Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has welcomed the amendments made in the laws regarding investment, even though they were introduced through ordinances prior to the Third Investment…
Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has welcomed the amendments made in the laws regarding investment, even though they were introduced through ordinances prior to the Third Investment…
April 23: Sheikh Tamim bin Hamad Al Thani, the Emir of Qatar, arrived in Nepal on Tuesday afternoon on a two-day state visit at the invitation of President Ram Chandra…
The newly established Integrated Customs Point (ICP) in Nepalgunj is set to commence operations within the next two…
April 23: Although the government has mandated public companies to appoint women directors, female representation on bank boards remains negligible.…
April 23: The price of gold has declined in the domestic market on…
April 23: The post of Finance Secretary, which is considered as the most important after the post of chief secretary, has always been destabilized by political leadership.…
April 23: The federal capital, Kathmandu, is preparing to warmly welcome Sheikh Tamim bin Hamad Al Thani, the Emir of Qatar, who is scheduled to arrive late this afternoon on a State…
April 23: At a time when the private sector of Nepal is facing challenges to raise financial resources from the international market, the Development Finance Institutions (DFIs) established by different countries have stepped forward to invest loans and shares in the private sector of…
April 23: A large majority of workers worldwide are facing a cocktail of health hazards linked to climate change, AFP reported citing the United…
April 22: The Meteorological Forecasting Division under the Department of Hydrology and Meteorology has said that both the minimum and maximum temperatures in most parts of the country have increased in the past few days resulting in hotter…
April 22: The Government of Nepal has decided to endorse various memorandum of understanding (MoUs) to be signed between the Nepal and Qatar.…
April 22: Birendra Tal, a glacial lake at the base of Mt Manaslu in Samagaun, northern Gorkha has gradually started to return to its normal state.…
April 22: The government is preparing to amend various laws through ordinances with the objective to facilitate the use of land beyond the limit for various commercial purposes and to simplify the use of forest…
April 22: As electric vehicles (EVs) surge in popularity in the country, their electricity consumption has also…
April 22: In recent days, the NEPSE stock market index has experienced a continuous decline.…
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), (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' => '20798', 'article_category_id' => '1', 'title' => 'FNCCI Welcomes Government's Decision to Amend Investment Laws ', 'sub_title' => '', 'summary' => 'Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has welcomed the amendments made in the laws regarding investment, even though they were introduced through ordinances prior to the Third Investment Summit.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt">April 24: Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has welcomed the amendments made in the laws regarding investment, even though they were introduced through ordinances prior to the Third Investment Summit.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt">The umbrella organization said that despite being brought through ordinances, the amendments are seen as positive steps towards improving investment ambiance. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt">Issuing a press statement on Tuesday, FNCCI expressed confidence that the amendments made through ordinances in 12 laws and regulations by the government have created a conducive environment for investment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"> Stating that Nepal was receiving only 0.2 percent foreign investment of total domestic production, FNCCI said that the government's step would help create an environment conducive to investment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt">Targeting the investment summit, the government has made amendments in various laws including the Foreign Investment and Technology Transfer Act 2075, Industrial Enterprises Act 2076, Forest Act, and Land-related laws, focusing on attracting foreign investment and technology transfer.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt">“The government’s step to define startup through the amendment of the law is positive,” said FNCCI press statement. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-24', 'modified' => '2024-04-24', 'keywords' => '', 'description' => '', 'sortorder' => '20525', 'image' => '20240424060924_collage (64).jpg', 'article_date' => '2024-04-24 06:07:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '20797', 'article_category_id' => '1', 'title' => 'Qatar Emir’s Visit Highlights Important Bilateral Agreements between Nepal and Qatar ', 'sub_title' => '', 'summary' => 'April 23: Sheikh Tamim bin Hamad Al Thani, the Emir of Qatar, arrived in Nepal on Tuesday afternoon on a two-day state visit at the invitation of President Ram Chandra Paudel.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 23: Sheikh Tamim bin Hamad Al Thani, the Emir of Qatar, arrived in Nepal on Tuesday afternoon on a two-day state visit at the invitation of President Ram Chandra Paudel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The high-profile visit of the Qatari Emir on the eve of the third Investment Summit in Nepal is expected to give a positive message about Nepal to the international community. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The cabinet meeting on April 18 had approved the programme of state-visit of the Qatari Emir, agreed on Prime Minister Pushpa Kamal Dahal leading the Nepali delegation for bilateral discussions with the Qatari delegation and MoU for cooperation for various bilateral agreements to be inked during the Qatari Emir's two-day visit. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister for Communication and Information Technology, Rekha Sharma said that the Council of Ministers has already approved the MoU for cooperation between Nepal and Qatar on youth and sports sector as well as education and scientific research. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal and Qatar established diplomatic relations on January 21, 1977. Nepal established its Embassy in Doha, Qatar on July 11, 2000 whereas Qatar set up its Embassy in Nepal in August 2011. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Before that, Qatari Ambassador resident in New Delhi, India was concurrently accredited to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal and Qatar both uphold similar views on many international agendas and issues. Both countries have been signatory to the Non-Aligned Movement and are members of the United Nations. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, both countries have been working in tandem at these international forums and have been playing crucial roles for the cause of peace, security and development n the world. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Agreements have been inked for collaboration between the two countries in several sectors. Nepal had signed a Labour Agreement with Qatar on March 21, 2005 during the visit of then Minister for Foreign Affairs Ramesh Nath Pandey to Qatar. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Fourth Labour Ministerial Joint Meeting of the two countries held on December 2 and 3, 2021 in Kathmandu agreed to review the Labour Agreement signed in 2005. However, the Agreement has not been reviewed so far. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The two countries also in 2005 signed an agreement related to economic, trade and technical collaboration. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Qatari investors have put in investment in the agriculture, infrastructure, and energy among the various sectors after Nepal in 2007 inked an agreement with Qatar for removal of dual taxation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Nepal and Qatar signed an agreement on bilateral air service (civil aviation) on July 8, 2002. An agreement on collaboration in the tourism sector was reached between the two countries in 2011. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The private sectors of the two countries have also been collaborating in different areas. Nepal Chamber of Commerce and the Qatar Chamber of Commerce had signed an agreement relating to bilateral cooperation in 2018. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Doha Bank, one of the major banks of Qatar, opened its contact office in Kathmandu in December 2018. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal's industrialists have also become organized in Qatar. An organisation called Nepali Business Association Qatar was registered with the Qatar Financial Authority in March 2021. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">There have been exchanges of high-level visits between Nepal and Qatar at various times. The first President of Nepal, Dr Ram Baran Yadav, made an official visit to Qatar in 2011. Likewise, then President Bidya Devi Bhandari paid a state visit to Qatar from October 30 to November 2, 2018. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The then Minister for Labour, Employment and Social Security, Krishna Kumar Shrestha, visited Qatar on March 21-23, 2022. The then Minister for Education, Science and Technology Giriraj Mani Pokharel visited Qatar from November 20 to 22, 2019. Then Speaker of the House of Representatives, Krishna Bahadur Mahara also visited Qatar from April 6 to 10 in 2019. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The then Deputy Prime Minister and Minister for Health and Population, Upendra Yadav paid a visit to Qatar on November 13-14, 2018. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The then Foreign Affairs Minister Dr Prakash Sharan Mahat paid an official visit to Qatar in January 2017 on the occasion of the 40th anniversary of the establishment of diplomatic relations between Nepal and Qatar. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the then Deputy Prime Minister and Home Minister Bamdev Gautam visited Qatar from April 11 to 14, 2015. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The high-level visits to Nepal from Qatari side include the visit of Minister of Labour and Social Affairs of Qatar, Dr Abdullah Bin Saleh Mubarak al-Khulafi from April 4 to 7 in 2015; the visit by Qatar's Environment Minister Abdullah Bin Mubarak Bin Abud Al-Midhadi from April 5-9 in 2012 and that of Qatar's Minister for Foreign Affairs, Shekh Hamad Bin Jasim Bin Al Thani in 2009. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20524', 'image' => '20240423073534_emir.jpg', 'article_date' => '2024-04-23 19:35:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '20796', 'article_category_id' => '1', 'title' => 'Nepalgunj-based ICP to Come into Operation in Two Weeks', 'sub_title' => '', 'summary' => 'The newly established Integrated Customs Point (ICP) in Nepalgunj is set to commence operations within the next two weeks.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">April 23: The newly established Integrated Customs Point (ICP) in Nepalgunj is set to commence operations within the next two weeks.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">This facility, built by India and located at Nepalgunj transit along the Nepal-India border, has already been handed over to Nepal. "Customs services will be available from the newly constructed facility in the next 10-15 days," said Dhruba Raj Bishwakarma, Chief of Nepalgunj Customs Office.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Once operational, the ICP will facilitate the check-pass of containers from the facility. Prime Minister Pushpa Kamal Dahal 'Prachanda' and his Indian counterpart Narendra Modi jointly inaugurated the facility virtually during Dahal's visit to India (May 31 - June 3, 2023).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"> India officially transferred the facility to Nepal on Monday, approximately one year after its inauguration. Spanning across 87 bigha of land (one bigha is equivalent to 6772.63 sq. meters), the land was acquired by the Government of Nepal with support from India.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ICP encompasses various amenities including customs offices, livestock and plant quarantine facilities, warehouses, food technology, quality control facilities, security barracks, and a bank counter. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The business community in Nepalgunj is eagerly anticipating the launch of ICP services, expecting it to streamline trans-border imports and exports.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"> Krishna Prasad Shrestha, former President of the Nepalgunj Chamber of Commerce and Industry, highlighted the anticipated convenience for businesses.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20523', 'image' => '20240423043126_collage (63).jpg', 'article_date' => '2024-04-23 16:30:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '20794', 'article_category_id' => '1', 'title' => 'Number of Women as Bank Director Negligible', 'sub_title' => '', 'summary' => 'April 23: Although the government has mandated public companies to appoint women directors, female representation on bank boards remains negligible. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 23: Although the government has mandated public companies to appoint women directors, female representation on bank boards remains negligible. Some commercial banks lack any female directors. This decline is attributed to banks' failure to implement the Companies Act provision. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Section 86 (2) stipulates that a public company's board should consist of at least three members and at most 11 members, with at least one female director for companies with female shareholders. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The annual supervision report of Nepal Rastra Bank highlights commercial banks' failure to adhere to this mandate. The report mentions that some banks do not have women directors as per the Companies Act.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Data collected by New Business Age reveals that four out of the 19 commercial banks currently in operation have no female directors. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Among these banks, two have foreign investment (Standard Chartered and Himalayan) and two have only domestic investment (Global IME and Prabhu Bank). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Furthermore, 13 banks have only one female director each. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Government-invested commercial banks each have one woman on their boards. Among them, Gita Subedi is an expert director in Agricultural Development Bank, Romila Dhakal Upreti in Rastriya Banijya Bank and Sadhana Ghimire is a representative of the government in Nepal Bank Limited.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Among the private banks, Nepal SBI Bank and Laxmi Sunrise have two women each on the board of directors. Jayanti Banshal is the chairman of Nepal SBI Bank and Apsara Upreti is the director of the same bank. Similarly, Swati Rungta and Bidya Basnet are the directors of Laxmi Sunrise Bank. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The rest of the banks have one female director. Among them, Asha Rana Adhikari is a director at Nabil Bank, Meena Kumari Sainju at Siddharth Bank, Taradevi Chitrakar Bank Prime Bank, Manju Basnet at Nepal Investment Mega Bank. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, on behalf of general shareholders, Bandana Karki is a director of Machhapuchhre Bank, Bijaya Swar at NIC Asia Bank, Gayatri Thapa at Sanima Bank, Simran Aggarwal at Kumari Bank, Urmila Shrestha at Everest Bank and Sharmila Hardi at NMB Bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The proposed amendment to the Banks and Financial Institutions Act (Bafia) aims to increase female representation by requiring two women on bank boards—one from the shareholders and one from the expert group.</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20522', 'image' => '20240423030128_Banks - Copy.jpg', 'article_date' => '2024-04-23 15:00:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '20793', 'article_category_id' => '1', 'title' => 'Price of Gold Drops', 'sub_title' => '', 'summary' => 'April 23: The price of gold has declined in the domestic market on Tuesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 23: The price of gold has declined in the domestic market on Tuesday. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the Federation of Gold and Silver Dealers Association, the price of the precious yellow metal dropped by Rs 2,700 per tola (11.66 grams) compared to the previous trading day.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The federation fixed the price of hallmark gold at Rs 135,500 per tola on Tuesday. Hallmark gold was traded for Rs 138,200 on Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the price of worked gold has also fallen by Rs 2,700 per tola. Worked gold, which was traded at Rs 137,500 per tola on Monday is being traded at Rs 134,850 on Tuesday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the price of silver has decreased by Rs 45 per tola compared to its price on Monday, according to the federation. Silver was traded for Rs 1,705 per tola on Monday while its price has dropped to Rs 1,660 on Tuesday. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Calibri","sans-serif"">The federation fixes the price of gold and silver based on the price in the international market.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Calibri","sans-serif"">The price of gold had been rising steadily in the past few weeks, reaching an all-time high of Rs 139,200 per tola on April 16.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Calibri","sans-serif"">In the Nepali month of Chaitra (mid-March to mid-April), the price of gold increased eleven times in the domestic market of Nepal. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Calibri","sans-serif"">The recent geopolitical tension due to the Israel’s offensive in Gaza and the Russia-Ukraine war as well as tensions between Israel and Iran have led to investors to invest in gold considering it as a safe haven in times of turmoil.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Calibri","sans-serif"">However, analysts say that the price has dropped slightly due to the de-escalation of tensions between Iran and Israel. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20521', 'image' => '20240423015704_20240416123314_20240412010233_gold newwww.jpg', 'article_date' => '2024-04-23 13:56:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '20792', 'article_category_id' => '1', 'title' => 'Government Changes Finance Secretary in the Midst of Budget Preparation', 'sub_title' => '', 'summary' => 'April 23: The post of Finance Secretary, which is considered as the most important after the post of chief secretary, has always been destabilized by political leadership. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">April 23: The post of Finance Secretary, which is considered as the most important after the post of chief secretary, has always been destabilized by political leadership. The practice of changing the finance secretary after the change of government has prevailed since the past one decade.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The incumbent Finance Minister Barshman Pun has also given continuity to this tradition. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">At a time when the Finance Ministry is in intense discussion to finalize the discussion of the budget is going on, Finance Minister Pun has appointed Madhu Kumar Marasini, who was recently acquitted by the Special Court in a corruption case, as the new finance secretary. The Special Court had recently acquitted Marasini in an alleged corruption case involving the procurement of the National Payment Gateway.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Pun removed Dr Krishna Hari Pushkar, who was preferred by the then Finance Minister Prakash Sharan Mahat, and appointed Marasini in his place.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Pushkar was appointed as the finance secretary for the second time in last August. Before that, Arjun Prasad Pokharel was served as the finance secretary. Pokharel, who was appointed to the post on May last year, was able to work only for six months.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">It clearly shows that the Ministry of Finance had three secretaries in a single year. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Marasini took charge of the finance secretary Monday on the same day that the Council of Ministers decided to appoint him to the post.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The cabinet meeting on Monday decided to transfer Marasini to Finance Ministry and Pushkar to the Office of the Prime Minister and Council of Ministers. Marasini has prior experience of serving as the finance secretary. Finance Minister Barshman Pun said that changes in responsibilities should be taken as normal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Pushkar was not an expert hand in affairs related to the Ministry of Finance. Before being appointed as the finance secretary, he worked in agencies under other ministries and also worked with the Commission for the Investigation of Abuse of Authority and the Ministry of Home Affairs. He joined the Ministry of Finance only on September 4, 2021 as the revenue secretary. Former Chief Secretary Lokdarshan Regmi and Arjun Pokharel, who also served as the finance secretaries, were also not experts on matters related to the Finance Ministry.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Former Chief Secretary Bimal Koirala says that the political leadership have made civil servants including the finance secretary as their puppets in recent years.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">"It is wrong for the political leadership to use and dump civil servants. It will not create a conducive environment for work under any circumstances," he said. Koirala said that if the civil servants are destabilized, they will not be able to work properly and it will have a big impact on the overall development of the country.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to him, other countries give importance to the stability of employees. It is not customary to remove a person once appointed to the post of finance secretary unless he is accused of serious charges. But Koirala says that two to three finance secretaries are changed here in a year and this is not a good practice.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Koirala argues that if the post of finance secretary is made weak and unstable, it will affect the morale of the private sector as well as the relationship with development partners. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Former Finance Minister Dr Mahat had also removed almost all of the officials at the Finance Ministry. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Last month, Minister Pun made a comprehensive reshuffle of the heads of departments and divisions under the ministry. When he made Shivlal Tiwari the Director General of the Inland Revenue Department, he gave Dhundi Niraula the responsibility of the Department of Customs. Ritesh Kumar Shakya, who was the head of the revenue management division, has been transferred to the budget and program division. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Uttar Kumar Khatri of Budget Division was transferred to Planning, Monitoring and Evaluation Division and Dhani Ram Sharma was made the head of Revenue Management Division.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Minister Pun transferred Shobhakant Poudel, who was the Director General of the Department of Customs, to the Public Finance Management Training Center and the head of training there, Ram Prasad Acharya, was brought to the Ministry of Finance.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The Finance Secretary and Revenue Secretary play a major role in preparing budget. That is why Finance Minister Pun wanted to bring a person who is suitable to him as finance secretary. Upon his recommendation, the government has given Marasini the responsibility of finance secretary. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">However, confusion has arisen due to the sudden change of the top officials of the finance ministry when the ministry and other developmental ministries were actively working to prepare the budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to the constitutional provisions, the government should announce the budget on 15<sup>th</sup> of Jestha (May 28 this year). A lot of work needs to be done before that. After the principles and priorities of the budget presented in the parliament are passed, the government should bring policies and programs. After that the policies and programs are passed, the government will then announce the budget. However, when the secretary changes at the last minute, it will take time for the new secretary to understand everything, said a senior official. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20520', 'image' => '20240423124331_budget.jpg', 'article_date' => '2024-04-23 12:38:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '20795', 'article_category_id' => '1', 'title' => 'Capital City gets a Facelift to Welcome Qatar’s Emir for a State Visit to Nepal ', 'sub_title' => '', 'summary' => 'April 23: The federal capital, Kathmandu, is preparing to warmly welcome Sheikh Tamim bin Hamad Al Thani, the Emir of Qatar, who is scheduled to arrive late this afternoon on a State visit. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 23: The federal capital, Kathmandu, is preparing to warmly welcome Sheikh Tamim bin Hamad Al Thani, the Emir of Qatar, who is scheduled to arrive late this afternoon on a State visit. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Qatari Emir is arriving on a two-day state visit at the invitation of President Ram Chandra Paudel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The city has been adorned with welcome gates and banners along major roads and intersections in honor of the high-profile dignitary’s visit from Qatar. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Kathmandu Metropolitan City Office has undertaken the cleaning and decoration of roads stretching from Tribhuvan International Airport (TIA) to various key areas including Tinkune, New Baneshwor, Babarmahal, Tripureshwar, Kalimati, Jamal and Lainchaur. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Nabin Manandhar, the spokesperson for the Kathmandu Metropolis, the decorated roads proudly display the national flags of both Nepal and Qatar. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Moreover, banners featuring the names of President Ram Chandra Paudel and the Emir of Qatar, along with a portrait of Kumari, the Living Goddess, have been placed with the Namaste gesture, indicate the cultural richness and diversity of the Kathmandu Valley. Such banners read "Hearty welcome to the Emir from Qatar". </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Security arrangements along the designated route for the VVIP from Qatar have been intensified, with each welcome gate being guarded by security personnel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Furthermore, key areas such as Shital Niwas (the Office of the President), Soaltee Hotel where the Emir will be staying, and Dwarika Hotel where various visit-related events are scheduled to take place have been beautifully decorated for the occasion. The Non-Resident Nepali Association and the Qatar Embassy in Nepal have also prepared welcome gates to extend greetings to the Emir. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In light of the Emir's visit, the government has declared a public holiday on Tuesday, suggesting the diplomatic significance of the visit. </span></span></span><br /> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Security beefed up </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the Nepalese Army has said it has mobilized a security mechanism in various venues where visit-related events ranging from welcome and other ceremonies to farewell are scheduled to take place. The security arrangements are in place on a need basis. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In coordination with the NA Chief of General Staff, a Lieutenant General, various security squads comprising security personnel from the Nepal Police, Armed Police Force, and the National Investigation Department have been mobilized. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to TIA General Manager, Jagannath Nirauala, all flights at TIA will remain halted for 15 minutes each during the arrival and departure of the Qatari Emir, bearing in mind the security sensitivity of the visit. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The visit is expected to help elevate the bilateral relations between Nepal and Qatar to a new height. The Qatari Emir's visit marks the first highest-level visit from the entire Middle East to Nepal. Qatar serves as one of the major labour destinations for Nepal. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20519', 'image' => '20240423030333_HRB-KTM-1120240423132143_IMG_1795copy.JPG', 'article_date' => '2024-04-23 15:02:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '20791', 'article_category_id' => '1', 'title' => 'DFIs Invest USD 1.1 Billion in Nepal', 'sub_title' => '', 'summary' => 'April 23: At a time when the private sector of Nepal is facing challenges to raise financial resources from the international market, the Development Finance Institutions (DFIs) established by different countries have stepped forward to invest loans and shares in the private sector of Nepal.