Foreign Employment Board, 870 Nepali migrant workers also suffered injuries or fell ill during the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Over the past three years, there has been a concerning rise in the number of deaths and illnesses among Nepali migrant workers. The percentages of these incidents were 18.50% in the fiscal year 2020/21, 31.95% in FY 2021/22, and 49.54% in FY 2022/23. Despite the decline in deaths, the cases of mutilations and illness have soared over these years. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The challenges faced by Nepali migrant workers include adverse weather conditions in destination countries, increased workloads, liquor consumption, conflicts with colleagues, familial pressure, lack of awareness of local laws, technical errors in handling and the operation of machinery, traffic accidents, workplace incidents, burns, suffocation, drowning, and illnesses, according to the government data. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the last fiscal year, out of 1,250 fatalities, 27.96% occurred in Malaysia, followed by 26.36% in Saudi Arabia, 17.98% in the United Arab Emirates, 17.32% in Qatar, 6.04% in Kuwait, and 4.43% in other nations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A report prepared by the board urges the government to investigate the root causes of these deaths, implement awareness programs, and provide psychosocial counseling services among others to the Nepali migrant workers.-- RSS </span></span></p> ', 'published' => true, 'created' => '2024-05-29', 'modified' => '2024-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '20851', 'image' => '20240529064405_20230712120844_foreign emp.jpg', 'article_date' => '2024-05-29 18:43:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21123', 'article_category_id' => '1', 'title' => 'NEPSE Drops 23.81 Points to Close at 2089.42', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index witnessed a loss of 23.81 points, equivalent to 1.12%, closing at 2089.42 on the first trading day after the budget for the fiscal year 2024/2025 on Wednesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">May 29: The Nepal Stock Exchange (NEPSE) Index witnessed a loss of 23.81 points, equivalent to 1.12%, closing at 2089.42 on the first trading day after the budget announcement for the fiscal year 2024/2025 on Wednesday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today’s trading session, 314 scrips were traded on the NEPSE through 63,080 transactions. A total of 10,738,169 shares changed hands, resulting in a total turnover of Rs 4.57 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Pokhara Finance Limited (PFL) led the turnover with total transactions worth Rs 19 crores. Unilever Nepal Limited, Kalinchowk Darshan Limited (KDL), Upper Lohore Khola Hydropower Company Limited (ULHC), and Bhagawati Hydropower Development Company (BGWT) each gained 10% and hit the positive circuit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Buddha Bhumi Nepal Hydropower Company Limited (BNHC) experienced the highest loss at 9.41%, closing at a market price of Rs 587 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector indices, all sectors closed in negative territory except the Finance Index, Hotels and Tourism Index, Manufacturing and Processing Index, and Trading Index.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Mutual Fund Index stayed neutral. The Banking Index lost the most at 2.94%, while the Manufacturing and Processing Index saw the highest gain at 2.68%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-29', 'modified' => '2024-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '20850', 'image' => '20240529033335_collage (14).jpg', 'article_date' => '2024-05-29 15:32:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '21122', 'article_category_id' => '1', 'title' => 'Tourism-Related Training Witnesses a Notable Surge in the Last Ten Years', 'sub_title' => '', 'summary' => 'KATHMANDU: Over the past decade, there has been a notable surge in individuals pursuing training and education within various sectors of the tourism industry, particularly in trekking-related activities. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: Over the past decade, there has been a notable surge in individuals pursuing training and education within various sectors of the tourism industry, particularly in trekking-related activities. This increase is evident in fields such as mountain climbing, trekking, hotel management, and local guide services.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">From the fiscal year 2070/71 to 2079/80, the number of individuals undertaking education and training in tourism-related areas—including hotel management, mountain climbing, trekking guide, homestay management, and porter guide—has reached 25,686. This marks a significant rise from the 2,784 individuals recorded in the fiscal year 2070/71.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The 'Nepal Tourist Statistics-2023' report, published by the Ministry of Culture, Tourism, and Civil Aviation, attributes this upward trend in training to the growth in the number of tourists.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Key institutions such as the Nepal Tourism and Hotel Management Foundation (NATHAM) and the Nepal Mountain Academy, operating under the Ministry of Tourism, have been pivotal in offering training and education programs, particularly in hotel management and mountain climbing/trekking guide.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Despite a temporary decline observed during the earthquake year (fiscal year 2072/73) and the COVID-19 pandemic, there has been a general upward trajectory in training. Notably, since fiscal year 2076/77, there was a slight decline in training enrollment because of the pandemic, although fiscal year 2079/80 witnessed a resurgence, with 2,692 individuals undertaking training across various tourism-related domains.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The resurgence in training participation in fiscal year 2079/80 is attributed to the gradual easing of COVID-19 restrictions and the subsequent uptick in tourism activities. Various training programs covering aspects such as homestay management, food safety, travel and tourism management, culinary skills, guide services, and adventure tourism have seen increased enrollment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Notably, trekking guide training remains the most sought-after program, reflecting the continued popularity of trekking and tourism in Nepal.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">With holidays and sightseeing attracting 62.50% of tourists and trekking drawing 15.20% of visitors, the demand for skilled professionals in these areas is expected to persist, further driving training and education initiatives in the tourism sector.</span></span></span></p> ', 'published' => true, 'created' => '2024-05-29', 'modified' => '2024-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '20849', 'image' => '20240529124645_be (Copy).jpg', 'article_date' => '2024-05-29 12:46:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21121', 'article_category_id' => '1', 'title' => 'Life Insurance Companies Settle Claims of Over Rs 130 Billion in Nine Months', 'sub_title' => '', 'summary' => 'KATHMANDU: A total of fourteen life insurance companies settled insurance claims amounting to over Rs 130 billion by the third quarter of the current fiscal year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: A total of fourteen life insurance companies settled insurance claims amounting to over Rs 130 billion by the third quarter of the current fiscal year. According to the financial statements published by these companies, this figure represents a 15.65 percent increase compared to the same period last year, when they settled claims worth more than Rs 112 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This year has seen an increase in the settlement of insurance claims by all life insurance companies. Rajkumar Aryal, Chief Executive Officer of Sun Nepal Life Insurance Company, noted that companies are processing claims efficiently. Addressing reports that some companies have occasionally delayed the settlement of claims, Aryal explained that there are specific methods and procedures in place to ensure claims are paid promptly to those who submit all necessary documents. He also mentioned that problems can arise in cases where insured individuals use their insurance policies to secure loans but fail to repay them. In such instances, after the maturity of the policy, only the remaining amount, after deducting the loan’s principal, interest, and penalties, is returned to the insured.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Comparing this year's third-quarter data to the same period last year, Prabhu Mahalaxmi Life Insurance Company’s net claim settlements increased by 140.26 percent, the highest among the companies. Similarly, Sanima Reliance Life Insurance Company, which settled claims worth more than Rs 1.618 billion last year, settled claims worth over Rs 3.83 billion this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In terms of the total amount paid, Nepal Life Insurance Company leads with settlements amounting to Rs 36.9 billion in net claims in the nine months this year. During the corresponding period of the last fiscal year, Nepal Life Insurance Company had settled claims worth over Rs 32.75 billion.</span></span></p> ', 'published' => true, 'created' => '2024-05-29', 'modified' => '2024-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '20848', 'image' => '20240529123637_Insurance.jpg', 'article_date' => '2024-05-29 12:35:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21120', 'article_category_id' => '1', 'title' => 'Government Introduces a Balanced Budget for Next FY', 'sub_title' => '', 'summary' => 'KATHMANDU: Amid concerns that the government would bring a large budget at a time when it is facing resource crunch, Finance Minister Barshaman Pun presented the budget for the upcoming fiscal year with a marginal increment compared to the budget of the current fiscal year.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Prithvi Man Shrestha</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: Amid concerns that the government would bring a large budget at a time when it is facing resource crunch, Finance Minister Barshaman Pun presented the budget for the upcoming fiscal year with a marginal increment compared to the budget of the current fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Finance Minister Pun introduced a budget of Rs 1.86 trillion for the upcoming fiscal year, which is 6.2 percent larger than this year's budget. The budget, presented at a joint meeting of the House of Representatives and the National Assembly on Tuesday, includes a reduction in the current expenditure but an increase in capital expenses and financial management.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Many expected a populist budget, but Finance Minister Pun prioritized restraint. Pre-budget discussions suggested possible allocations for the Parliamentary Constituency Development Fund, benefits for disqualified Maoist combatants, and hike in allowances for government employees. However, none of these were included in the budget. Economic experts have noted that the budget appears cautious given the slump in economy and the government's revenue collection challenges.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Former Finance Secretary Rameshwar Khanal remarked, "The objective of maintaining economic stability is evident in the budget."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, former governor of Nepal Rastra Bank, Chiranjeevi Nepal, stated, "Despite the majority of communist parties in the coalition government, the expected populist programs are absent."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The government revised the current year's revenue collection estimate to Rs 1.253 trillion, which is 88.1 percent of the initial target. However, with one and a half months remaining in the fiscal year, the government has collected only Rs 863 billion as of Monday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"Considering the revenue collected so far, next year's budget seems ambitious, but not excessively high," Khanal remarked.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The budget of current fiscal year was downsized by Rs 220 billion to Rs 1.53 trillion, and only Rs 1115 billion has been spent as of Monday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"The budget seems large given our spending capabilities," added former governor Nepal.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The budget for capital expenditure and financial management has seen a significant increase. The government plans to keep revenue collection and foreign aid targets close to the current fiscal year’s budget while it plans to significantly raise domestic debt. The target for raising domestic debt next year is Rs 330 billion, up from Rs 240 billion this year. Khanal warned, "In the long run, the burden of debt on the government could widen."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Public debt has increased due to substantial borrowing for post-earthquake reconstruction and the COVID-19 response, reaching over 44 percent of GDP by the second quarter of the current fiscal year. The government allocated about Rs 246 billion for the repayment of internal debt. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Following the political change of 2046, the first stage of economic reforms led to extensive private sector development. Former Finance Minister Dr Ram Sharan Mahat initiated the second phase of reforms a decade ago, but comprehensive economic reform has not occurred. Pun announced a new phase of economic reforms aiming for high economic growth, integrated economic corridors, expansion of digital economy, and a green economy foundation. A high-level commission will be formed to make recommendations.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Reforms will target structural improvements in the business environment, public financing system, financial sector, and public administration. The private sector has long demanded a better business environment, citing unstable government policies and lack of business-friendly practices. The government promises reforms in investment laws, policy stability, investment security, country rating, bilateral investment agreements, dual tax exemption agreements.