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">April 23: At a time when the private sector of Nepal is facing challenges to raise financial resources from the international market, the Development Finance Institutions (DFIs) established by different countries have stepped forward to invest loans and shares in the private sector of Nepal.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Although the World Bank's International Finance Corporation (IFC) started investing in the private sector of Nepal only some time ago, other DFIs have been investing in the private sector of Nepal since a few years ago.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">They have been investing through some commercial banks, private equity funds and also directly. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">"Until now, DFIs have invested USD </span><span style="font-family:"Arial Unicode MS","sans-serif"">1</span><span style="font-family:"ekmukta","serif"">.</span><span style="font-family:"Arial Unicode MS","sans-serif"">1</span> <span style="font-family:"ekmukta","serif"">billion in the private sector of Nepal," Bivek Shrestha, Chief Executive Officer of Invest for Impact Nepal, said in a press conference held on Monday. "Of this amount, more than USD </span><span style="font-family:"Arial Unicode MS","sans-serif"">600</span><span style="font-family:"ekmukta","serif""> million have been mobilized through commercial banks."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">The Invest for Impact Nepal was established through the joint effort of various DFIs. Invest for Impact Nepal coordinates their activities in Nepal. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">British International Investment, Dutch International Development Bank, Swiss Investment Fund for Emerging Markets among others established the Invest for Impact Nepal. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">A team of DFIs is currently in Kathmandu and they are participating in a seminar. Shrestha said that most of the DFI representatives will also participate in the upcoming investment summit announced by the government for April 28 and 29.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Shrestha said that the DFIs are currently investing mainly through commercial banks but are also considering the idea of investing through development banks and micro finance.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">"During this seminar, there will also be a discussion on how to cooperate between DFIs and donor agencies to increase investment in Nepal," he said.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20518', 'image' => '20240423124004_ddd.jpg', 'article_date' => '2024-04-23 11:49:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '20790', 'article_category_id' => '1', 'title' => ''Staggering' Number of Workers Facing Climate Change-Induced Health Hazards: UN', 'sub_title' => '', 'summary' => 'April 23: A large majority of workers worldwide are facing a cocktail of health hazards linked to climate change, AFP reported citing the United Nations.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">April 23: A large majority of workers worldwide are facing a cocktail of health hazards linked to climate change, AFP reported citing the United Nations.</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 French news agency, the UN’s International Labour Organization on Monday warned that the existing regulations offered inadequate protection.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"A staggering number of workers are already being exposed to climate change-related hazards in the workplace and these figures are only likely to get worse," the ILO said in a report.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Farm workers and others who carry out heavy labour in hot climates especially "may be exposed to a cocktail of hazards", the ILO added.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report further stated that these hazards include excessive heat, UV radiation, air pollution, vector-borne diseases and agrochemicals. Those working in hot indoor environments or poorly ventilated spaces are also at risk.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"Workers are among those most exposed to climate change hazards yet frequently have no choice but to continue working, even if conditions are dangerous," the report said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">It pointed out that in 2020 -- the last year for which statistics are available -- 2.4 billion workers, or more than 70 percent of the global workforce, were estimated to be exposed to excessive heat at some point.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">That marks "a clear increase", Manal Azzi, the ILO's senior specialist on occupational safety and health, told reporters in Geneva.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The number of exposed workers had ballooned by 35 percent over two decades, and even adjusting for the growing global population, the percentage of the labour force affected had swelled by 8.8 percent since the year 2000, she said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt">'Huge issue' </span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"This is a huge issue," Azzi said, warning that "workers are often forgotten when we're talking about climate change, and the health impacts are very severe".</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Nearly 23 million occupational injuries attributed to excessive heat are reported each year, costing, on estimate, nearly 19,000 lives annually.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">And those numbers do not include more than 26 million people who live with chronic kidney disease linked to workplace heat stress, the ILO said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Furthermore, the impact of global warming on workers goes well beyond heat exposure.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report noted that numerous dangerous health conditions in workers had been linked to climate change, including cancer, cardiovascular disease, respiratory illnesses, kidney dysfunction and mental health conditions.</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, the ILO said 1.6 billion workers worldwide were estimated to be exposed to UV radiation each year, with more than 18,960 work-related deaths annually from non-melanoma skin cancer.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Another 1.6 billion people were likely to be exposed to workplace pollution, resulting in up to 860,000 deaths among outdoor workers annually.</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 870 million agricultural workers are meanwhile likely to be exposed to pesticides, with more than 300,000 deaths attributed to pesticide poisoning each year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">And 15,000 work-related deaths each year are attributed to exposure to parasitic and vector-borne diseases, the report said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"It's clear that climate change is already creating significant additional health hazards for workers," Azzi said in a statement.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"It is essential that we heed these warnings. Occupational safety and health considerations must be become part of our climate change responses -- both policies and actions."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ILO said climate change hazards could require countries to re-evaluate existing legislation or create new regulations to protect workers properly.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The agency will next year host an expert meeting with representatives of employers, labour and governments to discuss the issue, with the aim of coming up with fresh policy recommendations, AFP quoted Azzi as saying.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20517', 'image' => '20240423110915_wcms_374835.jpg', 'article_date' => '2024-04-23 11:08:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '20789', 'article_category_id' => '1', 'title' => 'MFD Warns of Excessive Heat in Tarai, Urges Public to Remain Safe from Heat Wave ', 'sub_title' => '', 'summary' => 'April 22: The Meteorological Forecasting Division under the Department of Hydrology and Meteorology has said that both the minimum and maximum temperatures in most parts of the country have increased in the past few days resulting in hotter days. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 22: The Meteorological Forecasting Division under the Department of Hydrology and Meteorology has said that both the minimum and maximum temperatures in most parts of the country have increased in the past few days resulting in hotter days. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a special public bulletin on Monday, the department has asked one and all to remain cautious since the maximum temperature in some parts of Lumbini, Madesh and Sudurpaschim provinces was recorded at 40 degrees Celsius or more. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department stated that excessive heat is likely for some days in the Tarai areas and has urged all to apply precautions or make necessary preparations. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"These areas could witness a heat wave from April 22 to 26. People are requested for needed precautions to keep themselves safe from the impact of the heat wave," the department's special bulletin states. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the division has urged people to remain inside their homes in the day time when there is excessive heat, avoid traveling, cover their head while going out from home, wear cap, drink water and juice frequently, and stay in contact with the health workers in case of health issues. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20516', 'image' => '20240423103916_Document.jpg', 'article_date' => '2024-04-23 10:38:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '20788', 'article_category_id' => '1', 'title' => 'Cabinet Approves MoUs to be Signed between Nepal and Qatar', 'sub_title' => '', 'summary' => 'April 22: The Government of Nepal has decided to endorse various memorandum of understanding (MoUs) to be signed between the Nepal and Qatar. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 22: The Government of Nepal has decided to endorse various memorandum of understanding (MoUs) to be signed between Nepal and Qatar. The MoUs will be signed during the two-day state visit of the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, starting from Tuesday </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Emir of Qatar, Al Thani, is visiting Nepal on April 23 and 24 at the invitation of President Ram Chandra Paudel. Accordingly, a meeting of the Council of Ministers on Monday decided to give a public holiday on April 23. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Minister for Communications and Information Technology Rekha Sharma, the cabinet also decided Prime Minister Pushpa Kamal Dahal to lead the talks with the Qatari side. The memorandum of understanding is being signed on cooperation between Nepal and Qatar in the field of youth and sports, and in the field of education and scientific research. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Government Spokesperson Sharma informed that the cabinet meeting decided to accept 9.91 million Swiss francs from the Swiss government for the implementation of the trekking-based tourism development project in Koshi province and USD 9.8 million from the Korea International Cooperation Agency (KOICA) for Pokhara Metropolitan City. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the Cabinet has also decided to appoint Secretary Madhu Kumar Marasini as the Secretary of the Ministry of Finance and Dr Krishnahari Pushkar as the Secretary of the Office of the Prime Minister and Council of Ministers. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The meeting approved the preliminary agenda of the 12th meeting of the Nepal-China Tibet Trade Facilitation Committee to be held in Kathmandu on April 27 and 28 and decided to form a talks team under the coordination of the joint secretary of the Ministry of Industry, Commerce and Supplies to participate in the meeting. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Sharing the decisions of the April 18 cabinet meeting, Government Spokesperson Sharma said that the government decided that the Central Post Office, Postal Directorate and District Post Offices will operate on public holidays as well. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Assistant Auditor General Baikuntha Bahadur Adhikari has been promoted to the post of Deputy Auditor General and Murari Prasad Kharel has been appointed as the Secretary of the National Human Rights Commission. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-22', 'modified' => '2024-04-22', 'keywords' => '', 'description' => '', 'sortorder' => '20515', 'image' => '20240422085954_20220322111531_Flag-Pins-Nepal-Qatar_600x600.jpg', 'article_date' => '2024-04-22 20:59:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '20787', 'article_category_id' => '1', 'title' => ' Glacial Lake Destabilized after Avalanche Returning to Normal State ', 'sub_title' => '', 'summary' => 'April 22: Birendra Tal, a glacial lake at the base of Mt Manaslu in Samagaun, northern Gorkha has gradually started to return to its normal state. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 22: Birendra Tal, a glacial lake at the base of Mt Manaslu in Samagaun, northern Gorkha has gradually started to return to its normal state. The lake was destabilized after a huge avalanche originating on Mt Manaslu hit it on Sunday morning, leading to an overflow. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"As a result of the overflow of the lake due to the avalanche, the excess water gushed downstream into the Budhigandaki River. Now, the situation is normal and the lake is gradually returning to its previous condition," said Bhola Dahal, the Chief District Officer of Gorkha. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to him, the overflow of the lake following the avalanche did not cause any significant physical and human losses as there is no settlement near the lake. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">CDO Dahal informed that the avalanche has already stopped. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The sudden increase in water flow in the Budhigandaki River due to the avalanche washed away a wooden bridge on the way to Samdo from Samagaun which is about half an hour's trek from the lake," said Dahal, the Chief District Officer, adding that except this there were no other humanitarian or physical damages due to the lake overflow. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Dahal said that the security personnel have dug a deep trench from the lake and drained out the water. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A massive avalanche had fallen into the Birendra Tal situated below Mt Manaslu on Sunday. Following the incident, the District Administration Office had alerted the people living near the Budhigandaki River to remain alert and to not to venture near the river. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-04-22', 'modified' => '2024-04-22', 'keywords' => '', 'description' => '', 'sortorder' => '20514', 'image' => '20240422055129_DipakShrestha_Gorkha_RSS_09_birendratal.jpg', 'article_date' => '2024-04-22 17:50:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '20786', 'article_category_id' => '1', 'title' => 'Government Preparing to Amend Laws through Ordinances to Attract Investors', 'sub_title' => '', 'summary' => 'April 22: The government is preparing to amend various laws through ordinances with the objective to facilitate the use of land beyond the limit for various commercial purposes and to simplify the use of forest areas.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">April 22: The government is preparing to amend various laws through ordinances with the objective to facilitate the use of land beyond the limit for various commercial purposes and to simplify the use of forest areas. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The government proceeded ahead to amend about a dozen laws through ordinances after it failed to amend the laws through the regular parliamentary process due to political instability and lack of inter-ministerial coordination.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Prime Minister Pushpa Kamal Dahal has been saying that these laws will be amended before the Third Investment Summit scheduled to be held on April 28 and 29. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Under Secretary of the Ministry of Law, Justice and Parliamentary Affairs Jhaindra Prasad Guragai says that the ordinances will be finalized soon and sent to the cabinet for approval. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">“The final drafts of the ordinances have been already prepared. Work is being done to present them in the next cabinet meeting," he said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to the information provided by another high-ranking official at the Ministry of Law, in the draft to amend the Land Act, 2021 proposes companies to hold land in excess to the existing limit and to allow the sale of land within the limits specified in the law to pay debts and obligations.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Details obtained by New Business Age state that if an industry, establishment, company or organization needs more land than the limit set by the Land Act, 2021, it can submit an application to the Government of Nepal through the relevant ministry for approval within one year of its opening.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">A provision included in the draft bill proposes that if a company needs more land than the limit to expand its business, it can purchase additional land with the prior approval of the Ministry of Land Management, Cooperatives and Poverty Alleviation. Despite objection from the Ministry of Finance, a provision has been included in the draft bill that allows companies to mortgage the land bought and take loans from banks. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Secretary Mukunda Prasad Niraula, who was recently transferred from the Ministry of Industry, Commerce and Supplies to the Office of the Vice President, told New Business Age that the Ministry of Finance expressed concerns that the excess land purchased by companies could be fragmented and sold if the provision for allowing land in excess of the limit is passed.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to the amendment proposal made in the Forest Act 2070, if mining is required to find out the existence of minerals within the national forest, the Government of Nepal can give approval to use the forest area to extract such minerals on condition that there is no significant adverse effect on the environment during such mining process.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Similarly, by amending the Industrial Enterprises Act, 2076, the government has also proposed provisions for the promotion of start-up enterprises or businesses. The ordinance proposes the establishment and operation of enterprise development centers at three levels of government. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">By amending the Special Economic Zones Act, 2073, the ordinance proposes adding a provision that allows industries to be relocated and operated in the Special Economic Zones. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">By amending the Foreign Investment and Technology Transfer Act, 2075, the government has made an attempt to pave the way for the transfer of technology from Nepal to foreign countries as well. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The ordinance proposes transfer of patent, design, trademark, goodwill, technical specification, use of technical knowledge (franchise), formula, process, usage license between an industry or company established and operating in Nepal and an industry, firm or company located abroad. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">"Regardless of what is written in the existing law, an industry or company established and operating in Nepal can transfer technology to an industry, firm or company located abroad," the ordinance proposes, "Foreign currency received for the transfer of technology must be remitted in Nepal with the permission of Nepal Rastra Bank." </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">To transfer technology, an industry, firm or company may open its branch office or unit in the foreign country with the permission of the department. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to an official of the Ministry of Law, the proposals are being sent to the Cabinet. The law branch there can also make necessary amendments after taking the opinion of the law ministry. The ordinance that the government is going to bring will be implemented as a law after it is authenticated by the president. There is a constitutional provision that the ordinance must be passed by both houses within 60 days of the commencement of the new session of the Federal Parliament.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Aiming at the investment summit, the Law Reform Committee formed under the coordination of Prime Minister's Office Secretary Ek Narayan Aryal suggested to amend a dozen laws for policy, structural and procedural reforms. The committee proposed amendments to a dozen laws and regulations including the Industrial Enterprises Act (2076), Foreign Investment and Technology Transfer Act (2075), Special Economic Zone Act (2073), Forest Act (2076). Similarly, the committee also recommended amendment to the National Parks and Wildlife Protection Act (2029), Land Act (2021), Land Acquisition Act (2034), Environment Protection Act (2076), Electronic Transactions Act (2063), Nepal Civil Aviation Authority Act (2053), Foreign Investment and Technology Transfer Regulations (2077) and Forest Regulations (2079).</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-22', 'modified' => '2024-04-22', 'keywords' => '', 'description' => '', 'sortorder' => '20513', 'image' => '20240422124656_afccbd5a.jpeg', 'article_date' => '2024-04-22 12:46:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '20785', 'article_category_id' => '1', 'title' => 'Electric Vehicles Consume Six Million Units of Electricity Monthly', 'sub_title' => '', 'summary' => 'April 22: As electric vehicles (EVs) surge in popularity in the country, their electricity consumption has also risen.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">April 22: As electric vehicles (EVs) surge in popularity in the country, their electricity consumption has also risen. The Nepal Electricity Authority (NEA) reports that electric vehicles are currently consuming 6 million units of electricity per month through public charging stations.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Sagar Gyawali, assistant manager of NEA and head of the charging station project, stated that EVs in Nepal are consuming 6 million units of electricity per month. He also mentioned that the current electricity consumption from charging stations is negligible compared to the total electricity consumption of the country. According to NEA, Nepal consumed 9,358 gigawatt hours of electricity in the last fiscal year 2022/23.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Presently, NEA has 51 operational charging stations. "We are currently constructing 40 additional hub charging stations across Nepal," Gyawali stated. NEA had initially aimed to install 500 charging stations within this fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">In addition to NEA's efforts, the private sector is also rapidly expanding charging stations across the country, with 350 already in operation. However, stakeholders have expressed concerns about the slow pace of expansion compared to Nepal's targets for increasing electric vehicle usage and further expanding infrastructure.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Nepal has set ambitious targets, aiming for electric two-wheelers to constitute 90 percent and private four-wheelers 60 percent of vehicle usage by 2030.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">There has been a notable surge in the import of EVs in the current fiscal year. According to the latest data from the Department of Customs, Nepal imported 21,418 units of EVs, including two-wheelers, three-wheelers, and four-wheelers, in the first nine months of FY 2023/24. This marks a significant increase from the 14,394 units imported during the same period of FY 2022/23.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">According to the latest foreign trade statistics from the department, Nepal imported 7,093 units of electric four-wheelers in the first nine months of FY 2023/24, a significant increase from the 2,451 units imported during the same period of FY 2022/23. Additionally, the imports of electric vehicles for public transport, including buses and microvans, have also seen growth in this fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Electric vehicles, initially predominant in private use, have recently gained significant traction in the realm of public transport. Notably, Sajha Yatayat Cooperative leads the charge, having deployed the largest fleet of electric buses. Presently, Sajha operates 40 electric buses, marking a substantial contribution to sustainable urban mobility.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Janak Risal, Mechanical Engineer at Sajha Yatayat, stated that each electric bus consumes approximately 100 units of electricity per day. Based on this, the electric buses of Sajha collectively consume 4,000 units of electricity daily. Risal explained, "Previously, even with the availability of electric buses, only 10 to 15 buses could run sporadically due to limited charging infrastructure. However, with the installation of a charging station at Sajha's central office in Pulchok, Lalitpur, almost all buses now operate efficiently."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Sajha has initiated operations of 11 charging stations at its central office in Pulchok since April 9th. Each charger at the station boasts a capacity of 98 kilowatt hours, supported by the installation of 4 transformers of 1000 (1.1 MW) for power supply. Risal disclosed that such stations can concurrently charge 22 buses, significantly enhancing operational efficiency.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Risal emphasized that with the increasing import and use of electric vehicles, there will inevitably be a surge in electricity consumption. He suggested that NEA should establish standards for increasing the ampere capacity in household infrastructure to accommodate this growing demand.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Kavita Pokharel Kadel, Secretary of the Independent Power Producers Association, Nepal (IPPAN), emphasized that the adoption of electric vehicles will lead to an increase in electricity consumption while simultaneously reducing the need for petrol and diesel imports, thus retaining funds within the country. She highlighted the environmental benefits of electric vehicles and stressed the necessity of investing in infrastructure to support their widespread use. Pokharel further noted, "With the current state of electric vehicle technology, there are no issues driving them in urban areas, and charging at home can sustain the vehicle throughout the day."</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-22', 'modified' => '2024-04-22', 'keywords' => '', 'description' => '', 'sortorder' => '20512', 'image' => '20240422123712_CarPartsCom_EV_1200x628.jpg', 'article_date' => '2024-04-22 12:35:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20784', 'article_category_id' => '1', 'title' => 'Why is the Stock Market Declining?', 'sub_title' => '', 'summary' => 'April 22: In recent days, the NEPSE stock market index has experienced a continuous decline. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 22: In recent days, the NEPSE stock market index has experienced a continuous decline. Towards mid-March, following the formation of a new coalition government, the NEPSE, which had surged above 2100 points, has now fallen below 2000 points. After the formation of the new government, NEPSE initially rose, reaching as high as 2124.08 points on March 13. However, on Thursday, April 18, it dropped to 1972.14 points.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As NEPSE index continues to decline, the turnover is also diminishing. The daily turnover of the secondary market, which previously exceeded Rs 4 billion, has now decreased to around Rs 2 billion during this period, indicating limited trading activity in the secondary market of securities. Despite expectations of a rise in the capital market following increased liquidity in the banking sector due to the reduction in interest rates, the market failed to capitalize.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Investors and stock market experts attribute the market's inability to rise to various factors, including political instability, uncertainty regarding changes in banking and financial institution laws, economic downturn, and increased issuance of bonus and rights shares.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has introduced a bill in Parliament proposing amendments to certain provisions of the Bank and Financial Institutions Act. The bill suggests reducing the ownership limit from 2 percent to 1 percent for individuals or organizations investing in banks and financial institutions collectively. This move has prompted shareholders owning more than 1 percent of shares to sell their shares, potentially flooding the market and depressing share prices.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nawaraj Dahal, a securities market investor, noted, "Some investors are speculating that the amendment to this Act will lead to increased share supply in the market, which may also contribute to the stock market's decline."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Moreover, the market is experiencing oversupply due to a continuous increase in bonus and rights shares, which has prevented share prices from rising.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">International capital market expert Mukti Aryal suggests that the stock market reflects the state of the economy. While the National Statistics Office projects a 4 percent economic growth in the second quarter of the current fiscal year compared to the same period last year, the Asian Development Bank predicts Nepal's economic growth to be 3.6 percent for the year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Aryal emphasizes the interplay between the economy and the stock market, noting that banks and businesses are facing challenges with reduced demand, leading to under investment of funds despite liquidity in banks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The inability of banks to invest has also impacted their profits, as evidenced by decreased profits reported in the third-quarter financial statements of various commercial banks for the current year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Additionally, some investors advocate for more flexibility in share mortgage loans from Nepal Rastra bank. Currently capped at Rs 150 million for individuals and Rs 200 million for institutions, investors believe that relaxing these limits could stimulate market activity.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As of mid-March, banks have disbursed loans worth Rs 85.70 billion in share securities, indicating a substantial reliance on share mortgage loans. Aryal concludes that besides economic conditions, government policies, and NRB’s decisions significantly influence the capital market.</span></span></p> ', 'published' => true, 'created' => '2024-04-22', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20511', 'image' => '20240422120839_istockphoto-1393470258-612x612.jpg', 'article_date' => '2024-04-22 12:08:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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'<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt">April 24: Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has welcomed the amendments made in the laws regarding investment, even though they were introduced through ordinances prior to the Third Investment Summit.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt">The umbrella organization said that despite being brought through ordinances, the amendments are seen as positive steps towards improving investment ambiance. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt">Issuing a press statement on Tuesday, FNCCI expressed confidence that the amendments made through ordinances in 12 laws and regulations by the government have created a conducive environment for investment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"> Stating that Nepal was receiving only 0.2 percent foreign investment of total domestic production, FNCCI said that the government's step would help create an environment conducive to investment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt">Targeting the investment summit, the government has made amendments in various laws including the Foreign Investment and Technology Transfer Act 2075, Industrial Enterprises Act 2076, Forest Act, and Land-related laws, focusing on attracting foreign investment and technology transfer.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt">“The government’s step to define startup through the amendment of the law is positive,” said FNCCI press statement. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-24', 'modified' => '2024-04-24', 'keywords' => '', 'description' => '', 'sortorder' => '20525', 'image' => '20240424060924_collage (64).jpg', 'article_date' => '2024-04-24 06:07:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '20797', 'article_category_id' => '1', 'title' => 'Qatar Emir’s Visit Highlights Important Bilateral Agreements between Nepal and Qatar ', 'sub_title' => '', 'summary' => 'April 23: Sheikh Tamim bin Hamad Al Thani, the Emir of Qatar, arrived in Nepal on Tuesday afternoon on a two-day state visit at the invitation of President Ram Chandra Paudel.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 23: Sheikh Tamim bin Hamad Al Thani, the Emir of Qatar, arrived in Nepal on Tuesday afternoon on a two-day state visit at the invitation of President Ram Chandra Paudel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The high-profile visit of the Qatari Emir on the eve of the third Investment Summit in Nepal is expected to give a positive message about Nepal to the international community. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The cabinet meeting on April 18 had approved the programme of state-visit of the Qatari Emir, agreed on Prime Minister Pushpa Kamal Dahal leading the Nepali delegation for bilateral discussions with the Qatari delegation and MoU for cooperation for various bilateral agreements to be inked during the Qatari Emir's two-day visit. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister for Communication and Information Technology, Rekha Sharma said that the Council of Ministers has already approved the MoU for cooperation between Nepal and Qatar on youth and sports sector as well as education and scientific research. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal and Qatar established diplomatic relations on January 21, 1977. Nepal established its Embassy in Doha, Qatar on July 11, 2000 whereas Qatar set up its Embassy in Nepal in August 2011. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Before that, Qatari Ambassador resident in New Delhi, India was concurrently accredited to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal and Qatar both uphold similar views on many international agendas and issues. Both countries have been signatory to the Non-Aligned Movement and are members of the United Nations. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, both countries have been working in tandem at these international forums and have been playing crucial roles for the cause of peace, security and development n the world. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Agreements have been inked for collaboration between the two countries in several sectors. Nepal had signed a Labour Agreement with Qatar on March 21, 2005 during the visit of then Minister for Foreign Affairs Ramesh Nath Pandey to Qatar. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Fourth Labour Ministerial Joint Meeting of the two countries held on December 2 and 3, 2021 in Kathmandu agreed to review the Labour Agreement signed in 2005. However, the Agreement has not been reviewed so far. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The two countries also in 2005 signed an agreement related to economic, trade and technical collaboration. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Qatari investors have put in investment in the agriculture, infrastructure, and energy among the various sectors after Nepal in 2007 inked an agreement with Qatar for removal of dual taxation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Nepal and Qatar signed an agreement on bilateral air service (civil aviation) on July 8, 2002. An agreement on collaboration in the tourism sector was reached between the two countries in 2011. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The private sectors of the two countries have also been collaborating in different areas. Nepal Chamber of Commerce and the Qatar Chamber of Commerce had signed an agreement relating to bilateral cooperation in 2018. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Doha Bank, one of the major banks of Qatar, opened its contact office in Kathmandu in December 2018. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal's industrialists have also become organized in Qatar. An organisation called Nepali Business Association Qatar was registered with the Qatar Financial Authority in March 2021. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">There have been exchanges of high-level visits between Nepal and Qatar at various times. The first President of Nepal, Dr Ram Baran Yadav, made an official visit to Qatar in 2011. Likewise, then President Bidya Devi Bhandari paid a state visit to Qatar from October 30 to November 2, 2018. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The then Minister for Labour, Employment and Social Security, Krishna Kumar Shrestha, visited Qatar on March 21-23, 2022. The then Minister for Education, Science and Technology Giriraj Mani Pokharel visited Qatar from November 20 to 22, 2019. Then Speaker of the House of Representatives, Krishna Bahadur Mahara also visited Qatar from April 6 to 10 in 2019. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The then Deputy Prime Minister and Minister for Health and Population, Upendra Yadav paid a visit to Qatar on November 13-14, 2018. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The then Foreign Affairs Minister Dr Prakash Sharan Mahat paid an official visit to Qatar in January 2017 on the occasion of the 40th anniversary of the establishment of diplomatic relations between Nepal and Qatar. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the then Deputy Prime Minister and Home Minister Bamdev Gautam visited Qatar from April 11 to 14, 2015. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The high-level visits to Nepal from Qatari side include the visit of Minister of Labour and Social Affairs of Qatar, Dr Abdullah Bin Saleh Mubarak al-Khulafi from April 4 to 7 in 2015; the visit by Qatar's Environment Minister Abdullah Bin Mubarak Bin Abud Al-Midhadi from April 5-9 in 2012 and that of Qatar's Minister for Foreign Affairs, Shekh Hamad Bin Jasim Bin Al Thani in 2009. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20524', 'image' => '20240423073534_emir.jpg', 'article_date' => '2024-04-23 19:35:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '20796', 'article_category_id' => '1', 'title' => 'Nepalgunj-based ICP to Come into Operation in Two Weeks', 'sub_title' => '', 'summary' => 'The newly established Integrated Customs Point (ICP) in Nepalgunj is set to commence operations within the next two weeks.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">April 23: The newly established Integrated Customs Point (ICP) in Nepalgunj is set to commence operations within the next two weeks.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">This facility, built by India and located at Nepalgunj transit along the Nepal-India border, has already been handed over to Nepal. "Customs services will be available from the newly constructed facility in the next 10-15 days," said Dhruba Raj Bishwakarma, Chief of Nepalgunj Customs Office.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Once operational, the ICP will facilitate the check-pass of containers from the facility. Prime Minister Pushpa Kamal Dahal 'Prachanda' and his Indian counterpart Narendra Modi jointly inaugurated the facility virtually during Dahal's visit to India (May 31 - June 3, 2023).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"> India officially transferred the facility to Nepal on Monday, approximately one year after its inauguration. Spanning across 87 bigha of land (one bigha is equivalent to 6772.63 sq. meters), the land was acquired by the Government of Nepal with support from India.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ICP encompasses various amenities including customs offices, livestock and plant quarantine facilities, warehouses, food technology, quality control facilities, security barracks, and a bank counter. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The business community in Nepalgunj is eagerly anticipating the launch of ICP services, expecting it to streamline trans-border imports and exports.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"> Krishna Prasad Shrestha, former President of the Nepalgunj Chamber of Commerce and Industry, highlighted the anticipated convenience for businesses.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20523', 'image' => '20240423043126_collage (63).jpg', 'article_date' => '2024-04-23 16:30:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '20794', 'article_category_id' => '1', 'title' => 'Number of Women as Bank Director Negligible', 'sub_title' => '', 'summary' => 'April 23: Although the government has mandated public companies to appoint women directors, female representation on bank boards remains negligible. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 23: Although the government has mandated public companies to appoint women directors, female representation on bank boards remains negligible. Some commercial banks lack any female directors. This decline is attributed to banks' failure to implement the Companies Act provision. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Section 86 (2) stipulates that a public company's board should consist of at least three members and at most 11 members, with at least one female director for companies with female shareholders. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The annual supervision report of Nepal Rastra Bank highlights commercial banks' failure to adhere to this mandate. The report mentions that some banks do not have women directors as per the Companies Act.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Data collected by New Business Age reveals that four out of the 19 commercial banks currently in operation have no female directors. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Among these banks, two have foreign investment (Standard Chartered and Himalayan) and two have only domestic investment (Global IME and Prabhu Bank). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Furthermore, 13 banks have only one female director each. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Government-invested commercial banks each have one woman on their boards. Among them, Gita Subedi is an expert director in Agricultural Development Bank, Romila Dhakal Upreti in Rastriya Banijya Bank and Sadhana Ghimire is a representative of the government in Nepal Bank Limited.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Among the private banks, Nepal SBI Bank and Laxmi Sunrise have two women each on the board of directors. Jayanti Banshal is the chairman of Nepal SBI Bank and Apsara Upreti is the director of the same bank. Similarly, Swati Rungta and Bidya Basnet are the directors of Laxmi Sunrise Bank. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The rest of the banks have one female director. Among them, Asha Rana Adhikari is a director at Nabil Bank, Meena Kumari Sainju at Siddharth Bank, Taradevi Chitrakar Bank Prime Bank, Manju Basnet at Nepal Investment Mega Bank. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, on behalf of general shareholders, Bandana Karki is a director of Machhapuchhre Bank, Bijaya Swar at NIC Asia Bank, Gayatri Thapa at Sanima Bank, Simran Aggarwal at Kumari Bank, Urmila Shrestha at Everest Bank and Sharmila Hardi at NMB Bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The proposed amendment to the Banks and Financial Institutions Act (Bafia) aims to increase female representation by requiring two women on bank boards—one from the shareholders and one from the expert group.</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20522', 'image' => '20240423030128_Banks - Copy.jpg', 'article_date' => '2024-04-23 15:00:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '20793', 'article_category_id' => '1', 'title' => 'Price of Gold Drops', 'sub_title' => '', 'summary' => 'April 23: The price of gold has declined in the domestic market on Tuesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 23: The price of gold has declined in the domestic market on Tuesday. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the Federation of Gold and Silver Dealers Association, the price of the precious yellow metal dropped by Rs 2,700 per tola (11.66 grams) compared to the previous trading day.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The federation fixed the price of hallmark gold at Rs 135,500 per tola on Tuesday. Hallmark gold was traded for Rs 138,200 on Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the price of worked gold has also fallen by Rs 2,700 per tola. Worked gold, which was traded at Rs 137,500 per tola on Monday is being traded at Rs 134,850 on Tuesday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the price of silver has decreased by Rs 45 per tola compared to its price on Monday, according to the federation. Silver was traded for Rs 1,705 per tola on Monday while its price has dropped to Rs 1,660 on Tuesday. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Calibri","sans-serif"">The federation fixes the price of gold and silver based on the price in the international market.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Calibri","sans-serif"">The price of gold had been rising steadily in the past few weeks, reaching an all-time high of Rs 139,200 per tola on April 16.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Calibri","sans-serif"">In the Nepali month of Chaitra (mid-March to mid-April), the price of gold increased eleven times in the domestic market of Nepal. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Calibri","sans-serif"">The recent geopolitical tension due to the Israel’s offensive in Gaza and the Russia-Ukraine war as well as tensions between Israel and Iran have led to investors to invest in gold considering it as a safe haven in times of turmoil.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Calibri","sans-serif"">However, analysts say that the price has dropped slightly due to the de-escalation of tensions between Iran and Israel. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20521', 'image' => '20240423015704_20240416123314_20240412010233_gold newwww.jpg', 'article_date' => '2024-04-23 13:56:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '20792', 'article_category_id' => '1', 'title' => 'Government Changes Finance Secretary in the Midst of Budget Preparation', 'sub_title' => '', 'summary' => 'April 23: The post of Finance Secretary, which is considered as the most important after the post of chief secretary, has always been destabilized by political leadership. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">April 23: The post of Finance Secretary, which is considered as the most important after the post of chief secretary, has always been destabilized by political leadership. The practice of changing the finance secretary after the change of government has prevailed since the past one decade.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The incumbent Finance Minister Barshman Pun has also given continuity to this tradition. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">At a time when the Finance Ministry is in intense discussion to finalize the discussion of the budget is going on, Finance Minister Pun has appointed Madhu Kumar Marasini, who was recently acquitted by the Special Court in a corruption case, as the new finance secretary. The Special Court had recently acquitted Marasini in an alleged corruption case involving the procurement of the National Payment Gateway.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Pun removed Dr Krishna Hari Pushkar, who was preferred by the then Finance Minister Prakash Sharan Mahat, and appointed Marasini in his place.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Pushkar was appointed as the finance secretary for the second time in last August. Before that, Arjun Prasad Pokharel was served as the finance secretary. Pokharel, who was appointed to the post on May last year, was able to work only for six months.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">It clearly shows that the Ministry of Finance had three secretaries in a single year. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Marasini took charge of the finance secretary Monday on the same day that the Council of Ministers decided to appoint him to the post.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The cabinet meeting on Monday decided to transfer Marasini to Finance Ministry and Pushkar to the Office of the Prime Minister and Council of Ministers. Marasini has prior experience of serving as the finance secretary. Finance Minister Barshman Pun said that changes in responsibilities should be taken as normal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Pushkar was not an expert hand in affairs related to the Ministry of Finance. Before being appointed as the finance secretary, he worked in agencies under other ministries and also worked with the Commission for the Investigation of Abuse of Authority and the Ministry of Home Affairs. He joined the Ministry of Finance only on September 4, 2021 as the revenue secretary. Former Chief Secretary Lokdarshan Regmi and Arjun Pokharel, who also served as the finance secretaries, were also not experts on matters related to the Finance Ministry.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Former Chief Secretary Bimal Koirala says that the political leadership have made civil servants including the finance secretary as their puppets in recent years.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">"It is wrong for the political leadership to use and dump civil servants. It will not create a conducive environment for work under any circumstances," he said. Koirala said that if the civil servants are destabilized, they will not be able to work properly and it will have a big impact on the overall development of the country.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to him, other countries give importance to the stability of employees. It is not customary to remove a person once appointed to the post of finance secretary unless he is accused of serious charges. But Koirala says that two to three finance secretaries are changed here in a year and this is not a good practice.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Koirala argues that if the post of finance secretary is made weak and unstable, it will affect the morale of the private sector as well as the relationship with development partners. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Former Finance Minister Dr Mahat had also removed almost all of the officials at the Finance Ministry. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Last month, Minister Pun made a comprehensive reshuffle of the heads of departments and divisions under the ministry. When he made Shivlal Tiwari the Director General of the Inland Revenue Department, he gave Dhundi Niraula the responsibility of the Department of Customs. Ritesh Kumar Shakya, who was the head of the revenue management division, has been transferred to the budget and program division. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Uttar Kumar Khatri of Budget Division was transferred to Planning, Monitoring and Evaluation Division and Dhani Ram Sharma was made the head of Revenue Management Division.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Minister Pun transferred Shobhakant Poudel, who was the Director General of the Department of Customs, to the Public Finance Management Training Center and the head of training there, Ram Prasad Acharya, was brought to the Ministry of Finance.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The Finance Secretary and Revenue Secretary play a major role in preparing budget. That is why Finance Minister Pun wanted to bring a person who is suitable to him as finance secretary. Upon his recommendation, the government has given Marasini the responsibility of finance secretary. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">However, confusion has arisen due to the sudden change of the top officials of the finance ministry when the ministry and other developmental ministries were actively working to prepare the budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to the constitutional provisions, the government should announce the budget on 15<sup>th</sup> of Jestha (May 28 this year). A lot of work needs to be done before that. After the principles and priorities of the budget presented in the parliament are passed, the government should bring policies and programs. After that the policies and programs are passed, the government will then announce the budget. However, when the secretary changes at the last minute, it will take time for the new secretary to understand everything, said a senior official. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20520', 'image' => '20240423124331_budget.jpg', 'article_date' => '2024-04-23 12:38:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '20795', 'article_category_id' => '1', 'title' => 'Capital City gets a Facelift to Welcome Qatar’s Emir for a State Visit to Nepal ', 'sub_title' => '', 'summary' => 'April 23: The federal capital, Kathmandu, is preparing to warmly welcome Sheikh Tamim bin Hamad Al Thani, the Emir of Qatar, who is scheduled to arrive late this afternoon on a State visit. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 23: The federal capital, Kathmandu, is preparing to warmly welcome Sheikh Tamim bin Hamad Al Thani, the Emir of Qatar, who is scheduled to arrive late this afternoon on a State visit. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Qatari Emir is arriving on a two-day state visit at the invitation of President Ram Chandra Paudel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The city has been adorned with welcome gates and banners along major roads and intersections in honor of the high-profile dignitary’s visit from Qatar. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Kathmandu Metropolitan City Office has undertaken the cleaning and decoration of roads stretching from Tribhuvan International Airport (TIA) to various key areas including Tinkune, New Baneshwor, Babarmahal, Tripureshwar, Kalimati, Jamal and Lainchaur. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Nabin Manandhar, the spokesperson for the Kathmandu Metropolis, the decorated roads proudly display the national flags of both Nepal and Qatar. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Moreover, banners featuring the names of President Ram Chandra Paudel and the Emir of Qatar, along with a portrait of Kumari, the Living Goddess, have been placed with the Namaste gesture, indicate the cultural richness and diversity of the Kathmandu Valley. Such banners read "Hearty welcome to the Emir from Qatar". </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Security arrangements along the designated route for the VVIP from Qatar have been intensified, with each welcome gate being guarded by security personnel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Furthermore, key areas such as Shital Niwas (the Office of the President), Soaltee Hotel where the Emir will be staying, and Dwarika Hotel where various visit-related events are scheduled to take place have been beautifully decorated for the occasion. The Non-Resident Nepali Association and the Qatar Embassy in Nepal have also prepared welcome gates to extend greetings to the Emir. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In light of the Emir's visit, the government has declared a public holiday on Tuesday, suggesting the diplomatic significance of the visit. </span></span></span><br /> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Security beefed up </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the Nepalese Army has said it has mobilized a security mechanism in various venues where visit-related events ranging from welcome and other ceremonies to farewell are scheduled to take place. The security arrangements are in place on a need basis. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In coordination with the NA Chief of General Staff, a Lieutenant General, various security squads comprising security personnel from the Nepal Police, Armed Police Force, and the National Investigation Department have been mobilized. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to TIA General Manager, Jagannath Nirauala, all flights at TIA will remain halted for 15 minutes each during the arrival and departure of the Qatari Emir, bearing in mind the security sensitivity of the visit. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The visit is expected to help elevate the bilateral relations between Nepal and Qatar to a new height. The Qatari Emir's visit marks the first highest-level visit from the entire Middle East to Nepal. Qatar serves as one of the major labour destinations for Nepal. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20519', 'image' => '20240423030333_HRB-KTM-1120240423132143_IMG_1795copy.JPG', 'article_date' => '2024-04-23 15:02:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '20791', 'article_category_id' => '1', 'title' => 'DFIs Invest USD 1.1 Billion in Nepal', 'sub_title' => '', 'summary' => 'April 23: At a time when the private sector of Nepal is facing challenges to raise financial resources from the international market, the Development Finance Institutions (DFIs) established by different countries have stepped forward to invest loans and shares in the private sector of Nepal.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">April 23: At a time when the private sector of Nepal is facing challenges to raise financial resources from the international market, the Development Finance Institutions (DFIs) established by different countries have stepped forward to invest loans and shares in the private sector of Nepal.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Although the World Bank's International Finance Corporation (IFC) started investing in the private sector of Nepal only some time ago, other DFIs have been investing in the private sector of Nepal since a few years ago.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">They have been investing through some commercial banks, private equity funds and also directly. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">"Until now, DFIs have invested USD </span><span style="font-family:"Arial Unicode MS","sans-serif"">1</span><span style="font-family:"ekmukta","serif"">.</span><span style="font-family:"Arial Unicode MS","sans-serif"">1</span> <span style="font-family:"ekmukta","serif"">billion in the private sector of Nepal," Bivek Shrestha, Chief Executive Officer of Invest for Impact Nepal, said in a press conference held on Monday. "Of this amount, more than USD </span><span style="font-family:"Arial Unicode MS","sans-serif"">600</span><span style="font-family:"ekmukta","serif""> million have been mobilized through commercial banks."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">The Invest for Impact Nepal was established through the joint effort of various DFIs. Invest for Impact Nepal coordinates their activities in Nepal. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">British International Investment, Dutch International Development Bank, Swiss Investment Fund for Emerging Markets among others established the Invest for Impact Nepal. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">A team of DFIs is currently in Kathmandu and they are participating in a seminar. Shrestha said that most of the DFI representatives will also participate in the upcoming investment summit announced by the government for April 28 and 29.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Shrestha said that the DFIs are currently investing mainly through commercial banks but are also considering the idea of investing through development banks and micro finance.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">"During this seminar, there will also be a discussion on how to cooperate between DFIs and donor agencies to increase investment in Nepal," he said.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20518', 'image' => '20240423124004_ddd.jpg', 'article_date' => '2024-04-23 11:49:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '20790', 'article_category_id' => '1', 'title' => ''Staggering' Number of Workers Facing Climate Change-Induced Health Hazards: UN', 'sub_title' => '', 'summary' => 'April 23: A large majority of workers worldwide are facing a cocktail of health hazards linked to climate change, AFP reported citing the United Nations.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">April 23: A large majority of workers worldwide are facing a cocktail of health hazards linked to climate change, AFP reported citing the United Nations.</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 French news agency, the UN’s International Labour Organization on Monday warned that the existing regulations offered inadequate protection.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"A staggering number of workers are already being exposed to climate change-related hazards in the workplace and these figures are only likely to get worse," the ILO said in a report.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Farm workers and others who carry out heavy labour in hot climates especially "may be exposed to a cocktail of hazards", the ILO added.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report further stated that these hazards include excessive heat, UV radiation, air pollution, vector-borne diseases and agrochemicals. Those working in hot indoor environments or poorly ventilated spaces are also at risk.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"Workers are among those most exposed to climate change hazards yet frequently have no choice but to continue working, even if conditions are dangerous," the report said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">It pointed out that in 2020 -- the last year for which statistics are available -- 2.4 billion workers, or more than 70 percent of the global workforce, were estimated to be exposed to excessive heat at some point.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">That marks "a clear increase", Manal Azzi, the ILO's senior specialist on occupational safety and health, told reporters in Geneva.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The number of exposed workers had ballooned by 35 percent over two decades, and even adjusting for the growing global population, the percentage of the labour force affected had swelled by 8.8 percent since the year 2000, she said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt">'Huge issue' </span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"This is a huge issue," Azzi said, warning that "workers are often forgotten when we're talking about climate change, and the health impacts are very severe".</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Nearly 23 million occupational injuries attributed to excessive heat are reported each year, costing, on estimate, nearly 19,000 lives annually.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">And those numbers do not include more than 26 million people who live with chronic kidney disease linked to workplace heat stress, the ILO said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Furthermore, the impact of global warming on workers goes well beyond heat exposure.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report noted that numerous dangerous health conditions in workers had been linked to climate change, including cancer, cardiovascular disease, respiratory illnesses, kidney dysfunction and mental health conditions.</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, the ILO said 1.6 billion workers worldwide were estimated to be exposed to UV radiation each year, with more than 18,960 work-related deaths annually from non-melanoma skin cancer.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Another 1.6 billion people were likely to be exposed to workplace pollution, resulting in up to 860,000 deaths among outdoor workers annually.</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 870 million agricultural workers are meanwhile likely to be exposed to pesticides, with more than 300,000 deaths attributed to pesticide poisoning each year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">And 15,000 work-related deaths each year are attributed to exposure to parasitic and vector-borne diseases, the report said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"It's clear that climate change is already creating significant additional health hazards for workers," Azzi said in a statement.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"It is essential that we heed these warnings. Occupational safety and health considerations must be become part of our climate change responses -- both policies and actions."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ILO said climate change hazards could require countries to re-evaluate existing legislation or create new regulations to protect workers properly.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The agency will next year host an expert meeting with representatives of employers, labour and governments to discuss the issue, with the aim of coming up with fresh policy recommendations, AFP quoted Azzi as saying.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20517', 'image' => '20240423110915_wcms_374835.jpg', 'article_date' => '2024-04-23 11:08:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '20789', 'article_category_id' => '1', 'title' => 'MFD Warns of Excessive Heat in Tarai, Urges Public to Remain Safe from Heat Wave ', 'sub_title' => '', 'summary' => 'April 22: The Meteorological Forecasting Division under the Department of Hydrology and Meteorology has said that both the minimum and maximum temperatures in most parts of the country have increased in the past few days resulting in hotter days. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 22: The Meteorological Forecasting Division under the Department of Hydrology and Meteorology has said that both the minimum and maximum temperatures in most parts of the country have increased in the past few days resulting in hotter days. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a special public bulletin on Monday, the department has asked one and all to remain cautious since the maximum temperature in some parts of Lumbini, Madesh and Sudurpaschim provinces was recorded at 40 degrees Celsius or more. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department stated that excessive heat is likely for some days in the Tarai areas and has urged all to apply precautions or make necessary preparations. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"These areas could witness a heat wave from April 22 to 26. People are requested for needed precautions to keep themselves safe from the impact of the heat wave," the department's special bulletin states. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the division has urged people to remain inside their homes in the day time when there is excessive heat, avoid traveling, cover their head while going out from home, wear cap, drink water and juice frequently, and stay in contact with the health workers in case of health issues. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20516', 'image' => '20240423103916_Document.jpg', 'article_date' => '2024-04-23 10:38:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '20788', 'article_category_id' => '1', 'title' => 'Cabinet Approves MoUs to be Signed between Nepal and Qatar', 'sub_title' => '', 'summary' => 'April 22: The Government of Nepal has decided to endorse various memorandum of understanding (MoUs) to be signed between the Nepal and Qatar. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 22: The Government of Nepal has decided to endorse various memorandum of understanding (MoUs) to be signed between Nepal and Qatar. The MoUs will be signed during the two-day state visit of the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, starting from Tuesday </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Emir of Qatar, Al Thani, is visiting Nepal on April 23 and 24 at the invitation of President Ram Chandra Paudel. Accordingly, a meeting of the Council of Ministers on Monday decided to give a public holiday on April 23. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Minister for Communications and Information Technology Rekha Sharma, the cabinet also decided Prime Minister Pushpa Kamal Dahal to lead the talks with the Qatari side. The memorandum of understanding is being signed on cooperation between Nepal and Qatar in the field of youth and sports, and in the field of education and scientific research. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Government Spokesperson Sharma informed that the cabinet meeting decided to accept 9.91 million Swiss francs from the Swiss government for the implementation of the trekking-based tourism development project in Koshi province and USD 9.8 million from the Korea International Cooperation Agency (KOICA) for Pokhara Metropolitan City. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the Cabinet has also decided to appoint Secretary Madhu Kumar Marasini as the Secretary of the Ministry of Finance and Dr Krishnahari Pushkar as the Secretary of the Office of the Prime Minister and Council of Ministers. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The meeting approved the preliminary agenda of the 12th meeting of the Nepal-China Tibet Trade Facilitation Committee to be held in Kathmandu on April 27 and 28 and decided to form a talks team under the coordination of the joint secretary of the Ministry of Industry, Commerce and Supplies to participate in the meeting. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Sharing the decisions of the April 18 cabinet meeting, Government Spokesperson Sharma said that the government decided that the Central Post Office, Postal Directorate and District Post Offices will operate on public holidays as well. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Assistant Auditor General Baikuntha Bahadur Adhikari has been promoted to the post of Deputy Auditor General and Murari Prasad Kharel has been appointed as the Secretary of the National Human Rights Commission. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-22', 'modified' => '2024-04-22', 'keywords' => '', 'description' => '', 'sortorder' => '20515', 'image' => '20240422085954_20220322111531_Flag-Pins-Nepal-Qatar_600x600.jpg', 'article_date' => '2024-04-22 20:59:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '20787', 'article_category_id' => '1', 'title' => ' Glacial Lake Destabilized after Avalanche Returning to Normal State ', 'sub_title' => '', 'summary' => 'April 22: Birendra Tal, a glacial lake at the base of Mt Manaslu in Samagaun, northern Gorkha has gradually started to return to its normal state. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 22: Birendra Tal, a glacial lake at the base of Mt Manaslu in Samagaun, northern Gorkha has gradually started to return to its normal state. The lake was destabilized after a huge avalanche originating on Mt Manaslu hit it on Sunday morning, leading to an overflow. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"As a result of the overflow of the lake due to the avalanche, the excess water gushed downstream into the Budhigandaki River. Now, the situation is normal and the lake is gradually returning to its previous condition," said Bhola Dahal, the Chief District Officer of Gorkha. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to him, the overflow of the lake following the avalanche did not cause any significant physical and human losses as there is no settlement near the lake. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">CDO Dahal informed that the avalanche has already stopped. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The sudden increase in water flow in the Budhigandaki River due to the avalanche washed away a wooden bridge on the way to Samdo from Samagaun which is about half an hour's trek from the lake," said Dahal, the Chief District Officer, adding that except this there were no other humanitarian or physical damages due to the lake overflow. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Dahal said that the security personnel have dug a deep trench from the lake and drained out the water. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A massive avalanche had fallen into the Birendra Tal situated below Mt Manaslu on Sunday. Following the incident, the District Administration Office had alerted the people living near the Budhigandaki River to remain alert and to not to venture near the river. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-04-22', 'modified' => '2024-04-22', 'keywords' => '', 'description' => '', 'sortorder' => '20514', 'image' => '20240422055129_DipakShrestha_Gorkha_RSS_09_birendratal.jpg', 'article_date' => '2024-04-22 17:50:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '20786', 'article_category_id' => '1', 'title' => 'Government Preparing to Amend Laws through Ordinances to Attract Investors', 'sub_title' => '', 'summary' => 'April 22: The government is preparing to amend various laws through ordinances with the objective to facilitate the use of land beyond the limit for various commercial purposes and to simplify the use of forest areas.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">April 22: The government is preparing to amend various laws through ordinances with the objective to facilitate the use of land beyond the limit for various commercial purposes and to simplify the use of forest areas. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The government proceeded ahead to amend about a dozen laws through ordinances after it failed to amend the laws through the regular parliamentary process due to political instability and lack of inter-ministerial coordination.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Prime Minister Pushpa Kamal Dahal has been saying that these laws will be amended before the Third Investment Summit scheduled to be held on April 28 and 29. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Under Secretary of the Ministry of Law, Justice and Parliamentary Affairs Jhaindra Prasad Guragai says that the ordinances will be finalized soon and sent to the cabinet for approval. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">“The final drafts of the ordinances have been already prepared. Work is being done to present them in the next cabinet meeting," he said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to the information provided by another high-ranking official at the Ministry of Law, in the draft to amend the Land Act, 2021 proposes companies to hold land in excess to the existing limit and to allow the sale of land within the limits specified in the law to pay debts and obligations.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Details obtained by New Business Age state that if an industry, establishment, company or organization needs more land than the limit set by the Land Act, 2021, it can submit an application to the Government of Nepal through the relevant ministry for approval within one year of its opening.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">A provision included in the draft bill proposes that if a company needs more land than the limit to expand its business, it can purchase additional land with the prior approval of the Ministry of Land Management, Cooperatives and Poverty Alleviation. Despite objection from the Ministry of Finance, a provision has been included in the draft bill that allows companies to mortgage the land bought and take loans from banks. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Secretary Mukunda Prasad Niraula, who was recently transferred from the Ministry of Industry, Commerce and Supplies to the Office of the Vice President, told New Business Age that the Ministry of Finance expressed concerns that the excess land purchased by companies could be fragmented and sold if the provision for allowing land in excess of the limit is passed.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to the amendment proposal made in the Forest Act 2070, if mining is required to find out the existence of minerals within the national forest, the Government of Nepal can give approval to use the forest area to extract such minerals on condition that there is no significant adverse effect on the environment during such mining process.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Similarly, by amending the Industrial Enterprises Act, 2076, the government has also proposed provisions for the promotion of start-up enterprises or businesses. The ordinance proposes the establishment and operation of enterprise development centers at three levels of government. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">By amending the Special Economic Zones Act, 2073, the ordinance proposes adding a provision that allows industries to be relocated and operated in the Special Economic Zones. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">By amending the Foreign Investment and Technology Transfer Act, 2075, the government has made an attempt to pave the way for the transfer of technology from Nepal to foreign countries as well. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The ordinance proposes transfer of patent, design, trademark, goodwill, technical specification, use of technical knowledge (franchise), formula, process, usage license between an industry or company established and operating in Nepal and an industry, firm or company located abroad. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">"Regardless of what is written in the existing law, an industry or company established and operating in Nepal can transfer technology to an industry, firm or company located abroad," the ordinance proposes, "Foreign currency received for the transfer of technology must be remitted in Nepal with the permission of Nepal Rastra Bank." </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">To transfer technology, an industry, firm or company may open its branch office or unit in the foreign country with the permission of the department. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to an official of the Ministry of Law, the proposals are being sent to the Cabinet. The law branch there can also make necessary amendments after taking the opinion of the law ministry. The ordinance that the government is going to bring will be implemented as a law after it is authenticated by the president. There is a constitutional provision that the ordinance must be passed by both houses within 60 days of the commencement of the new session of the Federal Parliament.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Aiming at the investment summit, the Law Reform Committee formed under the coordination of Prime Minister's Office Secretary Ek Narayan Aryal suggested to amend a dozen laws for policy, structural and procedural reforms. The committee proposed amendments to a dozen laws and regulations including the Industrial Enterprises Act (2076), Foreign Investment and Technology Transfer Act (2075), Special Economic Zone Act (2073), Forest Act (2076). Similarly, the committee also recommended amendment to the National Parks and Wildlife Protection Act (2029), Land Act (2021), Land Acquisition Act (2034), Environment Protection Act (2076), Electronic Transactions Act (2063), Nepal Civil Aviation Authority Act (2053), Foreign Investment and Technology Transfer Regulations (2077) and Forest Regulations (2079).</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-22', 'modified' => '2024-04-22', 'keywords' => '', 'description' => '', 'sortorder' => '20513', 'image' => '20240422124656_afccbd5a.jpeg', 'article_date' => '2024-04-22 12:46:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '20785', 'article_category_id' => '1', 'title' => 'Electric Vehicles Consume Six Million Units of Electricity Monthly', 'sub_title' => '', 'summary' => 'April 22: As electric vehicles (EVs) surge in popularity in the country, their electricity consumption has also risen.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">April 22: As electric vehicles (EVs) surge in popularity in the country, their electricity consumption has also risen. The Nepal Electricity Authority (NEA) reports that electric vehicles are currently consuming 6 million units of electricity per month through public charging stations.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Sagar Gyawali, assistant manager of NEA and head of the charging station project, stated that EVs in Nepal are consuming 6 million units of electricity per month. He also mentioned that the current electricity consumption from charging stations is negligible compared to the total electricity consumption of the country. According to NEA, Nepal consumed 9,358 gigawatt hours of electricity in the last fiscal year 2022/23.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Presently, NEA has 51 operational charging stations. "We are currently constructing 40 additional hub charging stations across Nepal," Gyawali stated. NEA had initially aimed to install 500 charging stations within this fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">In addition to NEA's efforts, the private sector is also rapidly expanding charging stations across the country, with 350 already in operation. However, stakeholders have expressed concerns about the slow pace of expansion compared to Nepal's targets for increasing electric vehicle usage and further expanding infrastructure.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Nepal has set ambitious targets, aiming for electric two-wheelers to constitute 90 percent and private four-wheelers 60 percent of vehicle usage by 2030.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">There has been a notable surge in the import of EVs in the current fiscal year. According to the latest data from the Department of Customs, Nepal imported 21,418 units of EVs, including two-wheelers, three-wheelers, and four-wheelers, in the first nine months of FY 2023/24. This marks a significant increase from the 14,394 units imported during the same period of FY 2022/23.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">According to the latest foreign trade statistics from the department, Nepal imported 7,093 units of electric four-wheelers in the first nine months of FY 2023/24, a significant increase from the 2,451 units imported during the same period of FY 2022/23. Additionally, the imports of electric vehicles for public transport, including buses and microvans, have also seen growth in this fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Electric vehicles, initially predominant in private use, have recently gained significant traction in the realm of public transport. Notably, Sajha Yatayat Cooperative leads the charge, having deployed the largest fleet of electric buses. Presently, Sajha operates 40 electric buses, marking a substantial contribution to sustainable urban mobility.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Janak Risal, Mechanical Engineer at Sajha Yatayat, stated that each electric bus consumes approximately 100 units of electricity per day. Based on this, the electric buses of Sajha collectively consume 4,000 units of electricity daily. Risal explained, "Previously, even with the availability of electric buses, only 10 to 15 buses could run sporadically due to limited charging infrastructure. However, with the installation of a charging station at Sajha's central office in Pulchok, Lalitpur, almost all buses now operate efficiently."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Sajha has initiated operations of 11 charging stations at its central office in Pulchok since April 9th. Each charger at the station boasts a capacity of 98 kilowatt hours, supported by the installation of 4 transformers of 1000 (1.1 MW) for power supply. Risal disclosed that such stations can concurrently charge 22 buses, significantly enhancing operational efficiency.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Risal emphasized that with the increasing import and use of electric vehicles, there will inevitably be a surge in electricity consumption. He suggested that NEA should establish standards for increasing the ampere capacity in household infrastructure to accommodate this growing demand.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Kavita Pokharel Kadel, Secretary of the Independent Power Producers Association, Nepal (IPPAN), emphasized that the adoption of electric vehicles will lead to an increase in electricity consumption while simultaneously reducing the need for petrol and diesel imports, thus retaining funds within the country. She highlighted the environmental benefits of electric vehicles and stressed the necessity of investing in infrastructure to support their widespread use. Pokharel further noted, "With the current state of electric vehicle technology, there are no issues driving them in urban areas, and charging at home can sustain the vehicle throughout the day."</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-22', 'modified' => '2024-04-22', 'keywords' => '', 'description' => '', 'sortorder' => '20512', 'image' => '20240422123712_CarPartsCom_EV_1200x628.jpg', 'article_date' => '2024-04-22 12:35:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20784', 'article_category_id' => '1', 'title' => 'Why is the Stock Market Declining?', 'sub_title' => '', 'summary' => 'April 22: In recent days, the NEPSE stock market index has experienced a continuous decline. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 22: In recent days, the NEPSE stock market index has experienced a continuous decline. Towards mid-March, following the formation of a new coalition government, the NEPSE, which had surged above 2100 points, has now fallen below 2000 points. After the formation of the new government, NEPSE initially rose, reaching as high as 2124.08 points on March 13. However, on Thursday, April 18, it dropped to 1972.14 points.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As NEPSE index continues to decline, the turnover is also diminishing. The daily turnover of the secondary market, which previously exceeded Rs 4 billion, has now decreased to around Rs 2 billion during this period, indicating limited trading activity in the secondary market of securities. Despite expectations of a rise in the capital market following increased liquidity in the banking sector due to the reduction in interest rates, the market failed to capitalize.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Investors and stock market experts attribute the market's inability to rise to various factors, including political instability, uncertainty regarding changes in banking and financial institution laws, economic downturn, and increased issuance of bonus and rights shares.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has introduced a bill in Parliament proposing amendments to certain provisions of the Bank and Financial Institutions Act. The bill suggests reducing the ownership limit from 2 percent to 1 percent for individuals or organizations investing in banks and financial institutions collectively. This move has prompted shareholders owning more than 1 percent of shares to sell their shares, potentially flooding the market and depressing share prices.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nawaraj Dahal, a securities market investor, noted, "Some investors are speculating that the amendment to this Act will lead to increased share supply in the market, which may also contribute to the stock market's decline."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Moreover, the market is experiencing oversupply due to a continuous increase in bonus and rights shares, which has prevented share prices from rising.