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The budget focuses on five transformative sectors: agriculture, energy, information technology, tourism, and industrial development. The period from 2081 BS to 2091 BS has been declared the Agricultural Investment Decade and Information Technology Decade. Although no specific goals are set for agriculture, the government has forwarded various new plans and continuity of old programmes. The Information Technology Decade aims to export IT services worth Rs 300 billion and create 500,000 direct jobs in 10 years.</span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The government has set a target of adding 900 MW of electricity in the energy sector next year, to increase the total capacity to 4,500 MW. The government also has plans to involve the private sector in electricity transmission and distribution. Tourism goals include expanding infrastructure to attract 1.6 million foreign tourists next year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Each province is to be developed as a specialized economic center: Koshi as an industrial hub, Madhesh as an agricultural center, Bagmati as an IT hub, Gandaki as a tourism destination, Lumbini for SMEs, Karnali for herbs, and Far West as a religious tourism hub. The Gandaki economic triangle project includes Bharatpur, Butwal, and Pokhara.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Khanal views the creation of economic corridors and hubs as positive. The government targets 6 percent economic growth through this budget. However, stakeholders doubt the budget's successful implementation due to potential political instability. Former governor Nepal remarked, "Frequent government changes mean one government's budget is not owned by the next, hindering implementation. Political instability is a significant obstacle."</span></span></span></p> ', 'published' => true, 'created' => '2024-05-29', 'modified' => '2024-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '20847', 'image' => '20240529115002_budget.jpg', 'article_date' => '2024-05-29 11:49:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21119', 'article_category_id' => '1', 'title' => 'Death Toll Rises to Eight as Indian Climber Dies after Everest Bid', 'sub_title' => '', 'summary' => 'KATHMANDU: An Indian climber rescued from Everest died in a hospital on Monday, taking the death toll this season on the world's highest mountain to eight, AFP reported.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: An Indian climber rescued from Everest died in a hospital on Monday, taking the death toll this season on the world's highest mountain to eight, AFP reported.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the news report published by AFP, Banshi Lal, 46, was plucked from the mountain last week and taken to a hospital in Kathmandu.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Rakesh Gurung, an official at the Department of Tourism, confirmed his death.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Three people, including a British climber and two Nepali guides, among the eight are listed as missing but presumed dead, AFP reported.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The latest fatality comes as the Everest mountaineering season draws to a close, with the death toll relatively low compared to other years. Last year was the deadliest season on the mountain with 18 fatalities, added the news agency.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Three more climbers died climbing other peaks. Those include a Romanian aiming for Lhotse, which neighbours Everest, while a French and a Nepali climber died on Makalu, the world's fifth-highest mountain.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Nepal is home to eight of the world's 10 highest peaks and welcomes hundreds of adventurers each spring, when temperatures are warm and winds typically calm.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to AFP, all the Everest deaths occurred in areas above 8,000 metres (26,200 feet), known as the "death zone", where thin air and low oxygen levels heighten the risk of altitude sickness.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Multiple records have also been broken this year, including by Nepali climber Phunjo Lamam, who reached Everest's summit in 14 hours and 31 minutes, the world's fastest ascent of the mountain by a woman.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Climbers usually take days to reach the top of the 8,849-metre mountain, spending nights at different camps to rest and acclimatise.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Also, 54-year-old Kami Rita Sherpa, a Nepali climber known as "Everest Man", reached the peak of the world's highest mountain for a record 30th time, three decades after his first summit, added AFP.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Government of Nepal has issued more than 900 permits for its mountains this year, including 419 for Everest, earning more than $5 million in royalties.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">More than 600 climbers and their guides have already reached the summit of Everest after a rope-fixing team of ‘Icefall Doctors” reached the peak last month. -- AFP</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-05-29', 'modified' => '2024-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '20846', 'image' => '20240529103241_Everest90.jpg', 'article_date' => '2024-05-29 10:32:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21118', 'article_category_id' => '1', 'title' => ''Budget has Taken Private Sector on Board' ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has said that the budget for the upcoming fiscal year 2024/025 has addressed the concerns of the private sector. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has said that the budget for the upcoming fiscal year 2024/025 has addressed the concerns of the private sector. FNCCI President Chandra Dhakal said the budget has incorporated the private sector in each aspect. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The budget has included programmes for economic reforms. It has prioritized agriculture, tourism, energy, startup, IT sectors. This move can be taken positively," Dhakal added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The President of the Confederation of Nepalese Industries Rajesh Kumar Agrawal termed the budget as 'balanced' and has not imposed any pressure on the private sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">However, former President of Nepal Chamber of Commerce Rajendra Malla said further study is needed on the budget adding that some of the issues have been presented in a confusing manner. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Vice-President of the Federation of Nepal Cottage and Small Industries Mohan Katuwal said the budget should be taken positively adding that implementation is more important. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The size of the budget is a bit large because more than half of the businesses at present are not in operation, he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Industrialist Rita Awal praised the budget saying that it has given priority to women entrepreneurship and argued that its implementation should be ensured. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also talking to the RSS, businessman Dipak Malhotra said the budget should not be commented on a negative note. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-29', 'modified' => '2024-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '20845', 'image' => '20240529103141_RS_KTM-1716896099394.jpg', 'article_date' => '2024-05-29 10:30:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21132', 'article_category_id' => '1', 'title' => 'Govt’s Volatile Tax Policy on Sponge Iron and Billets Risks Investment', 'sub_title' => '', 'summary' => 'KATHMANDU: Former Finance Minister Janardan Sharma announced on September 10, 2021, that the 5 percent customs duty on sponge iron imports would be reduced to zero through a replacement bill.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: Former Finance Minister Janardan Sharma announced on September 10, 2021, that the 5 percent customs duty on sponge iron imports would be reduced to zero through a replacement bill. He also introduced an excise duty of Rs 2.5 per kg on billet imports. This decision created a divide among iron rod producers and related material manufacturers.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">However, the current government has reversed that decision through the budget for the next fiscal year (FY 2081/82). Finance Minister Barshman Pun announced that the customs duty on sponge iron would be increased from 1 percent to 2.5 percent. Additionally, the zero percent duty on the import of scrap, pig iron, and silico magnesium—key raw materials for melting units—has been raised to 1 percent. On the other hand, the excise duty on billet imports has been revoked.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Organising a press conference at the Ministry of Finance on Wednesday, Minister Pun claimed that the government has corrected past mistakes, asserting, "Tax rates have not been changed based on individual preferences."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Businessmen who produce iron rods by importing billets have welcomed the government's announcement, while those who have installed sponge iron and smelting plants oppose the new tax policy.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Nepal Iron Rod Producers Association, representing businesses that produce iron rods and other iron products, held a press conference in Kathmandu on Wednesday claiming that the industry, worth Rs 36 billion, is in jeopardy due to the government’s policy. According to the association, industrialists who increased investment based on the replacement bill’s policy on sponge iron and melting units are now in trouble.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The association expressed concerns that the government's decision will have a long-term negative impact on industrialization.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Kiran Sakh, who produces iron rods by importing billets, argued that industrialists producing billets from sponge iron have exaggerated their costs. "Before the replacement bill, there were seven smelting factories; later, seven more were added," he said. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Despite the division among businessmen regarding government policy, they agree that the government is not providing policy stability.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Speaking at a press conference on Wednesday, Anjan Shrestha, Senior Vice President of the Federation of Nepalese Chamber of Commerce Industry, criticized the government's unstable policies, stating, "Why was it necessary to increase the customs duty that was reduced yesterday? The government's policies are constantly changing.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The association publicly stated that it cannot operate melting plants without a consistent customs facility. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Sahil Aggarwal, president of the association, said that increasing customs duty on sponge, scrap, and pig iron while reducing it on billets discourages rather than encourages value-adding industries in Nepal. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"Most steel industries in Nepal have installed melting plants," he said. "This policy should be corrected." According to the association, out of the 23 industries currently operating in the country, 18-19 have installed melting plants that import and melt sponge, pig, and scrap iron into billets.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Bishnu Neupane, president of Saurabh Group, stated that the domestic billet manufacturing industries require separate infrastructure compared to the imported billet manufacturing industry, necessitating an additional investment of Rs 2 billion to Rs 4 billion. He argued that the government's announcement will negatively affect the billet manufacturing industry. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"If the government does not protect such industries, who will?" he asked. "Currently, all industrialists have rolling mills (producing iron rods by importing billets). Now, we are forced to import billets, pushing the country back 20 years."</span></span></span></p> ', 'published' => true, 'created' => '2024-05-30', 'modified' => '2024-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '20859', 'image' => '20240530020101_20210914024156_cs5(17).jpg', 'article_date' => '2024-05-30 14:00:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21131', 'article_category_id' => '1', 'title' => ' Price of Gold Up by Rs 2300 per Tola ', 'sub_title' => '', 'summary' => 'KATHMANDU: The price of gold has increased by Rs 2,300 per tola (11.66 grams) in the domestic market on Thursday as compared to the previous trading day. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The price of gold has increased by Rs 2,300 per tola (11.66 grams) in the domestic market on Thursday as compared to the previous trading day. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Federation of Nepal Gold and Silver Dealers Association, hallmark gold is being traded at Rs 140,500 per tola which was Rs 138,200 on Wednesday. Similarly, the price of the worked gold has been determined at Rs 139,800 per tola against Rs 137,550 on Wednesday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the price of silver has gone up by Rs 70 per tola and is fixed at Rs 2,000. It was Rs traded at Rs 1,930 on Wednesday, according to the Federation of Nepal Gold and Silver Dealers Association. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-30', 'modified' => '2024-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '20858', 'image' => '20240530013358_gold newwww.jpg', 'article_date' => '2024-05-30 13:33:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21130', 'article_category_id' => '1', 'title' => 'Victims of Problematic Cooperatives Welcome Provision in Budget to Return Savings of Depositors', 'sub_title' => '', 'summary' => 'KATHMANDU: The National Federation of Cooperatives, the umbrella body of the cooperatives, has responded positively to the budget for the next fiscal year, stating that it addresses long-term issues faced by cooperatives nationwide. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The National Federation of Cooperatives, the umbrella body of the cooperatives, has responded positively to the budget for the next fiscal year, stating that it addresses long-term issues faced by cooperatives nationwide. Issuing a statement on Wednesday, the federation welcomed the budget announcement, particularly the assistance in returning the money of small depositors.