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">International capital market expert Mukti Aryal suggests that the stock market reflects the state of the economy. While the National Statistics Office projects a 4 percent economic growth in the second quarter of the current fiscal year compared to the same period last year, the Asian Development Bank predicts Nepal's economic growth to be 3.6 percent for the year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Aryal emphasizes the interplay between the economy and the stock market, noting that banks and businesses are facing challenges with reduced demand, leading to under investment of funds despite liquidity in banks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The inability of banks to invest has also impacted their profits, as evidenced by decreased profits reported in the third-quarter financial statements of various commercial banks for the current year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Additionally, some investors advocate for more flexibility in share mortgage loans from Nepal Rastra bank. Currently capped at Rs 150 million for individuals and Rs 200 million for institutions, investors believe that relaxing these limits could stimulate market activity.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As of mid-March, banks have disbursed loans worth Rs 85.70 billion in share securities, indicating a substantial reliance on share mortgage loans. Aryal concludes that besides economic conditions, government policies, and NRB’s decisions significantly influence the capital market.</span></span></p> ', 'published' => true, 'created' => '2024-04-22', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20511', 'image' => '20240422120839_istockphoto-1393470258-612x612.jpg', 'article_date' => '2024-04-22 12:08:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (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' => '20798', 'article_category_id' => '1', 'title' => 'FNCCI Welcomes Government's Decision to Amend Investment Laws ', 'sub_title' => '', 'summary' => 'Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has welcomed the amendments made in the laws regarding investment, even though they were introduced through ordinances prior to the Third Investment Summit.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt">April 24: Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has welcomed the amendments made in the laws regarding investment, even though they were introduced through ordinances prior to the Third Investment Summit.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt">The umbrella organization said that despite being brought through ordinances, the amendments are seen as positive steps towards improving investment ambiance. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt">Issuing a press statement on Tuesday, FNCCI expressed confidence that the amendments made through ordinances in 12 laws and regulations by the government have created a conducive environment for investment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"> Stating that Nepal was receiving only 0.2 percent foreign investment of total domestic production, FNCCI said that the government's step would help create an environment conducive to investment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt">Targeting the investment summit, the government has made amendments in various laws including the Foreign Investment and Technology Transfer Act 2075, Industrial Enterprises Act 2076, Forest Act, and Land-related laws, focusing on attracting foreign investment and technology transfer.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt">“The government’s step to define startup through the amendment of the law is positive,” said FNCCI press statement. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-24', 'modified' => '2024-04-24', 'keywords' => '', 'description' => '', 'sortorder' => '20525', 'image' => '20240424060924_collage (64).jpg', 'article_date' => '2024-04-24 06:07:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '20797', 'article_category_id' => '1', 'title' => 'Qatar Emir’s Visit Highlights Important Bilateral Agreements between Nepal and Qatar ', 'sub_title' => '', 'summary' => 'April 23: Sheikh Tamim bin Hamad Al Thani, the Emir of Qatar, arrived in Nepal on Tuesday afternoon on a two-day state visit at the invitation of President Ram Chandra Paudel.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 23: Sheikh Tamim bin Hamad Al Thani, the Emir of Qatar, arrived in Nepal on Tuesday afternoon on a two-day state visit at the invitation of President Ram Chandra Paudel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The high-profile visit of the Qatari Emir on the eve of the third Investment Summit in Nepal is expected to give a positive message about Nepal to the international community. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The cabinet meeting on April 18 had approved the programme of state-visit of the Qatari Emir, agreed on Prime Minister Pushpa Kamal Dahal leading the Nepali delegation for bilateral discussions with the Qatari delegation and MoU for cooperation for various bilateral agreements to be inked during the Qatari Emir's two-day visit. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister for Communication and Information Technology, Rekha Sharma said that the Council of Ministers has already approved the MoU for cooperation between Nepal and Qatar on youth and sports sector as well as education and scientific research. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal and Qatar established diplomatic relations on January 21, 1977. Nepal established its Embassy in Doha, Qatar on July 11, 2000 whereas Qatar set up its Embassy in Nepal in August 2011. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Before that, Qatari Ambassador resident in New Delhi, India was concurrently accredited to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal and Qatar both uphold similar views on many international agendas and issues. Both countries have been signatory to the Non-Aligned Movement and are members of the United Nations. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, both countries have been working in tandem at these international forums and have been playing crucial roles for the cause of peace, security and development n the world. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Agreements have been inked for collaboration between the two countries in several sectors. Nepal had signed a Labour Agreement with Qatar on March 21, 2005 during the visit of then Minister for Foreign Affairs Ramesh Nath Pandey to Qatar. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Fourth Labour Ministerial Joint Meeting of the two countries held on December 2 and 3, 2021 in Kathmandu agreed to review the Labour Agreement signed in 2005. However, the Agreement has not been reviewed so far. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The two countries also in 2005 signed an agreement related to economic, trade and technical collaboration. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Qatari investors have put in investment in the agriculture, infrastructure, and energy among the various sectors after Nepal in 2007 inked an agreement with Qatar for removal of dual taxation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Nepal and Qatar signed an agreement on bilateral air service (civil aviation) on July 8, 2002. An agreement on collaboration in the tourism sector was reached between the two countries in 2011. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The private sectors of the two countries have also been collaborating in different areas. Nepal Chamber of Commerce and the Qatar Chamber of Commerce had signed an agreement relating to bilateral cooperation in 2018. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Doha Bank, one of the major banks of Qatar, opened its contact office in Kathmandu in December 2018. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal's industrialists have also become organized in Qatar. An organisation called Nepali Business Association Qatar was registered with the Qatar Financial Authority in March 2021. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">There have been exchanges of high-level visits between Nepal and Qatar at various times. The first President of Nepal, Dr Ram Baran Yadav, made an official visit to Qatar in 2011. Likewise, then President Bidya Devi Bhandari paid a state visit to Qatar from October 30 to November 2, 2018. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The then Minister for Labour, Employment and Social Security, Krishna Kumar Shrestha, visited Qatar on March 21-23, 2022. The then Minister for Education, Science and Technology Giriraj Mani Pokharel visited Qatar from November 20 to 22, 2019. Then Speaker of the House of Representatives, Krishna Bahadur Mahara also visited Qatar from April 6 to 10 in 2019. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The then Deputy Prime Minister and Minister for Health and Population, Upendra Yadav paid a visit to Qatar on November 13-14, 2018. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The then Foreign Affairs Minister Dr Prakash Sharan Mahat paid an official visit to Qatar in January 2017 on the occasion of the 40th anniversary of the establishment of diplomatic relations between Nepal and Qatar. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the then Deputy Prime Minister and Home Minister Bamdev Gautam visited Qatar from April 11 to 14, 2015. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The high-level visits to Nepal from Qatari side include the visit of Minister of Labour and Social Affairs of Qatar, Dr Abdullah Bin Saleh Mubarak al-Khulafi from April 4 to 7 in 2015; the visit by Qatar's Environment Minister Abdullah Bin Mubarak Bin Abud Al-Midhadi from April 5-9 in 2012 and that of Qatar's Minister for Foreign Affairs, Shekh Hamad Bin Jasim Bin Al Thani in 2009. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20524', 'image' => '20240423073534_emir.jpg', 'article_date' => '2024-04-23 19:35:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '20796', 'article_category_id' => '1', 'title' => 'Nepalgunj-based ICP to Come into Operation in Two Weeks', 'sub_title' => '', 'summary' => 'The newly established Integrated Customs Point (ICP) in Nepalgunj is set to commence operations within the next two weeks.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">April 23: The newly established Integrated Customs Point (ICP) in Nepalgunj is set to commence operations within the next two weeks.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">This facility, built by India and located at Nepalgunj transit along the Nepal-India border, has already been handed over to Nepal. "Customs services will be available from the newly constructed facility in the next 10-15 days," said Dhruba Raj Bishwakarma, Chief of Nepalgunj Customs Office.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Once operational, the ICP will facilitate the check-pass of containers from the facility. Prime Minister Pushpa Kamal Dahal 'Prachanda' and his Indian counterpart Narendra Modi jointly inaugurated the facility virtually during Dahal's visit to India (May 31 - June 3, 2023).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"> India officially transferred the facility to Nepal on Monday, approximately one year after its inauguration. Spanning across 87 bigha of land (one bigha is equivalent to 6772.63 sq. meters), the land was acquired by the Government of Nepal with support from India.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ICP encompasses various amenities including customs offices, livestock and plant quarantine facilities, warehouses, food technology, quality control facilities, security barracks, and a bank counter. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The business community in Nepalgunj is eagerly anticipating the launch of ICP services, expecting it to streamline trans-border imports and exports.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"> Krishna Prasad Shrestha, former President of the Nepalgunj Chamber of Commerce and Industry, highlighted the anticipated convenience for businesses.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20523', 'image' => '20240423043126_collage (63).jpg', 'article_date' => '2024-04-23 16:30:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '20794', 'article_category_id' => '1', 'title' => 'Number of Women as Bank Director Negligible', 'sub_title' => '', 'summary' => 'April 23: Although the government has mandated public companies to appoint women directors, female representation on bank boards remains negligible. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 23: Although the government has mandated public companies to appoint women directors, female representation on bank boards remains negligible. Some commercial banks lack any female directors. This decline is attributed to banks' failure to implement the Companies Act provision. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Section 86 (2) stipulates that a public company's board should consist of at least three members and at most 11 members, with at least one female director for companies with female shareholders. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The annual supervision report of Nepal Rastra Bank highlights commercial banks' failure to adhere to this mandate. The report mentions that some banks do not have women directors as per the Companies Act.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Data collected by New Business Age reveals that four out of the 19 commercial banks currently in operation have no female directors. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Among these banks, two have foreign investment (Standard Chartered and Himalayan) and two have only domestic investment (Global IME and Prabhu Bank). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Furthermore, 13 banks have only one female director each. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Government-invested commercial banks each have one woman on their boards. Among them, Gita Subedi is an expert director in Agricultural Development Bank, Romila Dhakal Upreti in Rastriya Banijya Bank and Sadhana Ghimire is a representative of the government in Nepal Bank Limited.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Among the private banks, Nepal SBI Bank and Laxmi Sunrise have two women each on the board of directors. Jayanti Banshal is the chairman of Nepal SBI Bank and Apsara Upreti is the director of the same bank. Similarly, Swati Rungta and Bidya Basnet are the directors of Laxmi Sunrise Bank. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The rest of the banks have one female director. Among them, Asha Rana Adhikari is a director at Nabil Bank, Meena Kumari Sainju at Siddharth Bank, Taradevi Chitrakar Bank Prime Bank, Manju Basnet at Nepal Investment Mega Bank. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, on behalf of general shareholders, Bandana Karki is a director of Machhapuchhre Bank, Bijaya Swar at NIC Asia Bank, Gayatri Thapa at Sanima Bank, Simran Aggarwal at Kumari Bank, Urmila Shrestha at Everest Bank and Sharmila Hardi at NMB Bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The proposed amendment to the Banks and Financial Institutions Act (Bafia) aims to increase female representation by requiring two women on bank boards—one from the shareholders and one from the expert group.</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20522', 'image' => '20240423030128_Banks - Copy.jpg', 'article_date' => '2024-04-23 15:00:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '20793', 'article_category_id' => '1', 'title' => 'Price of Gold Drops', 'sub_title' => '', 'summary' => 'April 23: The price of gold has declined in the domestic market on Tuesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 23: The price of gold has declined in the domestic market on Tuesday. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the Federation of Gold and Silver Dealers Association, the price of the precious yellow metal dropped by Rs 2,700 per tola (11.66 grams) compared to the previous trading day.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The federation fixed the price of hallmark gold at Rs 135,500 per tola on Tuesday. Hallmark gold was traded for Rs 138,200 on Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the price of worked gold has also fallen by Rs 2,700 per tola. Worked gold, which was traded at Rs 137,500 per tola on Monday is being traded at Rs 134,850 on Tuesday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the price of silver has decreased by Rs 45 per tola compared to its price on Monday, according to the federation. Silver was traded for Rs 1,705 per tola on Monday while its price has dropped to Rs 1,660 on Tuesday. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Calibri","sans-serif"">The federation fixes the price of gold and silver based on the price in the international market.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Calibri","sans-serif"">The price of gold had been rising steadily in the past few weeks, reaching an all-time high of Rs 139,200 per tola on April 16.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Calibri","sans-serif"">In the Nepali month of Chaitra (mid-March to mid-April), the price of gold increased eleven times in the domestic market of Nepal. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Calibri","sans-serif"">The recent geopolitical tension due to the Israel’s offensive in Gaza and the Russia-Ukraine war as well as tensions between Israel and Iran have led to investors to invest in gold considering it as a safe haven in times of turmoil.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Calibri","sans-serif"">However, analysts say that the price has dropped slightly due to the de-escalation of tensions between Iran and Israel. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20521', 'image' => '20240423015704_20240416123314_20240412010233_gold newwww.jpg', 'article_date' => '2024-04-23 13:56:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '20792', 'article_category_id' => '1', 'title' => 'Government Changes Finance Secretary in the Midst of Budget Preparation', 'sub_title' => '', 'summary' => 'April 23: The post of Finance Secretary, which is considered as the most important after the post of chief secretary, has always been destabilized by political leadership. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">April 23: The post of Finance Secretary, which is considered as the most important after the post of chief secretary, has always been destabilized by political leadership. The practice of changing the finance secretary after the change of government has prevailed since the past one decade.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The incumbent Finance Minister Barshman Pun has also given continuity to this tradition. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">At a time when the Finance Ministry is in intense discussion to finalize the discussion of the budget is going on, Finance Minister Pun has appointed Madhu Kumar Marasini, who was recently acquitted by the Special Court in a corruption case, as the new finance secretary. The Special Court had recently acquitted Marasini in an alleged corruption case involving the procurement of the National Payment Gateway.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Pun removed Dr Krishna Hari Pushkar, who was preferred by the then Finance Minister Prakash Sharan Mahat, and appointed Marasini in his place.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Pushkar was appointed as the finance secretary for the second time in last August. Before that, Arjun Prasad Pokharel was served as the finance secretary. Pokharel, who was appointed to the post on May last year, was able to work only for six months.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">It clearly shows that the Ministry of Finance had three secretaries in a single year. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Marasini took charge of the finance secretary Monday on the same day that the Council of Ministers decided to appoint him to the post.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The cabinet meeting on Monday decided to transfer Marasini to Finance Ministry and Pushkar to the Office of the Prime Minister and Council of Ministers. Marasini has prior experience of serving as the finance secretary. Finance Minister Barshman Pun said that changes in responsibilities should be taken as normal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Pushkar was not an expert hand in affairs related to the Ministry of Finance. Before being appointed as the finance secretary, he worked in agencies under other ministries and also worked with the Commission for the Investigation of Abuse of Authority and the Ministry of Home Affairs. He joined the Ministry of Finance only on September 4, 2021 as the revenue secretary. Former Chief Secretary Lokdarshan Regmi and Arjun Pokharel, who also served as the finance secretaries, were also not experts on matters related to the Finance Ministry.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Former Chief Secretary Bimal Koirala says that the political leadership have made civil servants including the finance secretary as their puppets in recent years.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">"It is wrong for the political leadership to use and dump civil servants. It will not create a conducive environment for work under any circumstances," he said. Koirala said that if the civil servants are destabilized, they will not be able to work properly and it will have a big impact on the overall development of the country.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to him, other countries give importance to the stability of employees. It is not customary to remove a person once appointed to the post of finance secretary unless he is accused of serious charges. But Koirala says that two to three finance secretaries are changed here in a year and this is not a good practice.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Koirala argues that if the post of finance secretary is made weak and unstable, it will affect the morale of the private sector as well as the relationship with development partners. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Former Finance Minister Dr Mahat had also removed almost all of the officials at the Finance Ministry. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Last month, Minister Pun made a comprehensive reshuffle of the heads of departments and divisions under the ministry. When he made Shivlal Tiwari the Director General of the Inland Revenue Department, he gave Dhundi Niraula the responsibility of the Department of Customs. Ritesh Kumar Shakya, who was the head of the revenue management division, has been transferred to the budget and program division. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Uttar Kumar Khatri of Budget Division was transferred to Planning, Monitoring and Evaluation Division and Dhani Ram Sharma was made the head of Revenue Management Division.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Minister Pun transferred Shobhakant Poudel, who was the Director General of the Department of Customs, to the Public Finance Management Training Center and the head of training there, Ram Prasad Acharya, was brought to the Ministry of Finance.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The Finance Secretary and Revenue Secretary play a major role in preparing budget. That is why Finance Minister Pun wanted to bring a person who is suitable to him as finance secretary. Upon his recommendation, the government has given Marasini the responsibility of finance secretary. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">However, confusion has arisen due to the sudden change of the top officials of the finance ministry when the ministry and other developmental ministries were actively working to prepare the budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to the constitutional provisions, the government should announce the budget on 15<sup>th</sup> of Jestha (May 28 this year). A lot of work needs to be done before that. After the principles and priorities of the budget presented in the parliament are passed, the government should bring policies and programs. After that the policies and programs are passed, the government will then announce the budget. However, when the secretary changes at the last minute, it will take time for the new secretary to understand everything, said a senior official. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20520', 'image' => '20240423124331_budget.jpg', 'article_date' => '2024-04-23 12:38:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '20795', 'article_category_id' => '1', 'title' => 'Capital City gets a Facelift to Welcome Qatar’s Emir for a State Visit to Nepal ', 'sub_title' => '', 'summary' => 'April 23: The federal capital, Kathmandu, is preparing to warmly welcome Sheikh Tamim bin Hamad Al Thani, the Emir of Qatar, who is scheduled to arrive late this afternoon on a State visit. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 23: The federal capital, Kathmandu, is preparing to warmly welcome Sheikh Tamim bin Hamad Al Thani, the Emir of Qatar, who is scheduled to arrive late this afternoon on a State visit. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Qatari Emir is arriving on a two-day state visit at the invitation of President Ram Chandra Paudel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The city has been adorned with welcome gates and banners along major roads and intersections in honor of the high-profile dignitary’s visit from Qatar. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Kathmandu Metropolitan City Office has undertaken the cleaning and decoration of roads stretching from Tribhuvan International Airport (TIA) to various key areas including Tinkune, New Baneshwor, Babarmahal, Tripureshwar, Kalimati, Jamal and Lainchaur. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Nabin Manandhar, the spokesperson for the Kathmandu Metropolis, the decorated roads proudly display the national flags of both Nepal and Qatar. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Moreover, banners featuring the names of President Ram Chandra Paudel and the Emir of Qatar, along with a portrait of Kumari, the Living Goddess, have been placed with the Namaste gesture, indicate the cultural richness and diversity of the Kathmandu Valley. Such banners read "Hearty welcome to the Emir from Qatar". </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Security arrangements along the designated route for the VVIP from Qatar have been intensified, with each welcome gate being guarded by security personnel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Furthermore, key areas such as Shital Niwas (the Office of the President), Soaltee Hotel where the Emir will be staying, and Dwarika Hotel where various visit-related events are scheduled to take place have been beautifully decorated for the occasion. The Non-Resident Nepali Association and the Qatar Embassy in Nepal have also prepared welcome gates to extend greetings to the Emir. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In light of the Emir's visit, the government has declared a public holiday on Tuesday, suggesting the diplomatic significance of the visit. </span></span></span><br /> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Security beefed up </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the Nepalese Army has said it has mobilized a security mechanism in various venues where visit-related events ranging from welcome and other ceremonies to farewell are scheduled to take place. The security arrangements are in place on a need basis. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In coordination with the NA Chief of General Staff, a Lieutenant General, various security squads comprising security personnel from the Nepal Police, Armed Police Force, and the National Investigation Department have been mobilized. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to TIA General Manager, Jagannath Nirauala, all flights at TIA will remain halted for 15 minutes each during the arrival and departure of the Qatari Emir, bearing in mind the security sensitivity of the visit. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The visit is expected to help elevate the bilateral relations between Nepal and Qatar to a new height. The Qatari Emir's visit marks the first highest-level visit from the entire Middle East to Nepal. Qatar serves as one of the major labour destinations for Nepal. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20519', 'image' => '20240423030333_HRB-KTM-1120240423132143_IMG_1795copy.JPG', 'article_date' => '2024-04-23 15:02:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '20791', 'article_category_id' => '1', 'title' => 'DFIs Invest USD 1.1 Billion in Nepal', 'sub_title' => '', 'summary' => 'April 23: At a time when the private sector of Nepal is facing challenges to raise financial resources from the international market, the Development Finance Institutions (DFIs) established by different countries have stepped forward to invest loans and shares in the private sector of Nepal.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">April 23: At a time when the private sector of Nepal is facing challenges to raise financial resources from the international market, the Development Finance Institutions (DFIs) established by different countries have stepped forward to invest loans and shares in the private sector of Nepal.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Although the World Bank's International Finance Corporation (IFC) started investing in the private sector of Nepal only some time ago, other DFIs have been investing in the private sector of Nepal since a few years ago.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">They have been investing through some commercial banks, private equity funds and also directly. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">"Until now, DFIs have invested USD </span><span style="font-family:"Arial Unicode MS","sans-serif"">1</span><span style="font-family:"ekmukta","serif"">.</span><span style="font-family:"Arial Unicode MS","sans-serif"">1</span> <span style="font-family:"ekmukta","serif"">billion in the private sector of Nepal," Bivek Shrestha, Chief Executive Officer of Invest for Impact Nepal, said in a press conference held on Monday. "Of this amount, more than USD </span><span style="font-family:"Arial Unicode MS","sans-serif"">600</span><span style="font-family:"ekmukta","serif""> million have been mobilized through commercial banks."