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Finance Minister Barshman Pun announced on Tuesday that the budget includes measures to return the savings of up to half a million rupees to the depositors of problematic cooperatives, using property mortgages of the owners. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaking at a press conference held at the ministry on Wednesday, Finance Minister Pun reiterated that the plan to return the deposits of up to Rs 500,000 aims to solve the problems faced by the cooperatives sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"To address the issues of savings and credit cooperatives, we will return the savings of the depositors, even if it is at least 500,000, by mortgaging the properties of the owners," he said. "This shows that the government is committed to resolving the problems of the cooperatives."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Minister Pun acknowledged that while many cooperatives have performed well, the sector's reputation has been tarnished by a few miscreant organizations. He urged those who have conducted their activities properly not to be discouraged. "Those who have not done wrong should not feel that a mistake has been made in the cooperative sector," he said. "We will support those in trouble."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The federation also welcomed the budget which focuses on helping small depositors recover their money. The federation expressed hope that this year will see the implementation of a debt information center, debt recovery tribunal, savings and loan protection fund, and cooperative promotion fund. The budget also addresses the establishment of a separate regulatory body to supervise savings and credit cooperatives and ensure their operation according to legal principles and policies. The federation stated its readiness to collaborate with the Ministry of Land Management, Cooperatives, and Poverty Alleviation for successful implementation of the provisions announced in the budget.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">So far, the federal government has declared 20 cooperatives as problematic. However, more than 500 organizations are struggling to return the depositors’ savings, despite not being formally declared as problematic. The government has been criticism for its lack of action in resolving these issues of cooperatives, despite protests from individuals who have been unable to retrieve their savings from the cooperatives.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">To address these problems, the government had formed a task force under the coordination of Dr Jayakant Raut, a member of the National Planning Commission. Although the task force submitted a recommendation report to Prime Minister Pushpa Kamal Dahal in last August, no substantial action has been taken to resolve the issues. Agitating depositors of the problematic cooperatives are now entering the third phase of protests, citing the government's lack of interest in fulfilling the agreements reached with them on two previous occasions.</span></span></p> ', 'published' => true, 'created' => '2024-05-30', 'modified' => '2024-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '20857', 'image' => '20240530010902_cooerativesssss.jpg', 'article_date' => '2024-05-30 13:07:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21129', 'article_category_id' => '1', 'title' => 'Traders Object to 10 Percent Advance Income Tax on Potatoes and Onions', 'sub_title' => '', 'summary' => 'BIRGUNJ: Importers have raised objections to the government's decision to increase the rate of tax levied in advance at the customs. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">BIRGUNJ: Importers have raised objections to the government's decision to increase the rate of tax levied in advance at the customs. The government had decided to increase such taxes through the budget announced for the next fiscal year (FY 2081/82). They accuse the government of bringing a large budget instead of adopting austerity measures and arbitrarily raising taxes for resource management.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Importer Om Prakash More demanded the immediate revocation of the system of collecting a 10 percent advance tax at customs, calling it impractical. The government has increased the advance income tax rate from 1.5 percent to 10 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Importers argue that most of the items subject to the 10 percent advance tax are daily essentials for general consumption. The government plans to collect this tax on potatoes and onions as well. Businessmen claim that such high tax rates on items like vegetables, potatoes, onions, and fish will increase prices and adversely affect consumers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Finance Minister Barshman Pun removed the VAT on potatoes and onions in the next year's budget. However, businessmen accuse the minister of seeking credit for removing VAT while intending to collect it through other means. Previously, the advance tax on potatoes and onions was 1.5 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Madhav Rajpal, vice president of the Birgunj Chamber of Commerce and Industry, earlier, the combined customs duty, VAT, and advance income tax amounted to 23.5 percent. Now, with the removal of VAT and the addition of a 10 percent advance tax, the total tax has been adjusted to 19 percent. Rajpal criticized this change, stating that while the VAT removal seems beneficial, the additional 10 percent tax is an added burden.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Officials from the Department of Customs say that it will take a few days to get a clear picture of the impact of the new budget. Information officer Punya Bikram Khadka remarked, "The budget has just been announced. It is too soon to assess its impacts."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government also plans to charge a 2.5 percent advance tax on the import of flour and similar items. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The government itself states that more than 20 percent profit constitutes black market activity. However, to pay a 10 percent advance tax, a 40 percent profit would be necessary," More said. "Is it possible to make such a profit by selling potatoes, onions, and vegetables?"</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Businessman More insists that even if advance income tax must be collected, the rate should not exceed 2.5 percent, as the maximum profit in such businesses is around 10 percent.</span></span></p> ', 'published' => true, 'created' => '2024-05-30', 'modified' => '2024-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '20856', 'image' => '20240530121936_20170411040236_onion.jpg', 'article_date' => '2024-05-30 12:18:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21127', 'article_category_id' => '1', 'title' => 'Everest Records Tumble as Season Ends with Eight Fatalities', 'sub_title' => '', 'summary' => 'KATHMANDU: Mountaineers on Everest left the world's highest peak on Wednesday, ending a climbing season that broke multiple records but left eight people dead, AFP reported citing tourism officials and expedition organisers.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">KATHMANDU: Mountaineers on Everest left the world's highest peak on Wednesday, ending a climbing season that broke multiple records but left eight people dead, AFP reported citing tourism officials and expedition organisers.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">More than 600 climbers and guides reached the 8,849-metre (29,032-foot) high Himalayan summit, Rakesh Gurung of the tourism department told AFP, with the exact total yet to be verified.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">"Teams have packed up and the route will be closed now," AFP quoted Gurung as saying. "The season has ended."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to the news agency, last year was the deadliest season on the mountain with 18 fatalities, but the toll for 2024 was much lower despite climbers reporting bottlenecks at the peak.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Among the eight dead were two climbers from Mongolia and one each from Kenya, India and Nepal.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Three people -- a British climber and two Nepali guides -- are listed as missing and presumed dead.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Nepal is home to eight of the world's 10 highest peaks and welcomes hundreds of adventurers each spring, when temperatures are warm and winds typically calm.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Records broken this year include Nepali climber Phunjo Lama's climb of just 14 hours and 31 minutes, the world's fastest ascent of the mountain by a woman, added AFP.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Climbers usually take days to reach the top.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Kami Rita Sherpa, 54, a Nepali climber known as "Everest Man", reached the peak for a record 30th time, three decades after his first summit.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">"So many climbers earn their name and fame by climbing our mountains," said Purnima Shrestha, who reached the summit for a record three times this season, the most for a woman.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">"I think it is good that we Nepalis set records in our motherland."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to AFP, Briton Kenton Cool also extended his non-Nepali record with his 18th summit, while Polish climber Piotr Jerzy Krzyzowski became the first to summit both Lhotse and Everest without supplemental oxygen.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Mountaineering guide Tsering Pemba Sherpa, who reached the summit of Everest for the 11th time, told AFP that a dry winter had increased the risks with wider crevasses and chances of rockfalls.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Some climbers shared images of hundreds queueing to make their final summit push in the "death zone", where thin air and low oxygen levels heighten the risk of altitude sickness.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">But guide Binayak Malla said that was a consequence of the narrow windows of weather to climb.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">"Climbers aim for the summit when the weather is good," Malla said. "That's what caused the rush."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to AFP, Nepal issued more than 900 permits for its mountains this year, including 421 for Everest, earning more than $5 million in royalties.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-30', 'modified' => '2024-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '20855', 'image' => '20240530110314_20240401075430_SubhasDarnal_KalapatharSolukhumbu_RSS_IMG_20240308_200422.jpg', 'article_date' => '2024-05-30 11:02:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21128', 'article_category_id' => '1', 'title' => 'China Ready to Help Upgrade Barhabise-Tatopani Road: Chinese Ambassador ', 'sub_title' => '', 'summary' => 'SINDHUPALCHOWK: Chinese Ambassador to Nepal Chen Song has said that China is ready to help upgrade the Barhabise-Tatopani road section. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">SINDHUPALCHOWK: Chinese Ambassador to Nepal Chen Song has said that China is ready to help upgrade the Barhabise-Tatopani road section. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During a discussion held on Wednesday evening with stakeholders at the Tatopani Customs Office about border management and the road leading to the Friendship Bridge, Chinese Ambassador Chen said that both countries can build roads together. He also shared that Chinese technicians will come to study the location of the landslide and other facets of the road. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, MP from Sindhupalchok, Madhav Sapkota, shared that Rs 1.2 billion has been allocated for the upgrading of the road and proposed that both countries should work together on it. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Head of the Road Division Office, Dolakha, Arjun Shrestha, presented a detailed project report of road upgrading work prepared by Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Advisor to the Prime Minister on Foreign Affairs, Dr Rupak Sapkota, Chair of Bhotekoshi Rural Municipality Pasang Norbu Sherpa, local people's representatives, political parties, the Chief District Officer, the chiefs of security agencies, the chief of customs office, division road office staff were present in the discussion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Tatopani trade and transit point with China was closed following the 2015 earthquake and was re-opened in September 2023. And an agreement was reached during the visit of Prime Minister Pushpa Kamal Dahal to China last October for the Chinese side to help upgrade the road leading to the border crossing. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-30', 'modified' => '2024-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '20854', 'image' => '20240530114334_GOwxRCSa8AAQJyd.jpg', 'article_date' => '2024-05-30 11:42:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21126', 'article_category_id' => '1', 'title' => 'Maximum Temperature of Kathmandu likely to Reach 33 Degrees Celsius Today ', 'sub_title' => '', 'summary' => 'KATHMANDU: The weather currently is partly to mostly cloudy in the hill areas of Koshi and Sudurpaschim provinces, and mostly clear in the rest of 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"">KATHMANDU: The weather currently is partly to mostly cloudy in the hill areas of Koshi and Sudurpaschim provinces, and mostly clear in the rest of the country. This is due to the partial effects of the local winds, the westerly winds as well as the low pressure system around Bihar in India, according to the Department of Hydrology and Meteorology. </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"">The department added that the maximum temperature in the Kathmandu Valley today is expected to be between 31 and 33 degrees Celsius. On Tuesday, the temperature was 28.5 degrees Celsius and increased to 33.3 degrees Celsius on Wednesday. </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"">The department has issued warning of excessive heat in the Terai districts for a few days and has urged the people to adopt precautionary measures. The department has suggested people to stay indoors, take plenty of liquid, wear light clothes and consult the nearest medical facility in case of health problems due to excessive heat. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Later this afternoon, there is a possibility of light rain with thunder and lightning in some places of Koshi Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tonight, the weather will remain partly to mostly cloudy in Koshi, Madhes, Bagmati and Gandaki provinces and clear in the remaining parts of the country. There is a possibility of light to moderate rain with thunder and lightning at some places in Koshi, Madhes, Bagmati and Gandaki provinces and one or two places in the hill regions of Lumbini. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the next 24 hours, there is a possibility of light to moderate rainfall with thunder and lightning in some places of Koshi, Madhes, Bagmati and Gandaki provinces and one or two places in the hill areas of Lumbini Province. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-30', 'modified' => '2024-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '20853', 'image' => '20240530095745_20230604125858_global-warming.jpg', 'article_date' => '2024-05-30 09:57:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21125', 'article_category_id' => '1', 'title' => 'Mahalaxmi Bikas Bank Supports Social Works', 'sub_title' => '', 'summary' => 'Mahalaxmi Bikas Bank Limited has provided aid through various branches under its Corporate Social Responsibility (CSR) initiatives.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">May 30: Mahalaxmi Bikas Bank Limited has provided aid through various branches under its Corporate Social Responsibility (CSR) initiatives.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">On the occasion of the 2568th Buddha Jayanti and Lumbini Day 2081, the bank's Mahilwar (Lumbini) branch conducted a program distributing free water and sweets in Lumbini. The bank has been providing drinking water on the occasion of Buddha Jayanti for one and a half decades.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Similarly, the bank's Dhangadhi branch has donated Rs 150,000 to Dhangadhi Sub-Metropolitan City's 'Mayor's Educational Improvement Fund.' This monetary assistance aims to help improve the educational quality of children from impoverished families through the fund established to assist children studying in community schools in rural areas. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The chief of the bank's Sudurpashchim Province, Sunil Kumar Nepal, handed over the check worth Rs 150,000 to the mayor of Dhangadhi Sub-Metropolitan City, Gopal Hamal.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Additionally, the bank's Narayangadh branch donated Rs 300,000 to Galeshwar Ashram located in Devghatdham, Tanahun. This donation aims to aid in laying Nepali stone in the Siddheshwar Shiva Temple, constructed in the Nepali pagoda style by the ashram. Shambhu Prasad Parajuli, chief of the bank's Bagmati Province 'B,' handed over the check worth Rs 300,000 to Galeshwar Ashram.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-30', 'modified' => '2024-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '20852', 'image' => '20240530083314_collage (15).jpg', 'article_date' => '2024-05-30 08:31:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '21124', 'article_category_id' => '1', 'title' => '4,035 Nepali Migrant Workers Die in Course of Foreign Employment in Three Years', 'sub_title' => '', 'summary' => 'KATHMANDU: A total of 4,035 Nepali citizens died in course of foreign employment between fiscal year 2020-21 to FY 2022-23. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: A total of 4,035 Nepali citizens died in course of foreign employment between fiscal year 2020-21 to FY 2022-23. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the data from the Foreign Employment Board, 870 Nepali migrant workers also suffered injuries or fell ill during the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Over the past three years, there has been a concerning rise in the number of deaths and illnesses among Nepali migrant workers. The percentages of these incidents were 18.50% in the fiscal year 2020/21, 31.95% in FY 2021/22, and 49.54% in FY 2022/23. Despite the decline in deaths, the cases of mutilations and illness have soared over these years. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The challenges faced by Nepali migrant workers include adverse weather conditions in destination countries, increased workloads, liquor consumption, conflicts with colleagues, familial pressure, lack of awareness of local laws, technical errors in handling and the operation of machinery, traffic accidents, workplace incidents, burns, suffocation, drowning, and illnesses, according to the government data. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the last fiscal year, out of 1,250 fatalities, 27.96% occurred in Malaysia, followed by 26.36% in Saudi Arabia, 17.98% in the United Arab Emirates, 17.32% in Qatar, 6.04% in Kuwait, and 4.43% in other nations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A report prepared by the board urges the government to investigate the root causes of these deaths, implement awareness programs, and provide psychosocial counseling services among others to the Nepali migrant workers.-- RSS </span></span></p> ', 'published' => true, 'created' => '2024-05-29', 'modified' => '2024-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '20851', 'image' => '20240529064405_20230712120844_foreign emp.jpg', 'article_date' => '2024-05-29 18:43:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21123', 'article_category_id' => '1', 'title' => 'NEPSE Drops 23.81 Points to Close at 2089.42', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index witnessed a loss of 23.81 points, equivalent to 1.12%, closing at 2089.42 on the first trading day after the budget for the fiscal year 2024/2025 on Wednesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">May 29: The Nepal Stock Exchange (NEPSE) Index witnessed a loss of 23.81 points, equivalent to 1.12%, closing at 2089.42 on the first trading day after the budget announcement for the fiscal year 2024/2025 on Wednesday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today’s trading session, 314 scrips were traded on the NEPSE through 63,080 transactions. A total of 10,738,169 shares changed hands, resulting in a total turnover of Rs 4.57 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Pokhara Finance Limited (PFL) led the turnover with total transactions worth Rs 19 crores. Unilever Nepal Limited, Kalinchowk Darshan Limited (KDL), Upper Lohore Khola Hydropower Company Limited (ULHC), and Bhagawati Hydropower Development Company (BGWT) each gained 10% and hit the positive circuit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Buddha Bhumi Nepal Hydropower Company Limited (BNHC) experienced the highest loss at 9.41%, closing at a market price of Rs 587 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector indices, all sectors closed in negative territory except the Finance Index, Hotels and Tourism Index, Manufacturing and Processing Index, and Trading Index.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Mutual Fund Index stayed neutral. The Banking Index lost the most at 2.94%, while the Manufacturing and Processing Index saw the highest gain at 2.68%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-29', 'modified' => '2024-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '20850', 'image' => '20240529033335_collage (14).jpg', 'article_date' => '2024-05-29 15:32:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '21122', 'article_category_id' => '1', 'title' => 'Tourism-Related Training Witnesses a Notable Surge in the Last Ten Years', 'sub_title' => '', 'summary' => 'KATHMANDU: Over the past decade, there has been a notable surge in individuals pursuing training and education within various sectors of the tourism industry, particularly in trekking-related activities. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: Over the past decade, there has been a notable surge in individuals pursuing training and education within various sectors of the tourism industry, particularly in trekking-related activities. This increase is evident in fields such as mountain climbing, trekking, hotel management, and local guide services.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">From the fiscal year 2070/71 to 2079/80, the number of individuals undertaking education and training in tourism-related areas—including hotel management, mountain climbing, trekking guide, homestay management, and porter guide—has reached 25,686. This marks a significant rise from the 2,784 individuals recorded in the fiscal year 2070/71.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The 'Nepal Tourist Statistics-2023' report, published by the Ministry of Culture, Tourism, and Civil Aviation, attributes this upward trend in training to the growth in the number of tourists.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Key institutions such as the Nepal Tourism and Hotel Management Foundation (NATHAM) and the Nepal Mountain Academy, operating under the Ministry of Tourism, have been pivotal in offering training and education programs, particularly in hotel management and mountain climbing/trekking guide.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Despite a temporary decline observed during the earthquake year (fiscal year 2072/73) and the COVID-19 pandemic, there has been a general upward trajectory in training. Notably, since fiscal year 2076/77, there was a slight decline in training enrollment because of the pandemic, although fiscal year 2079/80 witnessed a resurgence, with 2,692 individuals undertaking training across various tourism-related domains.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The resurgence in training participation in fiscal year 2079/80 is attributed to the gradual easing of COVID-19 restrictions and the subsequent uptick in tourism activities. Various training programs covering aspects such as homestay management, food safety, travel and tourism management, culinary skills, guide services, and adventure tourism have seen increased enrollment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Notably, trekking guide training remains the most sought-after program, reflecting the continued popularity of trekking and tourism in Nepal.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">With holidays and sightseeing attracting 62.50% of tourists and trekking drawing 15.20% of visitors, the demand for skilled professionals in these areas is expected to persist, further driving training and education initiatives in the tourism sector.</span></span></span></p> ', 'published' => true, 'created' => '2024-05-29', 'modified' => '2024-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '20849', 'image' => '20240529124645_be (Copy).jpg', 'article_date' => '2024-05-29 12:46:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21121', 'article_category_id' => '1', 'title' => 'Life Insurance Companies Settle Claims of Over Rs 130 Billion in Nine Months', 'sub_title' => '', 'summary' => 'KATHMANDU: A total of fourteen life insurance companies settled insurance claims amounting to over Rs 130 billion by the third quarter of the current fiscal year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: A total of fourteen life insurance companies settled insurance claims amounting to over Rs 130 billion by the third quarter of the current fiscal year. According to the financial statements published by these companies, this figure represents a 15.65 percent increase compared to the same period last year, when they settled claims worth more than Rs 112 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This year has seen an increase in the settlement of insurance claims by all life insurance companies. Rajkumar Aryal, Chief Executive Officer of Sun Nepal Life Insurance Company, noted that companies are processing claims efficiently. Addressing reports that some companies have occasionally delayed the settlement of claims, Aryal explained that there are specific methods and procedures in place to ensure claims are paid promptly to those who submit all necessary documents. He also mentioned that problems can arise in cases where insured individuals use their insurance policies to secure loans but fail to repay them. In such instances, after the maturity of the policy, only the remaining amount, after deducting the loan’s principal, interest, and penalties, is returned to the insured.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Comparing this year's third-quarter data to the same period last year, Prabhu Mahalaxmi Life Insurance Company’s net claim settlements increased by 140.26 percent, the highest among the companies. Similarly, Sanima Reliance Life Insurance Company, which settled claims worth more than Rs 1.618 billion last year, settled claims worth over Rs 3.83 billion this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In terms of the total amount paid, Nepal Life Insurance Company leads with settlements amounting to Rs 36.9 billion in net claims in the nine months this year. During the corresponding period of the last fiscal year, Nepal Life Insurance Company had settled claims worth over Rs 32.75 billion.</span></span></p> ', 'published' => true, 'created' => '2024-05-29', 'modified' => '2024-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '20848', 'image' => '20240529123637_Insurance.jpg', 'article_date' => '2024-05-29 12:35:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21120', 'article_category_id' => '1', 'title' => 'Government Introduces a Balanced Budget for Next FY', 'sub_title' => '', 'summary' => 'KATHMANDU: Amid concerns that the government would bring a large budget at a time when it is facing resource crunch, Finance Minister Barshaman Pun presented the budget for the upcoming fiscal year with a marginal increment compared to the budget of the current fiscal year.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Prithvi Man Shrestha</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: Amid concerns that the government would bring a large budget at a time when it is facing resource crunch, Finance Minister Barshaman Pun presented the budget for the upcoming fiscal year with a marginal increment compared to the budget of the current fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Finance Minister Pun introduced a budget of Rs 1.86 trillion for the upcoming fiscal year, which is 6.2 percent larger than this year's budget. The budget, presented at a joint meeting of the House of Representatives and the National Assembly on Tuesday, includes a reduction in the current expenditure but an increase in capital expenses and financial management.