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">The Invest for Impact Nepal was established through the joint effort of various DFIs. Invest for Impact Nepal coordinates their activities in Nepal. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">British International Investment, Dutch International Development Bank, Swiss Investment Fund for Emerging Markets among others established the Invest for Impact Nepal. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">A team of DFIs is currently in Kathmandu and they are participating in a seminar. Shrestha said that most of the DFI representatives will also participate in the upcoming investment summit announced by the government for April 28 and 29.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Shrestha said that the DFIs are currently investing mainly through commercial banks but are also considering the idea of investing through development banks and micro finance.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">"During this seminar, there will also be a discussion on how to cooperate between DFIs and donor agencies to increase investment in Nepal," he said.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20518', 'image' => '20240423124004_ddd.jpg', 'article_date' => '2024-04-23 11:49:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '20790', 'article_category_id' => '1', 'title' => ''Staggering' Number of Workers Facing Climate Change-Induced Health Hazards: UN', 'sub_title' => '', 'summary' => 'April 23: A large majority of workers worldwide are facing a cocktail of health hazards linked to climate change, AFP reported citing the United Nations.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">April 23: A large majority of workers worldwide are facing a cocktail of health hazards linked to climate change, AFP reported citing the United Nations.</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 French news agency, the UN’s International Labour Organization on Monday warned that the existing regulations offered inadequate protection.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"A staggering number of workers are already being exposed to climate change-related hazards in the workplace and these figures are only likely to get worse," the ILO said in a report.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Farm workers and others who carry out heavy labour in hot climates especially "may be exposed to a cocktail of hazards", the ILO added.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report further stated that these hazards include excessive heat, UV radiation, air pollution, vector-borne diseases and agrochemicals. Those working in hot indoor environments or poorly ventilated spaces are also at risk.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"Workers are among those most exposed to climate change hazards yet frequently have no choice but to continue working, even if conditions are dangerous," the report said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">It pointed out that in 2020 -- the last year for which statistics are available -- 2.4 billion workers, or more than 70 percent of the global workforce, were estimated to be exposed to excessive heat at some point.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">That marks "a clear increase", Manal Azzi, the ILO's senior specialist on occupational safety and health, told reporters in Geneva.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The number of exposed workers had ballooned by 35 percent over two decades, and even adjusting for the growing global population, the percentage of the labour force affected had swelled by 8.8 percent since the year 2000, she said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt">'Huge issue' </span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"This is a huge issue," Azzi said, warning that "workers are often forgotten when we're talking about climate change, and the health impacts are very severe".</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Nearly 23 million occupational injuries attributed to excessive heat are reported each year, costing, on estimate, nearly 19,000 lives annually.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">And those numbers do not include more than 26 million people who live with chronic kidney disease linked to workplace heat stress, the ILO said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Furthermore, the impact of global warming on workers goes well beyond heat exposure.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report noted that numerous dangerous health conditions in workers had been linked to climate change, including cancer, cardiovascular disease, respiratory illnesses, kidney dysfunction and mental health conditions.</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, the ILO said 1.6 billion workers worldwide were estimated to be exposed to UV radiation each year, with more than 18,960 work-related deaths annually from non-melanoma skin cancer.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Another 1.6 billion people were likely to be exposed to workplace pollution, resulting in up to 860,000 deaths among outdoor workers annually.</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 870 million agricultural workers are meanwhile likely to be exposed to pesticides, with more than 300,000 deaths attributed to pesticide poisoning each year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">And 15,000 work-related deaths each year are attributed to exposure to parasitic and vector-borne diseases, the report said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"It's clear that climate change is already creating significant additional health hazards for workers," Azzi said in a statement.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"It is essential that we heed these warnings. Occupational safety and health considerations must be become part of our climate change responses -- both policies and actions."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ILO said climate change hazards could require countries to re-evaluate existing legislation or create new regulations to protect workers properly.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The agency will next year host an expert meeting with representatives of employers, labour and governments to discuss the issue, with the aim of coming up with fresh policy recommendations, AFP quoted Azzi as saying.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20517', 'image' => '20240423110915_wcms_374835.jpg', 'article_date' => '2024-04-23 11:08:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '20789', 'article_category_id' => '1', 'title' => 'MFD Warns of Excessive Heat in Tarai, Urges Public to Remain Safe from Heat Wave ', 'sub_title' => '', 'summary' => 'April 22: The Meteorological Forecasting Division under the Department of Hydrology and Meteorology has said that both the minimum and maximum temperatures in most parts of the country have increased in the past few days resulting in hotter days. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 22: The Meteorological Forecasting Division under the Department of Hydrology and Meteorology has said that both the minimum and maximum temperatures in most parts of the country have increased in the past few days resulting in hotter days. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a special public bulletin on Monday, the department has asked one and all to remain cautious since the maximum temperature in some parts of Lumbini, Madesh and Sudurpaschim provinces was recorded at 40 degrees Celsius or more. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department stated that excessive heat is likely for some days in the Tarai areas and has urged all to apply precautions or make necessary preparations. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"These areas could witness a heat wave from April 22 to 26. People are requested for needed precautions to keep themselves safe from the impact of the heat wave," the department's special bulletin states. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the division has urged people to remain inside their homes in the day time when there is excessive heat, avoid traveling, cover their head while going out from home, wear cap, drink water and juice frequently, and stay in contact with the health workers in case of health issues. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20516', 'image' => '20240423103916_Document.jpg', 'article_date' => '2024-04-23 10:38:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '20788', 'article_category_id' => '1', 'title' => 'Cabinet Approves MoUs to be Signed between Nepal and Qatar', 'sub_title' => '', 'summary' => 'April 22: The Government of Nepal has decided to endorse various memorandum of understanding (MoUs) to be signed between the Nepal and Qatar. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 22: The Government of Nepal has decided to endorse various memorandum of understanding (MoUs) to be signed between Nepal and Qatar. The MoUs will be signed during the two-day state visit of the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, starting from Tuesday </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Emir of Qatar, Al Thani, is visiting Nepal on April 23 and 24 at the invitation of President Ram Chandra Paudel. Accordingly, a meeting of the Council of Ministers on Monday decided to give a public holiday on April 23. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Minister for Communications and Information Technology Rekha Sharma, the cabinet also decided Prime Minister Pushpa Kamal Dahal to lead the talks with the Qatari side. The memorandum of understanding is being signed on cooperation between Nepal and Qatar in the field of youth and sports, and in the field of education and scientific research. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Government Spokesperson Sharma informed that the cabinet meeting decided to accept 9.91 million Swiss francs from the Swiss government for the implementation of the trekking-based tourism development project in Koshi province and USD 9.8 million from the Korea International Cooperation Agency (KOICA) for Pokhara Metropolitan City. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the Cabinet has also decided to appoint Secretary Madhu Kumar Marasini as the Secretary of the Ministry of Finance and Dr Krishnahari Pushkar as the Secretary of the Office of the Prime Minister and Council of Ministers. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The meeting approved the preliminary agenda of the 12th meeting of the Nepal-China Tibet Trade Facilitation Committee to be held in Kathmandu on April 27 and 28 and decided to form a talks team under the coordination of the joint secretary of the Ministry of Industry, Commerce and Supplies to participate in the meeting. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Sharing the decisions of the April 18 cabinet meeting, Government Spokesperson Sharma said that the government decided that the Central Post Office, Postal Directorate and District Post Offices will operate on public holidays as well. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Assistant Auditor General Baikuntha Bahadur Adhikari has been promoted to the post of Deputy Auditor General and Murari Prasad Kharel has been appointed as the Secretary of the National Human Rights Commission. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-22', 'modified' => '2024-04-22', 'keywords' => '', 'description' => '', 'sortorder' => '20515', 'image' => '20240422085954_20220322111531_Flag-Pins-Nepal-Qatar_600x600.jpg', 'article_date' => '2024-04-22 20:59:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '20787', 'article_category_id' => '1', 'title' => ' Glacial Lake Destabilized after Avalanche Returning to Normal State ', 'sub_title' => '', 'summary' => 'April 22: Birendra Tal, a glacial lake at the base of Mt Manaslu in Samagaun, northern Gorkha has gradually started to return to its normal state. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 22: Birendra Tal, a glacial lake at the base of Mt Manaslu in Samagaun, northern Gorkha has gradually started to return to its normal state. The lake was destabilized after a huge avalanche originating on Mt Manaslu hit it on Sunday morning, leading to an overflow. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"As a result of the overflow of the lake due to the avalanche, the excess water gushed downstream into the Budhigandaki River. Now, the situation is normal and the lake is gradually returning to its previous condition," said Bhola Dahal, the Chief District Officer of Gorkha. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to him, the overflow of the lake following the avalanche did not cause any significant physical and human losses as there is no settlement near the lake. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">CDO Dahal informed that the avalanche has already stopped. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The sudden increase in water flow in the Budhigandaki River due to the avalanche washed away a wooden bridge on the way to Samdo from Samagaun which is about half an hour's trek from the lake," said Dahal, the Chief District Officer, adding that except this there were no other humanitarian or physical damages due to the lake overflow. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Dahal said that the security personnel have dug a deep trench from the lake and drained out the water. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A massive avalanche had fallen into the Birendra Tal situated below Mt Manaslu on Sunday. Following the incident, the District Administration Office had alerted the people living near the Budhigandaki River to remain alert and to not to venture near the river. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-04-22', 'modified' => '2024-04-22', 'keywords' => '', 'description' => '', 'sortorder' => '20514', 'image' => '20240422055129_DipakShrestha_Gorkha_RSS_09_birendratal.jpg', 'article_date' => '2024-04-22 17:50:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '20786', 'article_category_id' => '1', 'title' => 'Government Preparing to Amend Laws through Ordinances to Attract Investors', 'sub_title' => '', 'summary' => 'April 22: The government is preparing to amend various laws through ordinances with the objective to facilitate the use of land beyond the limit for various commercial purposes and to simplify the use of forest areas.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">April 22: The government is preparing to amend various laws through ordinances with the objective to facilitate the use of land beyond the limit for various commercial purposes and to simplify the use of forest areas. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The government proceeded ahead to amend about a dozen laws through ordinances after it failed to amend the laws through the regular parliamentary process due to political instability and lack of inter-ministerial coordination.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Prime Minister Pushpa Kamal Dahal has been saying that these laws will be amended before the Third Investment Summit scheduled to be held on April 28 and 29. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Under Secretary of the Ministry of Law, Justice and Parliamentary Affairs Jhaindra Prasad Guragai says that the ordinances will be finalized soon and sent to the cabinet for approval. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">“The final drafts of the ordinances have been already prepared. Work is being done to present them in the next cabinet meeting," he said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to the information provided by another high-ranking official at the Ministry of Law, in the draft to amend the Land Act, 2021 proposes companies to hold land in excess to the existing limit and to allow the sale of land within the limits specified in the law to pay debts and obligations.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Details obtained by New Business Age state that if an industry, establishment, company or organization needs more land than the limit set by the Land Act, 2021, it can submit an application to the Government of Nepal through the relevant ministry for approval within one year of its opening.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">A provision included in the draft bill proposes that if a company needs more land than the limit to expand its business, it can purchase additional land with the prior approval of the Ministry of Land Management, Cooperatives and Poverty Alleviation. Despite objection from the Ministry of Finance, a provision has been included in the draft bill that allows companies to mortgage the land bought and take loans from banks. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Secretary Mukunda Prasad Niraula, who was recently transferred from the Ministry of Industry, Commerce and Supplies to the Office of the Vice President, told New Business Age that the Ministry of Finance expressed concerns that the excess land purchased by companies could be fragmented and sold if the provision for allowing land in excess of the limit is passed.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to the amendment proposal made in the Forest Act 2070, if mining is required to find out the existence of minerals within the national forest, the Government of Nepal can give approval to use the forest area to extract such minerals on condition that there is no significant adverse effect on the environment during such mining process.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Similarly, by amending the Industrial Enterprises Act, 2076, the government has also proposed provisions for the promotion of start-up enterprises or businesses. The ordinance proposes the establishment and operation of enterprise development centers at three levels of government. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">By amending the Special Economic Zones Act, 2073, the ordinance proposes adding a provision that allows industries to be relocated and operated in the Special Economic Zones. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">By amending the Foreign Investment and Technology Transfer Act, 2075, the government has made an attempt to pave the way for the transfer of technology from Nepal to foreign countries as well. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The ordinance proposes transfer of patent, design, trademark, goodwill, technical specification, use of technical knowledge (franchise), formula, process, usage license between an industry or company established and operating in Nepal and an industry, firm or company located abroad. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">"Regardless of what is written in the existing law, an industry or company established and operating in Nepal can transfer technology to an industry, firm or company located abroad," the ordinance proposes, "Foreign currency received for the transfer of technology must be remitted in Nepal with the permission of Nepal Rastra Bank." </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">To transfer technology, an industry, firm or company may open its branch office or unit in the foreign country with the permission of the department. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to an official of the Ministry of Law, the proposals are being sent to the Cabinet. The law branch there can also make necessary amendments after taking the opinion of the law ministry. The ordinance that the government is going to bring will be implemented as a law after it is authenticated by the president. There is a constitutional provision that the ordinance must be passed by both houses within 60 days of the commencement of the new session of the Federal Parliament.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Aiming at the investment summit, the Law Reform Committee formed under the coordination of Prime Minister's Office Secretary Ek Narayan Aryal suggested to amend a dozen laws for policy, structural and procedural reforms. The committee proposed amendments to a dozen laws and regulations including the Industrial Enterprises Act (2076), Foreign Investment and Technology Transfer Act (2075), Special Economic Zone Act (2073), Forest Act (2076). Similarly, the committee also recommended amendment to the National Parks and Wildlife Protection Act (2029), Land Act (2021), Land Acquisition Act (2034), Environment Protection Act (2076), Electronic Transactions Act (2063), Nepal Civil Aviation Authority Act (2053), Foreign Investment and Technology Transfer Regulations (2077) and Forest Regulations (2079).</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-22', 'modified' => '2024-04-22', 'keywords' => '', 'description' => '', 'sortorder' => '20513', 'image' => '20240422124656_afccbd5a.jpeg', 'article_date' => '2024-04-22 12:46:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '20785', 'article_category_id' => '1', 'title' => 'Electric Vehicles Consume Six Million Units of Electricity Monthly', 'sub_title' => '', 'summary' => 'April 22: As electric vehicles (EVs) surge in popularity in the country, their electricity consumption has also risen.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">April 22: As electric vehicles (EVs) surge in popularity in the country, their electricity consumption has also risen. The Nepal Electricity Authority (NEA) reports that electric vehicles are currently consuming 6 million units of electricity per month through public charging stations.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Sagar Gyawali, assistant manager of NEA and head of the charging station project, stated that EVs in Nepal are consuming 6 million units of electricity per month. He also mentioned that the current electricity consumption from charging stations is negligible compared to the total electricity consumption of the country. According to NEA, Nepal consumed 9,358 gigawatt hours of electricity in the last fiscal year 2022/23.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Presently, NEA has 51 operational charging stations. "We are currently constructing 40 additional hub charging stations across Nepal," Gyawali stated. NEA had initially aimed to install 500 charging stations within this fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">In addition to NEA's efforts, the private sector is also rapidly expanding charging stations across the country, with 350 already in operation. However, stakeholders have expressed concerns about the slow pace of expansion compared to Nepal's targets for increasing electric vehicle usage and further expanding infrastructure.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Nepal has set ambitious targets, aiming for electric two-wheelers to constitute 90 percent and private four-wheelers 60 percent of vehicle usage by 2030.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">There has been a notable surge in the import of EVs in the current fiscal year. According to the latest data from the Department of Customs, Nepal imported 21,418 units of EVs, including two-wheelers, three-wheelers, and four-wheelers, in the first nine months of FY 2023/24. This marks a significant increase from the 14,394 units imported during the same period of FY 2022/23.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">According to the latest foreign trade statistics from the department, Nepal imported 7,093 units of electric four-wheelers in the first nine months of FY 2023/24, a significant increase from the 2,451 units imported during the same period of FY 2022/23. Additionally, the imports of electric vehicles for public transport, including buses and microvans, have also seen growth in this fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Electric vehicles, initially predominant in private use, have recently gained significant traction in the realm of public transport. Notably, Sajha Yatayat Cooperative leads the charge, having deployed the largest fleet of electric buses. Presently, Sajha operates 40 electric buses, marking a substantial contribution to sustainable urban mobility.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Janak Risal, Mechanical Engineer at Sajha Yatayat, stated that each electric bus consumes approximately 100 units of electricity per day. Based on this, the electric buses of Sajha collectively consume 4,000 units of electricity daily. Risal explained, "Previously, even with the availability of electric buses, only 10 to 15 buses could run sporadically due to limited charging infrastructure. However, with the installation of a charging station at Sajha's central office in Pulchok, Lalitpur, almost all buses now operate efficiently."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Sajha has initiated operations of 11 charging stations at its central office in Pulchok since April 9th. Each charger at the station boasts a capacity of 98 kilowatt hours, supported by the installation of 4 transformers of 1000 (1.1 MW) for power supply. Risal disclosed that such stations can concurrently charge 22 buses, significantly enhancing operational efficiency.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Risal emphasized that with the increasing import and use of electric vehicles, there will inevitably be a surge in electricity consumption. He suggested that NEA should establish standards for increasing the ampere capacity in household infrastructure to accommodate this growing demand.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Kavita Pokharel Kadel, Secretary of the Independent Power Producers Association, Nepal (IPPAN), emphasized that the adoption of electric vehicles will lead to an increase in electricity consumption while simultaneously reducing the need for petrol and diesel imports, thus retaining funds within the country. She highlighted the environmental benefits of electric vehicles and stressed the necessity of investing in infrastructure to support their widespread use. Pokharel further noted, "With the current state of electric vehicle technology, there are no issues driving them in urban areas, and charging at home can sustain the vehicle throughout the day."</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-22', 'modified' => '2024-04-22', 'keywords' => '', 'description' => '', 'sortorder' => '20512', 'image' => '20240422123712_CarPartsCom_EV_1200x628.jpg', 'article_date' => '2024-04-22 12:35:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20784', 'article_category_id' => '1', 'title' => 'Why is the Stock Market Declining?', 'sub_title' => '', 'summary' => 'April 22: In recent days, the NEPSE stock market index has experienced a continuous decline. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 22: In recent days, the NEPSE stock market index has experienced a continuous decline. Towards mid-March, following the formation of a new coalition government, the NEPSE, which had surged above 2100 points, has now fallen below 2000 points. After the formation of the new government, NEPSE initially rose, reaching as high as 2124.08 points on March 13. However, on Thursday, April 18, it dropped to 1972.14 points.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As NEPSE index continues to decline, the turnover is also diminishing. The daily turnover of the secondary market, which previously exceeded Rs 4 billion, has now decreased to around Rs 2 billion during this period, indicating limited trading activity in the secondary market of securities. Despite expectations of a rise in the capital market following increased liquidity in the banking sector due to the reduction in interest rates, the market failed to capitalize.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Investors and stock market experts attribute the market's inability to rise to various factors, including political instability, uncertainty regarding changes in banking and financial institution laws, economic downturn, and increased issuance of bonus and rights shares.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has introduced a bill in Parliament proposing amendments to certain provisions of the Bank and Financial Institutions Act. The bill suggests reducing the ownership limit from 2 percent to 1 percent for individuals or organizations investing in banks and financial institutions collectively. This move has prompted shareholders owning more than 1 percent of shares to sell their shares, potentially flooding the market and depressing share prices.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nawaraj Dahal, a securities market investor, noted, "Some investors are speculating that the amendment to this Act will lead to increased share supply in the market, which may also contribute to the stock market's decline."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Moreover, the market is experiencing oversupply due to a continuous increase in bonus and rights shares, which has prevented share prices from rising.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">International capital market expert Mukti Aryal suggests that the stock market reflects the state of the economy. While the National Statistics Office projects a 4 percent economic growth in the second quarter of the current fiscal year compared to the same period last year, the Asian Development Bank predicts Nepal's economic growth to be 3.6 percent for the year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Aryal emphasizes the interplay between the economy and the stock market, noting that banks and businesses are facing challenges with reduced demand, leading to under investment of funds despite liquidity in banks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The inability of banks to invest has also impacted their profits, as evidenced by decreased profits reported in the third-quarter financial statements of various commercial banks for the current year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Additionally, some investors advocate for more flexibility in share mortgage loans from Nepal Rastra bank. Currently capped at Rs 150 million for individuals and Rs 200 million for institutions, investors believe that relaxing these limits could stimulate market activity.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As of mid-March, banks have disbursed loans worth Rs 85.70 billion in share securities, indicating a substantial reliance on share mortgage loans. Aryal concludes that besides economic conditions, government policies, and NRB’s decisions significantly influence the capital market.</span></span></p> ', 'published' => true, 'created' => '2024-04-22', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20511', 'image' => '20240422120839_istockphoto-1393470258-612x612.jpg', 'article_date' => '2024-04-22 12:08:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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=> '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt">April 24: Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has welcomed the amendments made in the laws regarding investment, even though they were introduced through ordinances prior to the Third Investment Summit.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt">The umbrella organization said that despite being brought through ordinances, the amendments are seen as positive steps towards improving investment ambiance. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt">Issuing a press statement on Tuesday, FNCCI expressed confidence that the amendments made through ordinances in 12 laws and regulations by the government have created a conducive environment for investment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"> Stating that Nepal was receiving only 0.2 percent foreign investment of total domestic production, FNCCI said that the government's step would help create an environment conducive to investment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt">Targeting the investment summit, the government has made amendments in various laws including the Foreign Investment and Technology Transfer Act 2075, Industrial Enterprises Act 2076, Forest Act, and Land-related laws, focusing on attracting foreign investment and technology transfer.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt">“The government’s step to define startup through the amendment of the law is positive,” said FNCCI press statement. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-24', 'modified' => '2024-04-24', 'keywords' => '', 'description' => '', 'sortorder' => '20525', 'image' => '20240424060924_collage (64).jpg', 'article_date' => '2024-04-24 06:07:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '20797', 'article_category_id' => '1', 'title' => 'Qatar Emir’s Visit Highlights Important Bilateral Agreements between Nepal and Qatar ', 'sub_title' => '', 'summary' => 'April 23: Sheikh Tamim bin Hamad Al Thani, the Emir of Qatar, arrived in Nepal on Tuesday afternoon on a two-day state visit at the invitation of President Ram Chandra Paudel.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 23: Sheikh Tamim bin Hamad Al Thani, the Emir of Qatar, arrived in Nepal on Tuesday afternoon on a two-day state visit at the invitation of President Ram Chandra Paudel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The high-profile visit of the Qatari Emir on the eve of the third Investment Summit in Nepal is expected to give a positive message about Nepal to the international community. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The cabinet meeting on April 18 had approved the programme of state-visit of the Qatari Emir, agreed on Prime Minister Pushpa Kamal Dahal leading the Nepali delegation for bilateral discussions with the Qatari delegation and MoU for cooperation for various bilateral agreements to be inked during the Qatari Emir's two-day visit. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister for Communication and Information Technology, Rekha Sharma said that the Council of Ministers has already approved the MoU for cooperation between Nepal and Qatar on youth and sports sector as well as education and scientific research. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal and Qatar established diplomatic relations on January 21, 1977. Nepal established its Embassy in Doha, Qatar on July 11, 2000 whereas Qatar set up its Embassy in Nepal in August 2011. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Before that, Qatari Ambassador resident in New Delhi, India was concurrently accredited to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal and Qatar both uphold similar views on many international agendas and issues. Both countries have been signatory to the Non-Aligned Movement and are members of the United Nations. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, both countries have been working in tandem at these international forums and have been playing crucial roles for the cause of peace, security and development n the world. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Agreements have been inked for collaboration between the two countries in several sectors. Nepal had signed a Labour Agreement with Qatar on March 21, 2005 during the visit of then Minister for Foreign Affairs Ramesh Nath Pandey to Qatar. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Fourth Labour Ministerial Joint Meeting of the two countries held on December 2 and 3, 2021 in Kathmandu agreed to review the Labour Agreement signed in 2005. However, the Agreement has not been reviewed so far. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The two countries also in 2005 signed an agreement related to economic, trade and technical collaboration. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Qatari investors have put in investment in the agriculture, infrastructure, and energy among the various sectors after Nepal in 2007 inked an agreement with Qatar for removal of dual taxation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Nepal and Qatar signed an agreement on bilateral air service (civil aviation) on July 8, 2002. An agreement on collaboration in the tourism sector was reached between the two countries in 2011. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The private sectors of the two countries have also been collaborating in different areas. Nepal Chamber of Commerce and the Qatar Chamber of Commerce had signed an agreement relating to bilateral cooperation in 2018. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Doha Bank, one of the major banks of Qatar, opened its contact office in Kathmandu in December 2018. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal's industrialists have also become organized in Qatar. An organisation called Nepali Business Association Qatar was registered with the Qatar Financial Authority in March 2021. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">There have been exchanges of high-level visits between Nepal and Qatar at various times. The first President of Nepal, Dr Ram Baran Yadav, made an official visit to Qatar in 2011. Likewise, then President Bidya Devi Bhandari paid a state visit to Qatar from October 30 to November 2, 2018. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The then Minister for Labour, Employment and Social Security, Krishna Kumar Shrestha, visited Qatar on March 21-23, 2022. The then Minister for Education, Science and Technology Giriraj Mani Pokharel visited Qatar from November 20 to 22, 2019. Then Speaker of the House of Representatives, Krishna Bahadur Mahara also visited Qatar from April 6 to 10 in 2019. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The then Deputy Prime Minister and Minister for Health and Population, Upendra Yadav paid a visit to Qatar on November 13-14, 2018. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The then Foreign Affairs Minister Dr Prakash Sharan Mahat paid an official visit to Qatar in January 2017 on the occasion of the 40th anniversary of the establishment of diplomatic relations between Nepal and Qatar. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the then Deputy Prime Minister and Home Minister Bamdev Gautam visited Qatar from April 11 to 14, 2015. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The high-level visits to Nepal from Qatari side include the visit of Minister of Labour and Social Affairs of Qatar, Dr Abdullah Bin Saleh Mubarak al-Khulafi from April 4 to 7 in 2015; the visit by Qatar's Environment Minister Abdullah Bin Mubarak Bin Abud Al-Midhadi from April 5-9 in 2012 and that of Qatar's Minister for Foreign Affairs, Shekh Hamad Bin Jasim Bin Al Thani in 2009. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20524', 'image' => '20240423073534_emir.jpg', 'article_date' => '2024-04-23 19:35:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '20796', 'article_category_id' => '1', 'title' => 'Nepalgunj-based ICP to Come into Operation in Two Weeks', 'sub_title' => '', 'summary' => 'The newly established Integrated Customs Point (ICP) in Nepalgunj is set to commence operations within the next two weeks.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">April 23: The newly established Integrated Customs Point (ICP) in Nepalgunj is set to commence operations within the next two weeks.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">This facility, built by India and located at Nepalgunj transit along the Nepal-India border, has already been handed over to Nepal. "Customs services will be available from the newly constructed facility in the next 10-15 days," said Dhruba Raj Bishwakarma, Chief of Nepalgunj Customs Office.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Once operational, the ICP will facilitate the check-pass of containers from the facility. Prime Minister Pushpa Kamal Dahal 'Prachanda' and his Indian counterpart Narendra Modi jointly inaugurated the facility virtually during Dahal's visit to India (May 31 - June 3, 2023).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"> India officially transferred the facility to Nepal on Monday, approximately one year after its inauguration. Spanning across 87 bigha of land (one bigha is equivalent to 6772.63 sq. meters), the land was acquired by the Government of Nepal with support from India.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ICP encompasses various amenities including customs offices, livestock and plant quarantine facilities, warehouses, food technology, quality control facilities, security barracks, and a bank counter. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The business community in Nepalgunj is eagerly anticipating the launch of ICP services, expecting it to streamline trans-border imports and exports.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"> Krishna Prasad Shrestha, former President of the Nepalgunj Chamber of Commerce and Industry, highlighted the anticipated convenience for businesses.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20523', 'image' => '20240423043126_collage (63).jpg', 'article_date' => '2024-04-23 16:30:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '20794', 'article_category_id' => '1', 'title' => 'Number of Women as Bank Director Negligible', 'sub_title' => '', 'summary' => 'April 23: Although the government has mandated public companies to appoint women directors, female representation on bank boards remains negligible. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 23: Although the government has mandated public companies to appoint women directors, female representation on bank boards remains negligible. Some commercial banks lack any female directors. This decline is attributed to banks' failure to implement the Companies Act provision. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Section 86 (2) stipulates that a public company's board should consist of at least three members and at most 11 members, with at least one female director for companies with female shareholders. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The annual supervision report of Nepal Rastra Bank highlights commercial banks' failure to adhere to this mandate. The report mentions that some banks do not have women directors as per the Companies Act.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Data collected by New Business Age reveals that four out of the 19 commercial banks currently in operation have no female directors. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Among these banks, two have foreign investment (Standard Chartered and Himalayan) and two have only domestic investment (Global IME and Prabhu Bank). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Furthermore, 13 banks have only one female director each. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Government-invested commercial banks each have one woman on their boards. Among them, Gita Subedi is an expert director in Agricultural Development Bank, Romila Dhakal Upreti in Rastriya Banijya Bank and Sadhana Ghimire is a representative of the government in Nepal Bank Limited.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Among the private banks, Nepal SBI Bank and Laxmi Sunrise have two women each on the board of directors. Jayanti Banshal is the chairman of Nepal SBI Bank and Apsara Upreti is the director of the same bank. Similarly, Swati Rungta and Bidya Basnet are the directors of Laxmi Sunrise Bank. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The rest of the banks have one female director. Among them, Asha Rana Adhikari is a director at Nabil Bank, Meena Kumari Sainju at Siddharth Bank, Taradevi Chitrakar Bank Prime Bank, Manju Basnet at Nepal Investment Mega Bank. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, on behalf of general shareholders, Bandana Karki is a director of Machhapuchhre Bank, Bijaya Swar at NIC Asia Bank, Gayatri Thapa at Sanima Bank, Simran Aggarwal at Kumari Bank, Urmila Shrestha at Everest Bank and Sharmila Hardi at NMB Bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The proposed amendment to the Banks and Financial Institutions Act (Bafia) aims to increase female representation by requiring two women on bank boards—one from the shareholders and one from the expert group.</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20522', 'image' => '20240423030128_Banks - Copy.jpg', 'article_date' => '2024-04-23 15:00:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '20793', 'article_category_id' => '1', 'title' => 'Price of Gold Drops', 'sub_title' => '', 'summary' => 'April 23: The price of gold has declined in the domestic market on Tuesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 23: The price of gold has declined in the domestic market on Tuesday. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the Federation of Gold and Silver Dealers Association, the price of the precious yellow metal dropped by Rs 2,700 per tola (11.66 grams) compared to the previous trading day.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The federation fixed the price of hallmark gold at Rs 135,500 per tola on Tuesday. Hallmark gold was traded for Rs 138,200 on Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the price of worked gold has also fallen by Rs 2,700 per tola. Worked gold, which was traded at Rs 137,500 per tola on Monday is being traded at Rs 134,850 on Tuesday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the price of silver has decreased by Rs 45 per tola compared to its price on Monday, according to the federation. Silver was traded for Rs 1,705 per tola on Monday while its price has dropped to Rs 1,660 on Tuesday. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Calibri","sans-serif"">The federation fixes the price of gold and silver based on the price in the international market.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Calibri","sans-serif"">The price of gold had been rising steadily in the past few weeks, reaching an all-time high of Rs 139,200 per tola on April 16.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Calibri","sans-serif"">In the Nepali month of Chaitra (mid-March to mid-April), the price of gold increased eleven times in the domestic market of Nepal. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Calibri","sans-serif"">The recent geopolitical tension due to the Israel’s offensive in Gaza and the Russia-Ukraine war as well as tensions between Israel and Iran have led to investors to invest in gold considering it as a safe haven in times of turmoil.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Calibri","sans-serif"">However, analysts say that the price has dropped slightly due to the de-escalation of tensions between Iran and Israel. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20521', 'image' => '20240423015704_20240416123314_20240412010233_gold newwww.jpg', 'article_date' => '2024-04-23 13:56:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '20792', 'article_category_id' => '1', 'title' => 'Government Changes Finance Secretary in the Midst of Budget Preparation', 'sub_title' => '', 'summary' => 'April 23: The post of Finance Secretary, which is considered as the most important after the post of chief secretary, has always been destabilized by political leadership. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">April 23: The post of Finance Secretary, which is considered as the most important after the post of chief secretary, has always been destabilized by political leadership. The practice of changing the finance secretary after the change of government has prevailed since the past one decade.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The incumbent Finance Minister Barshman Pun has also given continuity to this tradition. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">At a time when the Finance Ministry is in intense discussion to finalize the discussion of the budget is going on, Finance Minister Pun has appointed Madhu Kumar Marasini, who was recently acquitted by the Special Court in a corruption case, as the new finance secretary. The Special Court had recently acquitted Marasini in an alleged corruption case involving the procurement of the National Payment Gateway.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Pun removed Dr Krishna Hari Pushkar, who was preferred by the then Finance Minister Prakash Sharan Mahat, and appointed Marasini in his place.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Pushkar was appointed as the finance secretary for the second time in last August. Before that, Arjun Prasad Pokharel was served as the finance secretary. Pokharel, who was appointed to the post on May last year, was able to work only for six months.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">It clearly shows that the Ministry of Finance had three secretaries in a single year. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Marasini took charge of the finance secretary Monday on the same day that the Council of Ministers decided to appoint him to the post.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The cabinet meeting on Monday decided to transfer Marasini to Finance Ministry and Pushkar to the Office of the Prime Minister and Council of Ministers. Marasini has prior experience of serving as the finance secretary. Finance Minister Barshman Pun said that changes in responsibilities should be taken as normal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Pushkar was not an expert hand in affairs related to the Ministry of Finance. Before being appointed as the finance secretary, he worked in agencies under other ministries and also worked with the Commission for the Investigation of Abuse of Authority and the Ministry of Home Affairs. He joined the Ministry of Finance only on September 4, 2021 as the revenue secretary. Former Chief Secretary Lokdarshan Regmi and Arjun Pokharel, who also served as the finance secretaries, were also not experts on matters related to the Finance Ministry.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Former Chief Secretary Bimal Koirala says that the political leadership have made civil servants including the finance secretary as their puppets in recent years.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">"It is wrong for the political leadership to use and dump civil servants. It will not create a conducive environment for work under any circumstances," he said. Koirala said that if the civil servants are destabilized, they will not be able to work properly and it will have a big impact on the overall development of the country.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to him, other countries give importance to the stability of employees. It is not customary to remove a person once appointed to the post of finance secretary unless he is accused of serious charges. But Koirala says that two to three finance secretaries are changed here in a year and this is not a good practice.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Koirala argues that if the post of finance secretary is made weak and unstable, it will affect the morale of the private sector as well as the relationship with development partners. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Former Finance Minister Dr Mahat had also removed almost all of the officials at the Finance Ministry. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Last month, Minister Pun made a comprehensive reshuffle of the heads of departments and divisions under the ministry. When he made Shivlal Tiwari the Director General of the Inland Revenue Department, he gave Dhundi Niraula the responsibility of the Department of Customs. Ritesh Kumar Shakya, who was the head of the revenue management division, has been transferred to the budget and program division. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Uttar Kumar Khatri of Budget Division was transferred to Planning, Monitoring and Evaluation Division and Dhani Ram Sharma was made the head of Revenue Management Division.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Minister Pun transferred Shobhakant Poudel, who was the Director General of the Department of Customs, to the Public Finance Management Training Center and the head of training there, Ram Prasad Acharya, was brought to the Ministry of Finance.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The Finance Secretary and Revenue Secretary play a major role in preparing budget. That is why Finance Minister Pun wanted to bring a person who is suitable to him as finance secretary. Upon his recommendation, the government has given Marasini the responsibility of finance secretary. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">However, confusion has arisen due to the sudden change of the top officials of the finance ministry when the ministry and other developmental ministries were actively working to prepare the budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to the constitutional provisions, the government should announce the budget on 15<sup>th</sup> of Jestha (May 28 this year). A lot of work needs to be done before that. After the principles and priorities of the budget presented in the parliament are passed, the government should bring policies and programs. After that the policies and programs are passed, the government will then announce the budget. However, when the secretary changes at the last minute, it will take time for the new secretary to understand everything, said a senior official. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20520', 'image' => '20240423124331_budget.jpg', 'article_date' => '2024-04-23 12:38:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '20795', 'article_category_id' => '1', 'title' => 'Capital City gets a Facelift to Welcome Qatar’s Emir for a State Visit to Nepal ', 'sub_title' => '', 'summary' => 'April 23: The federal capital, Kathmandu, is preparing to warmly welcome Sheikh Tamim bin Hamad Al Thani, the Emir of Qatar, who is scheduled to arrive late this afternoon on a State visit. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 23: The federal capital, Kathmandu, is preparing to warmly welcome Sheikh Tamim bin Hamad Al Thani, the Emir of Qatar, who is scheduled to arrive late this afternoon on a State visit. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Qatari Emir is arriving on a two-day state visit at the invitation of President Ram Chandra Paudel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The city has been adorned with welcome gates and banners along major roads and intersections in honor of the high-profile dignitary’s visit from Qatar. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Kathmandu Metropolitan City Office has undertaken the cleaning and decoration of roads stretching from Tribhuvan International Airport (TIA) to various key areas including Tinkune, New Baneshwor, Babarmahal, Tripureshwar, Kalimati, Jamal and Lainchaur. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Nabin Manandhar, the spokesperson for the Kathmandu Metropolis, the decorated roads proudly display the national flags of both Nepal and Qatar. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Moreover, banners featuring the names of President Ram Chandra Paudel and the Emir of Qatar, along with a portrait of Kumari, the Living Goddess, have been placed with the Namaste gesture, indicate the cultural richness and diversity of the Kathmandu Valley. Such banners read "Hearty welcome to the Emir from Qatar". </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Security arrangements along the designated route for the VVIP from Qatar have been intensified, with each welcome gate being guarded by security personnel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Furthermore, key areas such as Shital Niwas (the Office of the President), Soaltee Hotel where the Emir will be staying, and Dwarika Hotel where various visit-related events are scheduled to take place have been beautifully decorated for the occasion. The Non-Resident Nepali Association and the Qatar Embassy in Nepal have also prepared welcome gates to extend greetings to the Emir. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In light of the Emir's visit, the government has declared a public holiday on Tuesday, suggesting the diplomatic significance of the visit. </span></span></span><br /> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Security beefed up </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the Nepalese Army has said it has mobilized a security mechanism in various venues where visit-related events ranging from welcome and other ceremonies to farewell are scheduled to take place. The security arrangements are in place on a need basis. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In coordination with the NA Chief of General Staff, a Lieutenant General, various security squads comprising security personnel from the Nepal Police, Armed Police Force, and the National Investigation Department have been mobilized. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to TIA General Manager, Jagannath Nirauala, all flights at TIA will remain halted for 15 minutes each during the arrival and departure of the Qatari Emir, bearing in mind the security sensitivity of the visit. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The visit is expected to help elevate the bilateral relations between Nepal and Qatar to a new height. The Qatari Emir's visit marks the first highest-level visit from the entire Middle East to Nepal. Qatar serves as one of the major labour destinations for Nepal. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20519', 'image' => '20240423030333_HRB-KTM-1120240423132143_IMG_1795copy.JPG', 'article_date' => '2024-04-23 15:02:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '20791', 'article_category_id' => '1', 'title' => 'DFIs Invest USD 1.1 Billion in Nepal', 'sub_title' => '', 'summary' => 'April 23: At a time when the private sector of Nepal is facing challenges to raise financial resources from the international market, the Development Finance Institutions (DFIs) established by different countries have stepped forward to invest loans and shares in the private sector of Nepal.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">April 23: At a time when the private sector of Nepal is facing challenges to raise financial resources from the international market, the Development Finance Institutions (DFIs) established by different countries have stepped forward to invest loans and shares in the private sector of Nepal.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Although the World Bank's International Finance Corporation (IFC) started investing in the private sector of Nepal only some time ago, other DFIs have been investing in the private sector of Nepal since a few years ago.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">They have been investing through some commercial banks, private equity funds and also directly. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">"Until now, DFIs have invested USD </span><span style="font-family:"Arial Unicode MS","sans-serif"">1</span><span style="font-family:"ekmukta","serif"">.</span><span style="font-family:"Arial Unicode MS","sans-serif"">1</span> <span style="font-family:"ekmukta","serif"">billion in the private sector of Nepal," Bivek Shrestha, Chief Executive Officer of Invest for Impact Nepal, said in a press conference held on Monday. "Of this amount, more than USD </span><span style="font-family:"Arial Unicode MS","sans-serif"">600</span><span style="font-family:"ekmukta","serif""> million have been mobilized through commercial banks."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">The Invest for Impact Nepal was established through the joint effort of various DFIs. Invest for Impact Nepal coordinates their activities in Nepal. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">British International Investment, Dutch International Development Bank, Swiss Investment Fund for Emerging Markets among others established the Invest for Impact Nepal. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">A team of DFIs is currently in Kathmandu and they are participating in a seminar. Shrestha said that most of the DFI representatives will also participate in the upcoming investment summit announced by the government for April 28 and 29.