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Many expected a populist budget, but Finance Minister Pun prioritized restraint. Pre-budget discussions suggested possible allocations for the Parliamentary Constituency Development Fund, benefits for disqualified Maoist combatants, and hike in allowances for government employees. However, none of these were included in the budget. Economic experts have noted that the budget appears cautious given the slump in economy and the government's revenue collection challenges.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Former Finance Secretary Rameshwar Khanal remarked, "The objective of maintaining economic stability is evident in the budget."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, former governor of Nepal Rastra Bank, Chiranjeevi Nepal, stated, "Despite the majority of communist parties in the coalition government, the expected populist programs are absent."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The government revised the current year's revenue collection estimate to Rs 1.253 trillion, which is 88.1 percent of the initial target. However, with one and a half months remaining in the fiscal year, the government has collected only Rs 863 billion as of Monday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"Considering the revenue collected so far, next year's budget seems ambitious, but not excessively high," Khanal remarked.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The budget of current fiscal year was downsized by Rs 220 billion to Rs 1.53 trillion, and only Rs 1115 billion has been spent as of Monday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"The budget seems large given our spending capabilities," added former governor Nepal.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The budget for capital expenditure and financial management has seen a significant increase. The government plans to keep revenue collection and foreign aid targets close to the current fiscal year’s budget while it plans to significantly raise domestic debt. The target for raising domestic debt next year is Rs 330 billion, up from Rs 240 billion this year. Khanal warned, "In the long run, the burden of debt on the government could widen."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Public debt has increased due to substantial borrowing for post-earthquake reconstruction and the COVID-19 response, reaching over 44 percent of GDP by the second quarter of the current fiscal year. The government allocated about Rs 246 billion for the repayment of internal debt. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Following the political change of 2046, the first stage of economic reforms led to extensive private sector development. Former Finance Minister Dr Ram Sharan Mahat initiated the second phase of reforms a decade ago, but comprehensive economic reform has not occurred. Pun announced a new phase of economic reforms aiming for high economic growth, integrated economic corridors, expansion of digital economy, and a green economy foundation. A high-level commission will be formed to make recommendations.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Reforms will target structural improvements in the business environment, public financing system, financial sector, and public administration. The private sector has long demanded a better business environment, citing unstable government policies and lack of business-friendly practices. The government promises reforms in investment laws, policy stability, investment security, country rating, bilateral investment agreements, dual tax exemption agreements.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The budget focuses on five transformative sectors: agriculture, energy, information technology, tourism, and industrial development. The period from 2081 BS to 2091 BS has been declared the Agricultural Investment Decade and Information Technology Decade. Although no specific goals are set for agriculture, the government has forwarded various new plans and continuity of old programmes. The Information Technology Decade aims to export IT services worth Rs 300 billion and create 500,000 direct jobs in 10 years.</span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The government has set a target of adding 900 MW of electricity in the energy sector next year, to increase the total capacity to 4,500 MW. The government also has plans to involve the private sector in electricity transmission and distribution. Tourism goals include expanding infrastructure to attract 1.6 million foreign tourists next year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Each province is to be developed as a specialized economic center: Koshi as an industrial hub, Madhesh as an agricultural center, Bagmati as an IT hub, Gandaki as a tourism destination, Lumbini for SMEs, Karnali for herbs, and Far West as a religious tourism hub. The Gandaki economic triangle project includes Bharatpur, Butwal, and Pokhara.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Khanal views the creation of economic corridors and hubs as positive. The government targets 6 percent economic growth through this budget. However, stakeholders doubt the budget's successful implementation due to potential political instability. Former governor Nepal remarked, "Frequent government changes mean one government's budget is not owned by the next, hindering implementation. Political instability is a significant obstacle."</span></span></span></p> ', 'published' => true, 'created' => '2024-05-29', 'modified' => '2024-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '20847', 'image' => '20240529115002_budget.jpg', 'article_date' => '2024-05-29 11:49:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21119', 'article_category_id' => '1', 'title' => 'Death Toll Rises to Eight as Indian Climber Dies after Everest Bid', 'sub_title' => '', 'summary' => 'KATHMANDU: An Indian climber rescued from Everest died in a hospital on Monday, taking the death toll this season on the world's highest mountain to eight, AFP reported.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: An Indian climber rescued from Everest died in a hospital on Monday, taking the death toll this season on the world's highest mountain to eight, AFP reported.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the news report published by AFP, Banshi Lal, 46, was plucked from the mountain last week and taken to a hospital in Kathmandu.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Rakesh Gurung, an official at the Department of Tourism, confirmed his death.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Three people, including a British climber and two Nepali guides, among the eight are listed as missing but presumed dead, AFP reported.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The latest fatality comes as the Everest mountaineering season draws to a close, with the death toll relatively low compared to other years. Last year was the deadliest season on the mountain with 18 fatalities, added the news agency.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Three more climbers died climbing other peaks. Those include a Romanian aiming for Lhotse, which neighbours Everest, while a French and a Nepali climber died on Makalu, the world's fifth-highest mountain.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Nepal is home to eight of the world's 10 highest peaks and welcomes hundreds of adventurers each spring, when temperatures are warm and winds typically calm.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to AFP, all the Everest deaths occurred in areas above 8,000 metres (26,200 feet), known as the "death zone", where thin air and low oxygen levels heighten the risk of altitude sickness.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Multiple records have also been broken this year, including by Nepali climber Phunjo Lamam, who reached Everest's summit in 14 hours and 31 minutes, the world's fastest ascent of the mountain by a woman.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Climbers usually take days to reach the top of the 8,849-metre mountain, spending nights at different camps to rest and acclimatise.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Also, 54-year-old Kami Rita Sherpa, a Nepali climber known as "Everest Man", reached the peak of the world's highest mountain for a record 30th time, three decades after his first summit, added AFP.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Government of Nepal has issued more than 900 permits for its mountains this year, including 419 for Everest, earning more than $5 million in royalties.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">More than 600 climbers and their guides have already reached the summit of Everest after a rope-fixing team of ‘Icefall Doctors” reached the peak last month. -- AFP</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-05-29', 'modified' => '2024-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '20846', 'image' => '20240529103241_Everest90.jpg', 'article_date' => '2024-05-29 10:32:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21118', 'article_category_id' => '1', 'title' => ''Budget has Taken Private Sector on Board' ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has said that the budget for the upcoming fiscal year 2024/025 has addressed the concerns of the private sector. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has said that the budget for the upcoming fiscal year 2024/025 has addressed the concerns of the private sector. FNCCI President Chandra Dhakal said the budget has incorporated the private sector in each aspect. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The budget has included programmes for economic reforms. It has prioritized agriculture, tourism, energy, startup, IT sectors. This move can be taken positively," Dhakal added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The President of the Confederation of Nepalese Industries Rajesh Kumar Agrawal termed the budget as 'balanced' and has not imposed any pressure on the private sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">However, former President of Nepal Chamber of Commerce Rajendra Malla said further study is needed on the budget adding that some of the issues have been presented in a confusing manner. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Vice-President of the Federation of Nepal Cottage and Small Industries Mohan Katuwal said the budget should be taken positively adding that implementation is more important. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The size of the budget is a bit large because more than half of the businesses at present are not in operation, he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Industrialist Rita Awal praised the budget saying that it has given priority to women entrepreneurship and argued that its implementation should be ensured. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also talking to the RSS, businessman Dipak Malhotra said the budget should not be commented on a negative note. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-29', 'modified' => '2024-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '20845', 'image' => '20240529103141_RS_KTM-1716896099394.jpg', 'article_date' => '2024-05-29 10:30:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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He also introduced an excise duty of Rs 2.5 per kg on billet imports. This decision created a divide among iron rod producers and related material manufacturers.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">However, the current government has reversed that decision through the budget for the next fiscal year (FY 2081/82). Finance Minister Barshman Pun announced that the customs duty on sponge iron would be increased from 1 percent to 2.5 percent. Additionally, the zero percent duty on the import of scrap, pig iron, and silico magnesium—key raw materials for melting units—has been raised to 1 percent. On the other hand, the excise duty on billet imports has been revoked.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Organising a press conference at the Ministry of Finance on Wednesday, Minister Pun claimed that the government has corrected past mistakes, asserting, "Tax rates have not been changed based on individual preferences."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Businessmen who produce iron rods by importing billets have welcomed the government's announcement, while those who have installed sponge iron and smelting plants oppose the new tax policy.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Nepal Iron Rod Producers Association, representing businesses that produce iron rods and other iron products, held a press conference in Kathmandu on Wednesday claiming that the industry, worth Rs 36 billion, is in jeopardy due to the government’s policy. According to the association, industrialists who increased investment based on the replacement bill’s policy on sponge iron and melting units are now in trouble.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The association expressed concerns that the government's decision will have a long-term negative impact on industrialization.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Kiran Sakh, who produces iron rods by importing billets, argued that industrialists producing billets from sponge iron have exaggerated their costs. "Before the replacement bill, there were seven smelting factories; later, seven more were added," he said. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Despite the division among businessmen regarding government policy, they agree that the government is not providing policy stability.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Speaking at a press conference on Wednesday, Anjan Shrestha, Senior Vice President of the Federation of Nepalese Chamber of Commerce Industry, criticized the government's unstable policies, stating, "Why was it necessary to increase the customs duty that was reduced yesterday? The government's policies are constantly changing.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The association publicly stated that it cannot operate melting plants without a consistent customs facility. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Sahil Aggarwal, president of the association, said that increasing customs duty on sponge, scrap, and pig iron while reducing it on billets discourages rather than encourages value-adding industries in Nepal. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"Most steel industries in Nepal have installed melting plants," he said. "This policy should be corrected." According to the association, out of the 23 industries currently operating in the country, 18-19 have installed melting plants that import and melt sponge, pig, and scrap iron into billets.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Bishnu Neupane, president of Saurabh Group, stated that the domestic billet manufacturing industries require separate infrastructure compared to the imported billet manufacturing industry, necessitating an additional investment of Rs 2 billion to Rs 4 billion. He argued that the government's announcement will negatively affect the billet manufacturing industry. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"If the government does not protect such industries, who will?" he asked. "Currently, all industrialists have rolling mills (producing iron rods by importing billets). Now, we are forced to import billets, pushing the country back 20 years."</span></span></span></p> ', 'published' => true, 'created' => '2024-05-30', 'modified' => '2024-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '20859', 'image' => '20240530020101_20210914024156_cs5(17).jpg', 'article_date' => '2024-05-30 14:00:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21131', 'article_category_id' => '1', 'title' => ' Price of Gold Up by Rs 2300 per Tola ', 'sub_title' => '', 'summary' => 'KATHMANDU: The price of gold has increased by Rs 2,300 per tola (11.66 grams) in the domestic market on Thursday as compared to the previous trading day. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The price of gold has increased by Rs 2,300 per tola (11.66 grams) in the domestic market on Thursday as compared to the previous trading day. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Federation of Nepal Gold and Silver Dealers Association, hallmark gold is being traded at Rs 140,500 per tola which was Rs 138,200 on Wednesday. Similarly, the price of the worked gold has been determined at Rs 139,800 per tola against Rs 137,550 on Wednesday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the price of silver has gone up by Rs 70 per tola and is fixed at Rs 2,000. It was Rs traded at Rs 1,930 on Wednesday, according to the Federation of Nepal Gold and Silver Dealers Association. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-30', 'modified' => '2024-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '20858', 'image' => '20240530013358_gold newwww.jpg', 'article_date' => '2024-05-30 13:33:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21130', 'article_category_id' => '1', 'title' => 'Victims of Problematic Cooperatives Welcome Provision in Budget to Return Savings of Depositors', 'sub_title' => '', 'summary' => 'KATHMANDU: The National Federation of Cooperatives, the umbrella body of the cooperatives, has responded positively to the budget for the next fiscal year, stating that it addresses long-term issues faced by cooperatives nationwide. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The National Federation of Cooperatives, the umbrella body of the cooperatives, has responded positively to the budget for the next fiscal year, stating that it addresses long-term issues faced by cooperatives nationwide. Issuing a statement on Wednesday, the federation welcomed the budget announcement, particularly the assistance in returning the money of small depositors.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Finance Minister Barshman Pun announced on Tuesday that the budget includes measures to return the savings of up to half a million rupees to the depositors of problematic cooperatives, using property mortgages of the owners. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaking at a press conference held at the ministry on Wednesday, Finance Minister Pun reiterated that the plan to return the deposits of up to Rs 500,000 aims to solve the problems faced by the cooperatives sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"To address the issues of savings and credit cooperatives, we will return the savings of the depositors, even if it is at least 500,000, by mortgaging the properties of the owners," he said. "This shows that the government is committed to resolving the problems of the cooperatives."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Minister Pun acknowledged that while many cooperatives have performed well, the sector's reputation has been tarnished by a few miscreant organizations. He urged those who have conducted their activities properly not to be discouraged. "Those who have not done wrong should not feel that a mistake has been made in the cooperative sector," he said. "We will support those in trouble."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The federation also welcomed the budget which focuses on helping small depositors recover their money. The federation expressed hope that this year will see the implementation of a debt information center, debt recovery tribunal, savings and loan protection fund, and cooperative promotion fund. The budget also addresses the establishment of a separate regulatory body to supervise savings and credit cooperatives and ensure their operation according to legal principles and policies. The federation stated its readiness to collaborate with the Ministry of Land Management, Cooperatives, and Poverty Alleviation for successful implementation of the provisions announced in the budget.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">So far, the federal government has declared 20 cooperatives as problematic. However, more than 500 organizations are struggling to return the depositors’ savings, despite not being formally declared as problematic. The government has been criticism for its lack of action in resolving these issues of cooperatives, despite protests from individuals who have been unable to retrieve their savings from the cooperatives.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">To address these problems, the government had formed a task force under the coordination of Dr Jayakant Raut, a member of the National Planning Commission. Although the task force submitted a recommendation report to Prime Minister Pushpa Kamal Dahal in last August, no substantial action has been taken to resolve the issues. Agitating depositors of the problematic cooperatives are now entering the third phase of protests, citing the government's lack of interest in fulfilling the agreements reached with them on two previous occasions.</span></span></p> ', 'published' => true, 'created' => '2024-05-30', 'modified' => '2024-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '20857', 'image' => '20240530010902_cooerativesssss.jpg', 'article_date' => '2024-05-30 13:07:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21129', 'article_category_id' => '1', 'title' => 'Traders Object to 10 Percent Advance Income Tax on Potatoes and Onions', 'sub_title' => '', 'summary' => 'BIRGUNJ: Importers have raised objections to the government's decision to increase the rate of tax levied in advance at the customs. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">BIRGUNJ: Importers have raised objections to the government's decision to increase the rate of tax levied in advance at the customs. The government had decided to increase such taxes through the budget announced for the next fiscal year (FY 2081/82). They accuse the government of bringing a large budget instead of adopting austerity measures and arbitrarily raising taxes for resource management.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Importer Om Prakash More demanded the immediate revocation of the system of collecting a 10 percent advance tax at customs, calling it impractical. The government has increased the advance income tax rate from 1.5 percent to 10 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Importers argue that most of the items subject to the 10 percent advance tax are daily essentials for general consumption. The government plans to collect this tax on potatoes and onions as well. Businessmen claim that such high tax rates on items like vegetables, potatoes, onions, and fish will increase prices and adversely affect consumers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Finance Minister Barshman Pun removed the VAT on potatoes and onions in the next year's budget. However, businessmen accuse the minister of seeking credit for removing VAT while intending to collect it through other means. Previously, the advance tax on potatoes and onions was 1.5 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Madhav Rajpal, vice president of the Birgunj Chamber of Commerce and Industry, earlier, the combined customs duty, VAT, and advance income tax amounted to 23.5 percent. Now, with the removal of VAT and the addition of a 10 percent advance tax, the total tax has been adjusted to 19 percent. Rajpal criticized this change, stating that while the VAT removal seems beneficial, the additional 10 percent tax is an added burden.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Officials from the Department of Customs say that it will take a few days to get a clear picture of the impact of the new budget. Information officer Punya Bikram Khadka remarked, "The budget has just been announced. It is too soon to assess its impacts."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government also plans to charge a 2.5 percent advance tax on the import of flour and similar items. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The government itself states that more than 20 percent profit constitutes black market activity. However, to pay a 10 percent advance tax, a 40 percent profit would be necessary," More said. "Is it possible to make such a profit by selling potatoes, onions, and vegetables?"</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Businessman More insists that even if advance income tax must be collected, the rate should not exceed 2.5 percent, as the maximum profit in such businesses is around 10 percent.</span></span></p> ', 'published' => true, 'created' => '2024-05-30', 'modified' => '2024-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '20856', 'image' => '20240530121936_20170411040236_onion.jpg', 'article_date' => '2024-05-30 12:18:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21127', 'article_category_id' => '1', 'title' => 'Everest Records Tumble as Season Ends with Eight Fatalities', 'sub_title' => '', 'summary' => 'KATHMANDU: Mountaineers on Everest left the world's highest peak on Wednesday, ending a climbing season that broke multiple records but left eight people dead, AFP reported citing tourism officials and expedition organisers.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">KATHMANDU: Mountaineers on Everest left the world's highest peak on Wednesday, ending a climbing season that broke multiple records but left eight people dead, AFP reported citing tourism officials and expedition organisers.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">More than 600 climbers and guides reached the 8,849-metre (29,032-foot) high Himalayan summit, Rakesh Gurung of the tourism department told AFP, with the exact total yet to be verified.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">"Teams have packed up and the route will be closed now," AFP quoted Gurung as saying. "The season has ended."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to the news agency, last year was the deadliest season on the mountain with 18 fatalities, but the toll for 2024 was much lower despite climbers reporting bottlenecks at the peak.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Among the eight dead were two climbers from Mongolia and one each from Kenya, India and Nepal.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Three people -- a British climber and two Nepali guides -- are listed as missing and presumed dead.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Nepal is home to eight of the world's 10 highest peaks and welcomes hundreds of adventurers each spring, when temperatures are warm and winds typically calm.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Records broken this year include Nepali climber Phunjo Lama's climb of just 14 hours and 31 minutes, the world's fastest ascent of the mountain by a woman, added AFP.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Climbers usually take days to reach the top.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Kami Rita Sherpa, 54, a Nepali climber known as "Everest Man", reached the peak for a record 30th time, three decades after his first summit.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">"So many climbers earn their name and fame by climbing our mountains," said Purnima Shrestha, who reached the summit for a record three times this season, the most for a woman.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">"I think it is good that we Nepalis set records in our motherland."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to AFP, Briton Kenton Cool also extended his non-Nepali record with his 18th summit, while Polish climber Piotr Jerzy Krzyzowski became the first to summit both Lhotse and Everest without supplemental oxygen.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Mountaineering guide Tsering Pemba Sherpa, who reached the summit of Everest for the 11th time, told AFP that a dry winter had increased the risks with wider crevasses and chances of rockfalls.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Some climbers shared images of hundreds queueing to make their final summit push in the "death zone", where thin air and low oxygen levels heighten the risk of altitude sickness.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">But guide Binayak Malla said that was a consequence of the narrow windows of weather to climb.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">"Climbers aim for the summit when the weather is good," Malla said. "That's what caused the rush."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to AFP, Nepal issued more than 900 permits for its mountains this year, including 421 for Everest, earning more than $5 million in royalties.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-30', 'modified' => '2024-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '20855', 'image' => '20240530110314_20240401075430_SubhasDarnal_KalapatharSolukhumbu_RSS_IMG_20240308_200422.jpg', 'article_date' => '2024-05-30 11:02:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21128', 'article_category_id' => '1', 'title' => 'China Ready to Help Upgrade Barhabise-Tatopani Road: Chinese Ambassador ', 'sub_title' => '', 'summary' => 'SINDHUPALCHOWK: Chinese Ambassador to Nepal Chen Song has said that China is ready to help upgrade the Barhabise-Tatopani road section. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">SINDHUPALCHOWK: Chinese Ambassador to Nepal Chen Song has said that China is ready to help upgrade the Barhabise-Tatopani road section. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During a discussion held on Wednesday evening with stakeholders at the Tatopani Customs Office about border management and the road leading to the Friendship Bridge, Chinese Ambassador Chen said that both countries can build roads together. He also shared that Chinese technicians will come to study the location of the landslide and other facets of the road. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, MP from Sindhupalchok, Madhav Sapkota, shared that Rs 1.2 billion has been allocated for the upgrading of the road and proposed that both countries should work together on it. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Head of the Road Division Office, Dolakha, Arjun Shrestha, presented a detailed project report of road upgrading work prepared by Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Advisor to the Prime Minister on Foreign Affairs, Dr Rupak Sapkota, Chair of Bhotekoshi Rural Municipality Pasang Norbu Sherpa, local people's representatives, political parties, the Chief District Officer, the chiefs of security agencies, the chief of customs office, division road office staff were present in the discussion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Tatopani trade and transit point with China was closed following the 2015 earthquake and was re-opened in September 2023. And an agreement was reached during the visit of Prime Minister Pushpa Kamal Dahal to China last October for the Chinese side to help upgrade the road leading to the border crossing. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-30', 'modified' => '2024-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '20854', 'image' => '20240530114334_GOwxRCSa8AAQJyd.jpg', 'article_date' => '2024-05-30 11:42:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21126', 'article_category_id' => '1', 'title' => 'Maximum Temperature of Kathmandu likely to Reach 33 Degrees Celsius Today ', 'sub_title' => '', 'summary' => 'KATHMANDU: The weather currently is partly to mostly cloudy in the hill areas of Koshi and Sudurpaschim provinces, and mostly clear in the rest of 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"">KATHMANDU: The weather currently is partly to mostly cloudy in the hill areas of Koshi and Sudurpaschim provinces, and mostly clear in the rest of the country. This is due to the partial effects of the local winds, the westerly winds as well as the low pressure system around Bihar in India, according to the Department of Hydrology and Meteorology. </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"">The department added that the maximum temperature in the Kathmandu Valley today is expected to be between 31 and 33 degrees Celsius. On Tuesday, the temperature was 28.5 degrees Celsius and increased to 33.3 degrees Celsius on Wednesday. </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"">The department has issued warning of excessive heat in the Terai districts for a few days and has urged the people to adopt precautionary measures. The department has suggested people to stay indoors, take plenty of liquid, wear light clothes and consult the nearest medical facility in case of health problems due to excessive heat. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Later this afternoon, there is a possibility of light rain with thunder and lightning in some places of Koshi Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tonight, the weather will remain partly to mostly cloudy in Koshi, Madhes, Bagmati and Gandaki provinces and clear in the remaining parts of the country. There is a possibility of light to moderate rain with thunder and lightning at some places in Koshi, Madhes, Bagmati and Gandaki provinces and one or two places in the hill regions of Lumbini. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the next 24 hours, there is a possibility of light to moderate rainfall with thunder and lightning in some places of Koshi, Madhes, Bagmati and Gandaki provinces and one or two places in the hill areas of Lumbini Province. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-30', 'modified' => '2024-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '20853', 'image' => '20240530095745_20230604125858_global-warming.jpg', 'article_date' => '2024-05-30 09:57:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21125', 'article_category_id' => '1', 'title' => 'Mahalaxmi Bikas Bank Supports Social Works', 'sub_title' => '', 'summary' => 'Mahalaxmi Bikas Bank Limited has provided aid through various branches under its Corporate Social Responsibility (CSR) initiatives.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">May 30: Mahalaxmi Bikas Bank Limited has provided aid through various branches under its Corporate Social Responsibility (CSR) initiatives.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">On the occasion of the 2568th Buddha Jayanti and Lumbini Day 2081, the bank's Mahilwar (Lumbini) branch conducted a program distributing free water and sweets in Lumbini. The bank has been providing drinking water on the occasion of Buddha Jayanti for one and a half decades.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Similarly, the bank's Dhangadhi branch has donated Rs 150,000 to Dhangadhi Sub-Metropolitan City's 'Mayor's Educational Improvement Fund.' This monetary assistance aims to help improve the educational quality of children from impoverished families through the fund established to assist children studying in community schools in rural areas. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The chief of the bank's Sudurpashchim Province, Sunil Kumar Nepal, handed over the check worth Rs 150,000 to the mayor of Dhangadhi Sub-Metropolitan City, Gopal Hamal.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Additionally, the bank's Narayangadh branch donated Rs 300,000 to Galeshwar Ashram located in Devghatdham, Tanahun. This donation aims to aid in laying Nepali stone in the Siddheshwar Shiva Temple, constructed in the Nepali pagoda style by the ashram. Shambhu Prasad Parajuli, chief of the bank's Bagmati Province 'B,' handed over the check worth Rs 300,000 to Galeshwar Ashram.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-30', 'modified' => '2024-05-30', 'keywords' => '', 'description' => '', 'sortorder' => '20852', 'image' => '20240530083314_collage (15).jpg', 'article_date' => '2024-05-30 08:31:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '21124', 'article_category_id' => '1', 'title' => '4,035 Nepali Migrant Workers Die in Course of Foreign Employment in Three Years', 'sub_title' => '', 'summary' => 'KATHMANDU: A total of 4,035 Nepali citizens died in course of foreign employment between fiscal year 2020-21 to FY 2022-23. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: A total of 4,035 Nepali citizens died in course of foreign employment between fiscal year 2020-21 to FY 2022-23. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the data from the Foreign Employment Board, 870 Nepali migrant workers also suffered injuries or fell ill during the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Over the past three years, there has been a concerning rise in the number of deaths and illnesses among Nepali migrant workers. The percentages of these incidents were 18.50% in the fiscal year 2020/21, 31.95% in FY 2021/22, and 49.54% in FY 2022/23. Despite the decline in deaths, the cases of mutilations and illness have soared over these years. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The challenges faced by Nepali migrant workers include adverse weather conditions in destination countries, increased workloads, liquor consumption, conflicts with colleagues, familial pressure, lack of awareness of local laws, technical errors in handling and the operation of machinery, traffic accidents, workplace incidents, burns, suffocation, drowning, and illnesses, according to the government data. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the last fiscal year, out of 1,250 fatalities, 27.96% occurred in Malaysia, followed by 26.36% in Saudi Arabia, 17.98% in the United Arab Emirates, 17.32% in Qatar, 6.04% in Kuwait, and 4.43% in other nations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A report prepared by the board urges the government to investigate the root causes of these deaths, implement awareness programs, and provide psychosocial counseling services among others to the Nepali migrant workers.-- RSS </span></span></p> ', 'published' => true, 'created' => '2024-05-29', 'modified' => '2024-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '20851', 'image' => '20240529064405_20230712120844_foreign emp.jpg', 'article_date' => '2024-05-29 18:43:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21123', 'article_category_id' => '1', 'title' => 'NEPSE Drops 23.81 Points to Close at 2089.42', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index witnessed a loss of 23.81 points, equivalent to 1.12%, closing at 2089.42 on the first trading day after the budget for the fiscal year 2024/2025 on Wednesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">May 29: The Nepal Stock Exchange (NEPSE) Index witnessed a loss of 23.81 points, equivalent to 1.12%, closing at 2089.42 on the first trading day after the budget announcement for the fiscal year 2024/2025 on Wednesday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today’s trading session, 314 scrips were traded on the NEPSE through 63,080 transactions. A total of 10,738,169 shares changed hands, resulting in a total turnover of Rs 4.57 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Pokhara Finance Limited (PFL) led the turnover with total transactions worth Rs 19 crores. Unilever Nepal Limited, Kalinchowk Darshan Limited (KDL), Upper Lohore Khola Hydropower Company Limited (ULHC), and Bhagawati Hydropower Development Company (BGWT) each gained 10% and hit the positive circuit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Buddha Bhumi Nepal Hydropower Company Limited (BNHC) experienced the highest loss at 9.41%, closing at a market price of Rs 587 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector indices, all sectors closed in negative territory except the Finance Index, Hotels and Tourism Index, Manufacturing and Processing Index, and Trading Index.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Mutual Fund Index stayed neutral. The Banking Index lost the most at 2.94%, while the Manufacturing and Processing Index saw the highest gain at 2.68%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-29', 'modified' => '2024-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '20850', 'image' => '20240529033335_collage (14).jpg', 'article_date' => '2024-05-29 15:32:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '21122', 'article_category_id' => '1', 'title' => 'Tourism-Related Training Witnesses a Notable Surge in the Last Ten Years', 'sub_title' => '', 'summary' => 'KATHMANDU: Over the past decade, there has been a notable surge in individuals pursuing training and education within various sectors of the tourism industry, particularly in trekking-related activities. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: Over the past decade, there has been a notable surge in individuals pursuing training and education within various sectors of the tourism industry, particularly in trekking-related activities. This increase is evident in fields such as mountain climbing, trekking, hotel management, and local guide services.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">From the fiscal year 2070/71 to 2079/80, the number of individuals undertaking education and training in tourism-related areas—including hotel management, mountain climbing, trekking guide, homestay management, and porter guide—has reached 25,686. This marks a significant rise from the 2,784 individuals recorded in the fiscal year 2070/71.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The 'Nepal Tourist Statistics-2023' report, published by the Ministry of Culture, Tourism, and Civil Aviation, attributes this upward trend in training to the growth in the number of tourists.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Key institutions such as the Nepal Tourism and Hotel Management Foundation (NATHAM) and the Nepal Mountain Academy, operating under the Ministry of Tourism, have been pivotal in offering training and education programs, particularly in hotel management and mountain climbing/trekking guide.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Despite a temporary decline observed during the earthquake year (fiscal year 2072/73) and the COVID-19 pandemic, there has been a general upward trajectory in training. Notably, since fiscal year 2076/77, there was a slight decline in training enrollment because of the pandemic, although fiscal year 2079/80 witnessed a resurgence, with 2,692 individuals undertaking training across various tourism-related domains.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The resurgence in training participation in fiscal year 2079/80 is attributed to the gradual easing of COVID-19 restrictions and the subsequent uptick in tourism activities. Various training programs covering aspects such as homestay management, food safety, travel and tourism management, culinary skills, guide services, and adventure tourism have seen increased enrollment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Notably, trekking guide training remains the most sought-after program, reflecting the continued popularity of trekking and tourism in Nepal.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">With holidays and sightseeing attracting 62.50% of tourists and trekking drawing 15.20% of visitors, the demand for skilled professionals in these areas is expected to persist, further driving training and education initiatives in the tourism sector.