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Shrestha said that the DFIs are currently investing mainly through commercial banks but are also considering the idea of investing through development banks and micro finance.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">"During this seminar, there will also be a discussion on how to cooperate between DFIs and donor agencies to increase investment in Nepal," he said.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20518', 'image' => '20240423124004_ddd.jpg', 'article_date' => '2024-04-23 11:49:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '20790', 'article_category_id' => '1', 'title' => ''Staggering' Number of Workers Facing Climate Change-Induced Health Hazards: UN', 'sub_title' => '', 'summary' => 'April 23: A large majority of workers worldwide are facing a cocktail of health hazards linked to climate change, AFP reported citing the United Nations.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">April 23: A large majority of workers worldwide are facing a cocktail of health hazards linked to climate change, AFP reported citing the United Nations.</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 French news agency, the UN’s International Labour Organization on Monday warned that the existing regulations offered inadequate protection.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"A staggering number of workers are already being exposed to climate change-related hazards in the workplace and these figures are only likely to get worse," the ILO said in a report.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Farm workers and others who carry out heavy labour in hot climates especially "may be exposed to a cocktail of hazards", the ILO added.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report further stated that these hazards include excessive heat, UV radiation, air pollution, vector-borne diseases and agrochemicals. Those working in hot indoor environments or poorly ventilated spaces are also at risk.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"Workers are among those most exposed to climate change hazards yet frequently have no choice but to continue working, even if conditions are dangerous," the report said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">It pointed out that in 2020 -- the last year for which statistics are available -- 2.4 billion workers, or more than 70 percent of the global workforce, were estimated to be exposed to excessive heat at some point.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">That marks "a clear increase", Manal Azzi, the ILO's senior specialist on occupational safety and health, told reporters in Geneva.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The number of exposed workers had ballooned by 35 percent over two decades, and even adjusting for the growing global population, the percentage of the labour force affected had swelled by 8.8 percent since the year 2000, she said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt">'Huge issue' </span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"This is a huge issue," Azzi said, warning that "workers are often forgotten when we're talking about climate change, and the health impacts are very severe".</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Nearly 23 million occupational injuries attributed to excessive heat are reported each year, costing, on estimate, nearly 19,000 lives annually.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">And those numbers do not include more than 26 million people who live with chronic kidney disease linked to workplace heat stress, the ILO said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Furthermore, the impact of global warming on workers goes well beyond heat exposure.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report noted that numerous dangerous health conditions in workers had been linked to climate change, including cancer, cardiovascular disease, respiratory illnesses, kidney dysfunction and mental health conditions.</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, the ILO said 1.6 billion workers worldwide were estimated to be exposed to UV radiation each year, with more than 18,960 work-related deaths annually from non-melanoma skin cancer.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Another 1.6 billion people were likely to be exposed to workplace pollution, resulting in up to 860,000 deaths among outdoor workers annually.</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 870 million agricultural workers are meanwhile likely to be exposed to pesticides, with more than 300,000 deaths attributed to pesticide poisoning each year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">And 15,000 work-related deaths each year are attributed to exposure to parasitic and vector-borne diseases, the report said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"It's clear that climate change is already creating significant additional health hazards for workers," Azzi said in a statement.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"It is essential that we heed these warnings. Occupational safety and health considerations must be become part of our climate change responses -- both policies and actions."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ILO said climate change hazards could require countries to re-evaluate existing legislation or create new regulations to protect workers properly.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The agency will next year host an expert meeting with representatives of employers, labour and governments to discuss the issue, with the aim of coming up with fresh policy recommendations, AFP quoted Azzi as saying.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20517', 'image' => '20240423110915_wcms_374835.jpg', 'article_date' => '2024-04-23 11:08:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '20789', 'article_category_id' => '1', 'title' => 'MFD Warns of Excessive Heat in Tarai, Urges Public to Remain Safe from Heat Wave ', 'sub_title' => '', 'summary' => 'April 22: The Meteorological Forecasting Division under the Department of Hydrology and Meteorology has said that both the minimum and maximum temperatures in most parts of the country have increased in the past few days resulting in hotter days. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 22: The Meteorological Forecasting Division under the Department of Hydrology and Meteorology has said that both the minimum and maximum temperatures in most parts of the country have increased in the past few days resulting in hotter days. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a special public bulletin on Monday, the department has asked one and all to remain cautious since the maximum temperature in some parts of Lumbini, Madesh and Sudurpaschim provinces was recorded at 40 degrees Celsius or more. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department stated that excessive heat is likely for some days in the Tarai areas and has urged all to apply precautions or make necessary preparations. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"These areas could witness a heat wave from April 22 to 26. People are requested for needed precautions to keep themselves safe from the impact of the heat wave," the department's special bulletin states. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the division has urged people to remain inside their homes in the day time when there is excessive heat, avoid traveling, cover their head while going out from home, wear cap, drink water and juice frequently, and stay in contact with the health workers in case of health issues. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-04-23', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20516', 'image' => '20240423103916_Document.jpg', 'article_date' => '2024-04-23 10:38:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '20788', 'article_category_id' => '1', 'title' => 'Cabinet Approves MoUs to be Signed between Nepal and Qatar', 'sub_title' => '', 'summary' => 'April 22: The Government of Nepal has decided to endorse various memorandum of understanding (MoUs) to be signed between the Nepal and Qatar. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 22: The Government of Nepal has decided to endorse various memorandum of understanding (MoUs) to be signed between Nepal and Qatar. The MoUs will be signed during the two-day state visit of the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, starting from Tuesday </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Emir of Qatar, Al Thani, is visiting Nepal on April 23 and 24 at the invitation of President Ram Chandra Paudel. Accordingly, a meeting of the Council of Ministers on Monday decided to give a public holiday on April 23. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Minister for Communications and Information Technology Rekha Sharma, the cabinet also decided Prime Minister Pushpa Kamal Dahal to lead the talks with the Qatari side. The memorandum of understanding is being signed on cooperation between Nepal and Qatar in the field of youth and sports, and in the field of education and scientific research. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Government Spokesperson Sharma informed that the cabinet meeting decided to accept 9.91 million Swiss francs from the Swiss government for the implementation of the trekking-based tourism development project in Koshi province and USD 9.8 million from the Korea International Cooperation Agency (KOICA) for Pokhara Metropolitan City. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the Cabinet has also decided to appoint Secretary Madhu Kumar Marasini as the Secretary of the Ministry of Finance and Dr Krishnahari Pushkar as the Secretary of the Office of the Prime Minister and Council of Ministers. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The meeting approved the preliminary agenda of the 12th meeting of the Nepal-China Tibet Trade Facilitation Committee to be held in Kathmandu on April 27 and 28 and decided to form a talks team under the coordination of the joint secretary of the Ministry of Industry, Commerce and Supplies to participate in the meeting. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Sharing the decisions of the April 18 cabinet meeting, Government Spokesperson Sharma said that the government decided that the Central Post Office, Postal Directorate and District Post Offices will operate on public holidays as well. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Assistant Auditor General Baikuntha Bahadur Adhikari has been promoted to the post of Deputy Auditor General and Murari Prasad Kharel has been appointed as the Secretary of the National Human Rights Commission. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-22', 'modified' => '2024-04-22', 'keywords' => '', 'description' => '', 'sortorder' => '20515', 'image' => '20240422085954_20220322111531_Flag-Pins-Nepal-Qatar_600x600.jpg', 'article_date' => '2024-04-22 20:59:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '20787', 'article_category_id' => '1', 'title' => ' Glacial Lake Destabilized after Avalanche Returning to Normal State ', 'sub_title' => '', 'summary' => 'April 22: Birendra Tal, a glacial lake at the base of Mt Manaslu in Samagaun, northern Gorkha has gradually started to return to its normal state. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 22: Birendra Tal, a glacial lake at the base of Mt Manaslu in Samagaun, northern Gorkha has gradually started to return to its normal state. The lake was destabilized after a huge avalanche originating on Mt Manaslu hit it on Sunday morning, leading to an overflow. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"As a result of the overflow of the lake due to the avalanche, the excess water gushed downstream into the Budhigandaki River. Now, the situation is normal and the lake is gradually returning to its previous condition," said Bhola Dahal, the Chief District Officer of Gorkha. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to him, the overflow of the lake following the avalanche did not cause any significant physical and human losses as there is no settlement near the lake. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">CDO Dahal informed that the avalanche has already stopped. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The sudden increase in water flow in the Budhigandaki River due to the avalanche washed away a wooden bridge on the way to Samdo from Samagaun which is about half an hour's trek from the lake," said Dahal, the Chief District Officer, adding that except this there were no other humanitarian or physical damages due to the lake overflow. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Dahal said that the security personnel have dug a deep trench from the lake and drained out the water. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A massive avalanche had fallen into the Birendra Tal situated below Mt Manaslu on Sunday. Following the incident, the District Administration Office had alerted the people living near the Budhigandaki River to remain alert and to not to venture near the river. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-04-22', 'modified' => '2024-04-22', 'keywords' => '', 'description' => '', 'sortorder' => '20514', 'image' => '20240422055129_DipakShrestha_Gorkha_RSS_09_birendratal.jpg', 'article_date' => '2024-04-22 17:50:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '20786', 'article_category_id' => '1', 'title' => 'Government Preparing to Amend Laws through Ordinances to Attract Investors', 'sub_title' => '', 'summary' => 'April 22: The government is preparing to amend various laws through ordinances with the objective to facilitate the use of land beyond the limit for various commercial purposes and to simplify the use of forest areas.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">April 22: The government is preparing to amend various laws through ordinances with the objective to facilitate the use of land beyond the limit for various commercial purposes and to simplify the use of forest areas. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The government proceeded ahead to amend about a dozen laws through ordinances after it failed to amend the laws through the regular parliamentary process due to political instability and lack of inter-ministerial coordination.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Prime Minister Pushpa Kamal Dahal has been saying that these laws will be amended before the Third Investment Summit scheduled to be held on April 28 and 29. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Under Secretary of the Ministry of Law, Justice and Parliamentary Affairs Jhaindra Prasad Guragai says that the ordinances will be finalized soon and sent to the cabinet for approval. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">“The final drafts of the ordinances have been already prepared. Work is being done to present them in the next cabinet meeting," he said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to the information provided by another high-ranking official at the Ministry of Law, in the draft to amend the Land Act, 2021 proposes companies to hold land in excess to the existing limit and to allow the sale of land within the limits specified in the law to pay debts and obligations.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Details obtained by New Business Age state that if an industry, establishment, company or organization needs more land than the limit set by the Land Act, 2021, it can submit an application to the Government of Nepal through the relevant ministry for approval within one year of its opening.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">A provision included in the draft bill proposes that if a company needs more land than the limit to expand its business, it can purchase additional land with the prior approval of the Ministry of Land Management, Cooperatives and Poverty Alleviation. Despite objection from the Ministry of Finance, a provision has been included in the draft bill that allows companies to mortgage the land bought and take loans from banks. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Secretary Mukunda Prasad Niraula, who was recently transferred from the Ministry of Industry, Commerce and Supplies to the Office of the Vice President, told New Business Age that the Ministry of Finance expressed concerns that the excess land purchased by companies could be fragmented and sold if the provision for allowing land in excess of the limit is passed.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to the amendment proposal made in the Forest Act 2070, if mining is required to find out the existence of minerals within the national forest, the Government of Nepal can give approval to use the forest area to extract such minerals on condition that there is no significant adverse effect on the environment during such mining process.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Similarly, by amending the Industrial Enterprises Act, 2076, the government has also proposed provisions for the promotion of start-up enterprises or businesses. The ordinance proposes the establishment and operation of enterprise development centers at three levels of government. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">By amending the Special Economic Zones Act, 2073, the ordinance proposes adding a provision that allows industries to be relocated and operated in the Special Economic Zones. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">By amending the Foreign Investment and Technology Transfer Act, 2075, the government has made an attempt to pave the way for the transfer of technology from Nepal to foreign countries as well. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The ordinance proposes transfer of patent, design, trademark, goodwill, technical specification, use of technical knowledge (franchise), formula, process, usage license between an industry or company established and operating in Nepal and an industry, firm or company located abroad. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">"Regardless of what is written in the existing law, an industry or company established and operating in Nepal can transfer technology to an industry, firm or company located abroad," the ordinance proposes, "Foreign currency received for the transfer of technology must be remitted in Nepal with the permission of Nepal Rastra Bank." </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">To transfer technology, an industry, firm or company may open its branch office or unit in the foreign country with the permission of the department. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to an official of the Ministry of Law, the proposals are being sent to the Cabinet. The law branch there can also make necessary amendments after taking the opinion of the law ministry. The ordinance that the government is going to bring will be implemented as a law after it is authenticated by the president. There is a constitutional provision that the ordinance must be passed by both houses within 60 days of the commencement of the new session of the Federal Parliament.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Aiming at the investment summit, the Law Reform Committee formed under the coordination of Prime Minister's Office Secretary Ek Narayan Aryal suggested to amend a dozen laws for policy, structural and procedural reforms. The committee proposed amendments to a dozen laws and regulations including the Industrial Enterprises Act (2076), Foreign Investment and Technology Transfer Act (2075), Special Economic Zone Act (2073), Forest Act (2076). Similarly, the committee also recommended amendment to the National Parks and Wildlife Protection Act (2029), Land Act (2021), Land Acquisition Act (2034), Environment Protection Act (2076), Electronic Transactions Act (2063), Nepal Civil Aviation Authority Act (2053), Foreign Investment and Technology Transfer Regulations (2077) and Forest Regulations (2079).</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-22', 'modified' => '2024-04-22', 'keywords' => '', 'description' => '', 'sortorder' => '20513', 'image' => '20240422124656_afccbd5a.jpeg', 'article_date' => '2024-04-22 12:46:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '20785', 'article_category_id' => '1', 'title' => 'Electric Vehicles Consume Six Million Units of Electricity Monthly', 'sub_title' => '', 'summary' => 'April 22: As electric vehicles (EVs) surge in popularity in the country, their electricity consumption has also risen.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">April 22: As electric vehicles (EVs) surge in popularity in the country, their electricity consumption has also risen. The Nepal Electricity Authority (NEA) reports that electric vehicles are currently consuming 6 million units of electricity per month through public charging stations.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Sagar Gyawali, assistant manager of NEA and head of the charging station project, stated that EVs in Nepal are consuming 6 million units of electricity per month. He also mentioned that the current electricity consumption from charging stations is negligible compared to the total electricity consumption of the country. According to NEA, Nepal consumed 9,358 gigawatt hours of electricity in the last fiscal year 2022/23.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Presently, NEA has 51 operational charging stations. "We are currently constructing 40 additional hub charging stations across Nepal," Gyawali stated. NEA had initially aimed to install 500 charging stations within this fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">In addition to NEA's efforts, the private sector is also rapidly expanding charging stations across the country, with 350 already in operation. However, stakeholders have expressed concerns about the slow pace of expansion compared to Nepal's targets for increasing electric vehicle usage and further expanding infrastructure.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Nepal has set ambitious targets, aiming for electric two-wheelers to constitute 90 percent and private four-wheelers 60 percent of vehicle usage by 2030.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">There has been a notable surge in the import of EVs in the current fiscal year. According to the latest data from the Department of Customs, Nepal imported 21,418 units of EVs, including two-wheelers, three-wheelers, and four-wheelers, in the first nine months of FY 2023/24. This marks a significant increase from the 14,394 units imported during the same period of FY 2022/23.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">According to the latest foreign trade statistics from the department, Nepal imported 7,093 units of electric four-wheelers in the first nine months of FY 2023/24, a significant increase from the 2,451 units imported during the same period of FY 2022/23. Additionally, the imports of electric vehicles for public transport, including buses and microvans, have also seen growth in this fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Electric vehicles, initially predominant in private use, have recently gained significant traction in the realm of public transport. Notably, Sajha Yatayat Cooperative leads the charge, having deployed the largest fleet of electric buses. Presently, Sajha operates 40 electric buses, marking a substantial contribution to sustainable urban mobility.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Janak Risal, Mechanical Engineer at Sajha Yatayat, stated that each electric bus consumes approximately 100 units of electricity per day. Based on this, the electric buses of Sajha collectively consume 4,000 units of electricity daily. Risal explained, "Previously, even with the availability of electric buses, only 10 to 15 buses could run sporadically due to limited charging infrastructure. However, with the installation of a charging station at Sajha's central office in Pulchok, Lalitpur, almost all buses now operate efficiently."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Sajha has initiated operations of 11 charging stations at its central office in Pulchok since April 9th. Each charger at the station boasts a capacity of 98 kilowatt hours, supported by the installation of 4 transformers of 1000 (1.1 MW) for power supply. Risal disclosed that such stations can concurrently charge 22 buses, significantly enhancing operational efficiency.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Risal emphasized that with the increasing import and use of electric vehicles, there will inevitably be a surge in electricity consumption. He suggested that NEA should establish standards for increasing the ampere capacity in household infrastructure to accommodate this growing demand.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Kavita Pokharel Kadel, Secretary of the Independent Power Producers Association, Nepal (IPPAN), emphasized that the adoption of electric vehicles will lead to an increase in electricity consumption while simultaneously reducing the need for petrol and diesel imports, thus retaining funds within the country. She highlighted the environmental benefits of electric vehicles and stressed the necessity of investing in infrastructure to support their widespread use. Pokharel further noted, "With the current state of electric vehicle technology, there are no issues driving them in urban areas, and charging at home can sustain the vehicle throughout the day."</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-22', 'modified' => '2024-04-22', 'keywords' => '', 'description' => '', 'sortorder' => '20512', 'image' => '20240422123712_CarPartsCom_EV_1200x628.jpg', 'article_date' => '2024-04-22 12:35:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20784', 'article_category_id' => '1', 'title' => 'Why is the Stock Market Declining?', 'sub_title' => '', 'summary' => 'April 22: In recent days, the NEPSE stock market index has experienced a continuous decline. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 22: In recent days, the NEPSE stock market index has experienced a continuous decline. Towards mid-March, following the formation of a new coalition government, the NEPSE, which had surged above 2100 points, has now fallen below 2000 points. After the formation of the new government, NEPSE initially rose, reaching as high as 2124.08 points on March 13. However, on Thursday, April 18, it dropped to 1972.14 points.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As NEPSE index continues to decline, the turnover is also diminishing. The daily turnover of the secondary market, which previously exceeded Rs 4 billion, has now decreased to around Rs 2 billion during this period, indicating limited trading activity in the secondary market of securities. Despite expectations of a rise in the capital market following increased liquidity in the banking sector due to the reduction in interest rates, the market failed to capitalize.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Investors and stock market experts attribute the market's inability to rise to various factors, including political instability, uncertainty regarding changes in banking and financial institution laws, economic downturn, and increased issuance of bonus and rights shares.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has introduced a bill in Parliament proposing amendments to certain provisions of the Bank and Financial Institutions Act. The bill suggests reducing the ownership limit from 2 percent to 1 percent for individuals or organizations investing in banks and financial institutions collectively. This move has prompted shareholders owning more than 1 percent of shares to sell their shares, potentially flooding the market and depressing share prices.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nawaraj Dahal, a securities market investor, noted, "Some investors are speculating that the amendment to this Act will lead to increased share supply in the market, which may also contribute to the stock market's decline."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Moreover, the market is experiencing oversupply due to a continuous increase in bonus and rights shares, which has prevented share prices from rising.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">International capital market expert Mukti Aryal suggests that the stock market reflects the state of the economy. While the National Statistics Office projects a 4 percent economic growth in the second quarter of the current fiscal year compared to the same period last year, the Asian Development Bank predicts Nepal's economic growth to be 3.6 percent for the year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Aryal emphasizes the interplay between the economy and the stock market, noting that banks and businesses are facing challenges with reduced demand, leading to under investment of funds despite liquidity in banks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The inability of banks to invest has also impacted their profits, as evidenced by decreased profits reported in the third-quarter financial statements of various commercial banks for the current year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Additionally, some investors advocate for more flexibility in share mortgage loans from Nepal Rastra bank. Currently capped at Rs 150 million for individuals and Rs 200 million for institutions, investors believe that relaxing these limits could stimulate market activity.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As of mid-March, banks have disbursed loans worth Rs 85.70 billion in share securities, indicating a substantial reliance on share mortgage loans. Aryal concludes that besides economic conditions, government policies, and NRB’s decisions significantly influence the capital market.</span></span></p> ', 'published' => true, 'created' => '2024-04-22', 'modified' => '2024-04-23', 'keywords' => '', 'description' => '', 'sortorder' => '20511', 'image' => '20240422120839_istockphoto-1393470258-612x612.jpg', 'article_date' => '2024-04-22 12:08:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