</span></span></span></p> ', 'published' => true, 'created' => '2024-05-29', 'modified' => '2024-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '20849', 'image' => '20240529124645_be (Copy).jpg', 'article_date' => '2024-05-29 12:46:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21121', 'article_category_id' => '1', 'title' => 'Life Insurance Companies Settle Claims of Over Rs 130 Billion in Nine Months', 'sub_title' => '', 'summary' => 'KATHMANDU: A total of fourteen life insurance companies settled insurance claims amounting to over Rs 130 billion by the third quarter of the current fiscal year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: A total of fourteen life insurance companies settled insurance claims amounting to over Rs 130 billion by the third quarter of the current fiscal year. According to the financial statements published by these companies, this figure represents a 15.65 percent increase compared to the same period last year, when they settled claims worth more than Rs 112 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This year has seen an increase in the settlement of insurance claims by all life insurance companies. Rajkumar Aryal, Chief Executive Officer of Sun Nepal Life Insurance Company, noted that companies are processing claims efficiently. Addressing reports that some companies have occasionally delayed the settlement of claims, Aryal explained that there are specific methods and procedures in place to ensure claims are paid promptly to those who submit all necessary documents. He also mentioned that problems can arise in cases where insured individuals use their insurance policies to secure loans but fail to repay them. In such instances, after the maturity of the policy, only the remaining amount, after deducting the loan’s principal, interest, and penalties, is returned to the insured.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Comparing this year's third-quarter data to the same period last year, Prabhu Mahalaxmi Life Insurance Company’s net claim settlements increased by 140.26 percent, the highest among the companies. Similarly, Sanima Reliance Life Insurance Company, which settled claims worth more than Rs 1.618 billion last year, settled claims worth over Rs 3.83 billion this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In terms of the total amount paid, Nepal Life Insurance Company leads with settlements amounting to Rs 36.9 billion in net claims in the nine months this year. During the corresponding period of the last fiscal year, Nepal Life Insurance Company had settled claims worth over Rs 32.75 billion.</span></span></p> ', 'published' => true, 'created' => '2024-05-29', 'modified' => '2024-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '20848', 'image' => '20240529123637_Insurance.jpg', 'article_date' => '2024-05-29 12:35:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21120', 'article_category_id' => '1', 'title' => 'Government Introduces a Balanced Budget for Next FY', 'sub_title' => '', 'summary' => 'KATHMANDU: Amid concerns that the government would bring a large budget at a time when it is facing resource crunch, Finance Minister Barshaman Pun presented the budget for the upcoming fiscal year with a marginal increment compared to the budget of the current fiscal year.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Prithvi Man Shrestha</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: Amid concerns that the government would bring a large budget at a time when it is facing resource crunch, Finance Minister Barshaman Pun presented the budget for the upcoming fiscal year with a marginal increment compared to the budget of the current fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Finance Minister Pun introduced a budget of Rs 1.86 trillion for the upcoming fiscal year, which is 6.2 percent larger than this year's budget. The budget, presented at a joint meeting of the House of Representatives and the National Assembly on Tuesday, includes a reduction in the current expenditure but an increase in capital expenses and financial management.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Many expected a populist budget, but Finance Minister Pun prioritized restraint. Pre-budget discussions suggested possible allocations for the Parliamentary Constituency Development Fund, benefits for disqualified Maoist combatants, and hike in allowances for government employees. However, none of these were included in the budget. Economic experts have noted that the budget appears cautious given the slump in economy and the government's revenue collection challenges.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Former Finance Secretary Rameshwar Khanal remarked, "The objective of maintaining economic stability is evident in the budget."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, former governor of Nepal Rastra Bank, Chiranjeevi Nepal, stated, "Despite the majority of communist parties in the coalition government, the expected populist programs are absent."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The government revised the current year's revenue collection estimate to Rs 1.253 trillion, which is 88.1 percent of the initial target. However, with one and a half months remaining in the fiscal year, the government has collected only Rs 863 billion as of Monday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"Considering the revenue collected so far, next year's budget seems ambitious, but not excessively high," Khanal remarked.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The budget of current fiscal year was downsized by Rs 220 billion to Rs 1.53 trillion, and only Rs 1115 billion has been spent as of Monday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"The budget seems large given our spending capabilities," added former governor Nepal.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The budget for capital expenditure and financial management has seen a significant increase. The government plans to keep revenue collection and foreign aid targets close to the current fiscal year’s budget while it plans to significantly raise domestic debt. The target for raising domestic debt next year is Rs 330 billion, up from Rs 240 billion this year. Khanal warned, "In the long run, the burden of debt on the government could widen."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Public debt has increased due to substantial borrowing for post-earthquake reconstruction and the COVID-19 response, reaching over 44 percent of GDP by the second quarter of the current fiscal year. The government allocated about Rs 246 billion for the repayment of internal debt. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Following the political change of 2046, the first stage of economic reforms led to extensive private sector development. Former Finance Minister Dr Ram Sharan Mahat initiated the second phase of reforms a decade ago, but comprehensive economic reform has not occurred. Pun announced a new phase of economic reforms aiming for high economic growth, integrated economic corridors, expansion of digital economy, and a green economy foundation. A high-level commission will be formed to make recommendations.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Reforms will target structural improvements in the business environment, public financing system, financial sector, and public administration. The private sector has long demanded a better business environment, citing unstable government policies and lack of business-friendly practices. The government promises reforms in investment laws, policy stability, investment security, country rating, bilateral investment agreements, dual tax exemption agreements.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The budget focuses on five transformative sectors: agriculture, energy, information technology, tourism, and industrial development. The period from 2081 BS to 2091 BS has been declared the Agricultural Investment Decade and Information Technology Decade. Although no specific goals are set for agriculture, the government has forwarded various new plans and continuity of old programmes. The Information Technology Decade aims to export IT services worth Rs 300 billion and create 500,000 direct jobs in 10 years.</span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The government has set a target of adding 900 MW of electricity in the energy sector next year, to increase the total capacity to 4,500 MW. The government also has plans to involve the private sector in electricity transmission and distribution. Tourism goals include expanding infrastructure to attract 1.6 million foreign tourists next year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Each province is to be developed as a specialized economic center: Koshi as an industrial hub, Madhesh as an agricultural center, Bagmati as an IT hub, Gandaki as a tourism destination, Lumbini for SMEs, Karnali for herbs, and Far West as a religious tourism hub. The Gandaki economic triangle project includes Bharatpur, Butwal, and Pokhara.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Khanal views the creation of economic corridors and hubs as positive. The government targets 6 percent economic growth through this budget. However, stakeholders doubt the budget's successful implementation due to potential political instability. Former governor Nepal remarked, "Frequent government changes mean one government's budget is not owned by the next, hindering implementation. Political instability is a significant obstacle."</span></span></span></p> ', 'published' => true, 'created' => '2024-05-29', 'modified' => '2024-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '20847', 'image' => '20240529115002_budget.jpg', 'article_date' => '2024-05-29 11:49:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21119', 'article_category_id' => '1', 'title' => 'Death Toll Rises to Eight as Indian Climber Dies after Everest Bid', 'sub_title' => '', 'summary' => 'KATHMANDU: An Indian climber rescued from Everest died in a hospital on Monday, taking the death toll this season on the world's highest mountain to eight, AFP reported.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: An Indian climber rescued from Everest died in a hospital on Monday, taking the death toll this season on the world's highest mountain to eight, AFP reported.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the news report published by AFP, Banshi Lal, 46, was plucked from the mountain last week and taken to a hospital in Kathmandu.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Rakesh Gurung, an official at the Department of Tourism, confirmed his death.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Three people, including a British climber and two Nepali guides, among the eight are listed as missing but presumed dead, AFP reported.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The latest fatality comes as the Everest mountaineering season draws to a close, with the death toll relatively low compared to other years. Last year was the deadliest season on the mountain with 18 fatalities, added the news agency.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Three more climbers died climbing other peaks. Those include a Romanian aiming for Lhotse, which neighbours Everest, while a French and a Nepali climber died on Makalu, the world's fifth-highest mountain.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Nepal is home to eight of the world's 10 highest peaks and welcomes hundreds of adventurers each spring, when temperatures are warm and winds typically calm.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to AFP, all the Everest deaths occurred in areas above 8,000 metres (26,200 feet), known as the "death zone", where thin air and low oxygen levels heighten the risk of altitude sickness.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Multiple records have also been broken this year, including by Nepali climber Phunjo Lamam, who reached Everest's summit in 14 hours and 31 minutes, the world's fastest ascent of the mountain by a woman.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Climbers usually take days to reach the top of the 8,849-metre mountain, spending nights at different camps to rest and acclimatise.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Also, 54-year-old Kami Rita Sherpa, a Nepali climber known as "Everest Man", reached the peak of the world's highest mountain for a record 30th time, three decades after his first summit, added AFP.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Government of Nepal has issued more than 900 permits for its mountains this year, including 419 for Everest, earning more than $5 million in royalties.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">More than 600 climbers and their guides have already reached the summit of Everest after a rope-fixing team of ‘Icefall Doctors” reached the peak last month. -- AFP</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-05-29', 'modified' => '2024-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '20846', 'image' => '20240529103241_Everest90.jpg', 'article_date' => '2024-05-29 10:32:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21118', 'article_category_id' => '1', 'title' => ''Budget has Taken Private Sector on Board' ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has said that the budget for the upcoming fiscal year 2024/025 has addressed the concerns of the private sector. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has said that the budget for the upcoming fiscal year 2024/025 has addressed the concerns of the private sector. FNCCI President Chandra Dhakal said the budget has incorporated the private sector in each aspect. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The budget has included programmes for economic reforms. It has prioritized agriculture, tourism, energy, startup, IT sectors. This move can be taken positively," Dhakal added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The President of the Confederation of Nepalese Industries Rajesh Kumar Agrawal termed the budget as 'balanced' and has not imposed any pressure on the private sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">However, former President of Nepal Chamber of Commerce Rajendra Malla said further study is needed on the budget adding that some of the issues have been presented in a confusing manner. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Vice-President of the Federation of Nepal Cottage and Small Industries Mohan Katuwal said the budget should be taken positively adding that implementation is more important. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The size of the budget is a bit large because more than half of the businesses at present are not in operation, he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Industrialist Rita Awal praised the budget saying that it has given priority to women entrepreneurship and argued that its implementation should be ensured. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also talking to the RSS, businessman Dipak Malhotra said the budget should not be commented on a negative note. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-29', 'modified' => '2024-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '20845', 'image' => '20240529103141_RS_KTM-1716896099394.jpg', 'article_date' => '2024-05-29 10:30:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
