April 19: Around 550,000 people have acquired work permits for overseas employment as of April 12 of the current fiscal year…
April 19: Around 550,000 people have acquired work permits for overseas employment as of April 12 of the current fiscal year…
April 19: Bal Kumari Mahato of Kawasoti in Nawalparasi (Bardaghat Susta Purba) district does not worry anymore how to run her household thanks to the income she makes from operating…
April 19: An auditor is commonly known as a person who examines the accounts.…
April 19: Malaysia's policy to stop hiring foreign workers in the formal sector from June 1 is a setback for the growing labor force of Nepal.…
April 19: The average stay and expenditure of foreign tourists in Nepal has seen a slight improvement in 2023.…
April 19: The United Arab Emirates struggled Thursday to recover from the heaviest recorded rainfall ever to hit the desert nation, as its main airport worked to restore normal operations even as floodwater still covered portions of major highways and…
April 19: The Tatopani Customs Office has collected revenue exceeding the target set for the first nine months of the current fiscal…
April 19: Tara Manandhar has been appointed as the Chief Executive Officer (CEO) of Dish Media Network…
The Nepal Stock Exchange (NEPSE) Index experienced a decline of 19.56 points or 0.98%, closing at 1972.14 on Thursday, the last trading day of the…
April 18: Taplejung district has received a huge investment in hydropower projects in Tamor river, the main river in the district, and other…
April 18: The path towards sustainable government debt levels around the world is under threat this year from the sheer number of elections taking place, AFP reported citing the IMF’s new report on…
April 18: The government authorities of Nepal have requested Bangladesh to remove the customs duty imposed by Bangladesh on the import of Nepali goods, saying that the export of Nepal has been affected due to the additional customs duty imposed by…
April 18: President Ram Chandra Paudel on Thursday appointed Toyam Raya as the Auditor General of Nepal upon the recommendation of Constitutional…
April 18: One-third of investors and officials who have been invited by the Investment Board Nepal for the upcoming Third Investment Summit have confirmed their participation as of…
April 18: Due to lack of domestic production, grape imports are increasing, Nepalese consumed 10.5 billion worth of grapes in 5…
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', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">April 19: Around 550,000 people have acquired work permits for overseas employment as of April 12 of the current fiscal year 2023/24. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">Of them, 70,933 workers acquired work permits from March 14 to April 12. Among them, 64,241 are men and 6,692 are women, said Kabiraj Upreti, Director at the Department of Foreign Employment and Information Officer.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">Similarly, 55,575 people received work permit from July 17-August 17, 2023; 50,884 from August 18-September 17, 2023; 56,235 from September 18-October 17, 2023; 43,622 from October 18-November 16, 2023; 71,276 from November 17-December 16, 2023; 65,813 from December 17, 2023-January 14, 2024; 62,147 from January 15-February 12, 2024 and 65,658 from February 13-March 13, 2024, according to data of the department.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">A total of 17,818 people have gone for overseas employment in the UAE while 13,614 in Saudi Arabia, 11,204 in Qatar, 12,602 in Malaysia, 4,076 in Kuwait and 964 in Bahrain from March 14-April 12, 2024.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">Similarly, 2,299 people have gone for foreign employment in Romania, 960 in Croatia, 789 in Cyprus, 1,351 in Japan, 493 in the Maldives, 620 in Mauritius, and 657 in South Korea, shows the data.</span> -- RSS</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-19', 'modified' => '2024-04-19', 'keywords' => '', 'description' => '', 'sortorder' => '20492', 'image' => '20240419060836_20220814044404_postQueueImg_3-626bcca48a757.jpg', 'article_date' => '2024-04-19 18:08:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '20764', 'article_category_id' => '1', 'title' => 'Nawalpur Women Achieve Economic Independence by Operating Homestay ', 'sub_title' => '', 'summary' => 'April 19: Bal Kumari Mahato of Kawasoti in Nawalparasi (Bardaghat Susta Purba) district does not worry anymore how to run her household thanks to the income she makes from operating homestay. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 19: Bal Kumari Mahato of Kawasoti in Nawalparasi (Bardaghat Susta Purba) district does not worry anymore how to run her household thanks to the income she makes from operating homestay. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier dependent on agriculture, Mahato has found better source of income from operation of homestay for nearly five years thereby gaining economic independence. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Like Mahato, there are a handful of women in Chilaha village who are engaged in homestay. Resham Kumari Mahato of Kawasoti-10 shared, "Earlier we were involved in agriculture and earned scantly. After operating homestay, our earning has increased." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The entrepreneurial women admitted that they enjoy attending to the guests and entertain them with their cultural performances and delicacies besides enjoying financial freedom. The homestay initiative has further empowered them by developing leadership qualities in them and further harnessing their management skills. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Earlier we were too shy to talk to strangers but since we forayed into homestay enterprises, we have learned how to talk and run our enterprises confidently," said Resham Kumari. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The village where they operate homestay is predominantly a Tharu settlement and lies nearby a buffer zone. Most of the women running homestay at present were involved in agriculture in the past, which did not yield them good returns due to the menace of wild animals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Animal husbandry also failed them secure a good income for the wild animals would prey their domestic animals. In lack of good income, their living standard had gone down, admitted Mahato. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Following the homestay operation, our village is witnessing a socio-economic transformation and the living standards of fellow villagers have improved notably," she observed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">These entrepreneurial women have adequately secured support from their spouses and family in running their business. Since the introduction of homestay, the village has welcomed around 11,000 guests, both domestic and foreign, informed Prem Bahadur Mukhiya, a homestay manager. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Jeep safari is another attraction for the homestay guests, added Mukhiya. Besides savoring the Tharu delicacies, nature enthusiasts can enthrall themselves watching wild animals such as rhino, antelope, wild boar, peacock, crocodiles and various species of birds roaming around in the buffer zone, he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Ward chairperson of Kawasoti-10 Tek Narayan Mahato asserted that homestay had contributed in development and upliftment of the local community besides aiding in nature and culture conservation. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-04-19', 'modified' => '2024-04-19', 'keywords' => '', 'description' => '', 'sortorder' => '20491', 'image' => '20240419020716_449834462.jpg', 'article_date' => '2024-04-19 14:06:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '20763', 'article_category_id' => '1', 'title' => 'Auditors Emphasize on Sustainable Accounting Practices', 'sub_title' => '', 'summary' => 'April 19: An auditor is commonly known as a person who examines the accounts. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">April 19: An auditor is commonly known as a person who examines the accounts. An auditor has the right to verify the accounts prepared by the management in an organization or company. The auditor's role is not only limited to examining and commenting on the company's accounts. Auditors are becoming aware of the fact that they have to play a role for the sustainability of the audited company. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">As the International Federation of Accountants (IFAC), the international umbrella organization of accounting professionals, is lobbying for the implementation of 'Sustainability Standard 1 and 2', the debate has also started among accounting professionals 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"">The theme of the 3rd National Accounting Practitioner Conference organized by the Institute of Chartered Accountants of Nepal (ICAN), which is working to promote and regulate accounting in Nepal, is 'Sustainable Accounting Practice'. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Sujan Kumar Kafle, president of ICAN, said that the conference, which started on Thursday and will conclude on Friday, will focus on this topic and present and discuss papers in this regard.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">According to Kafle, the auditors should also look into environmental protection, social responsibility and good governance in addition to financial indicators to ensure the business to be sustainable. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">As a member country of IFAC, Nepal is also working with the Accounting and Auditing Board for sustainable accounting practices. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Deepak Pandey, president of Chartered Accountants Association of Nepal (ACAN), the umbrella organization of chartered accountants, says that audit in Nepal has not risen above financial indicators. "Worldwide, the practice has started that auditing should rise above the disclosure of financial indicators," he said, "Now non-financial indicators are more important than financial indicators."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">President of IFAC, Asmaa Resmouki, who came to Nepal to participate as a keynote speaker in the conference, pointed out the need to address issues of public interest for sustainable accounting practice. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Inaugurating the conference, Minister for Industry, Commerce and Supplies Damodar Bhandari said that accountants play an important role in the economic development and prosperity of the country. He said that compliance with the code of ethics is mandatory in the auditing profession. Nepal Rastra Bank’s Governor Maha Prasad Adhikari said auditors are playing an important role in the development of the country's economy.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">In Nepal, 1000 chartered accountants and 7000 registered auditors are involved in auditing more than 300,000 organizations annually. According to ICAN, Nepal Financial Reporting Standards (NFRS) are being implemented in Nepal according to the International Financial Reporting Standards (IFRS) to make the accounting and auditing system of international standards. Thousands of accountants from all over the country are participating in the conference.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-19', 'modified' => '2024-04-19', 'keywords' => '', 'description' => '', 'sortorder' => '20490', 'image' => '20240419020557_903c25db.jpeg', 'article_date' => '2024-04-19 14:05:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '20762', 'article_category_id' => '1', 'title' => 'Malaysia's Policy not to Hire Foreign Workers to Impact Nepal', 'sub_title' => '', 'summary' => 'April 19: Malaysia's policy to stop hiring foreign workers in the formal sector from June 1 is a setback for the growing labor force of Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 19: Malaysia's policy to stop hiring foreign workers in the formal sector from June 1 is a major setback for the growing labor force of Nepal. The Malaysian government announced in March 2023 that foreign workers will be allowed to enter Malaysia only until the end of May. The time to get visa was fixed till April 21.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Malaysia employs foreign workers from 15 countries including Nepal. A large number of Nepalis have been working in Malaysia. According to government data, most of the Nepalis who took labour permits to work abroad in the last fiscal year went to Malaysia for work.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Department of Foreign Employment, a total of 259,596 Nepali workers were issued labour permits to work in Malaysia last year. The figure includes new workers as well as those who renewed their work permits.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the current fiscal year, the number of Nepalis visiting to Malaysia for work has declined compared to last fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As of mid-March this year, 63,976 Nepalis have traveled to Malaysiafor work. Malaysia has long been an important labour destination for Nepali workers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Foreign employment experts say that the new policy adopted by the Malaysian government regarding migrant workers may have a direct impact on Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Foreign employment expert Ganesh Gurung says that Nepali workers will lose work opportunities in a major labour destination due to Malaysia's new policy. He pointed out that there is a danger that the number of people going to Malaysia illegally may increase while it may cause unemployment rate to rise in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Banning foreign workers does not mean that companies in that country do not need foreign workers. It will increase the number of people going to Malaysia illegally," said Gurung.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to government estimates, more than 500,000 new labor force enters the labor market in Nepal every year. Almost all the labor force that is added every year in the market goes abroad. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Department of Foreign Employment, 497,704 new Nepali workers went abroad for work last year. The number of people who came to Nepal on vacation from abroad and returned for work stood at 277,272. The figure shows that about 800,000 Nepalis went abroad for work last year. The number of students who go abroad is also large.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The country lacks job opportunities due to the poor condition of the economy. According to a recent report of the World Bank entitled 'South Asia Development Update', the employment ratio (employment in percent of working-age population) in Nepal has decreased by 11 percent in the last 23 years. As the working-age population is increasing, the trend of people going abroad in search of work has increased due to the inability to create jobs in the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">If Malaysia stops hiring foreign workers, remittances from there will also decrease in the future. Remittances have been an important pillar of the Nepalese economy for many years. According to the World Bank, among the South Asian countries, Nepal receives the most remittances compared to the country's gross domestic product. In the last fiscal year, Nepal received remittances of Rs 1220.56 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“If the number of workers going to Malaysia decreases, remittances from that country will obviously decrease. It may affect the Nepalese economy," said Dr Gurung said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Dilliram Pokharel, deputy spokesperson and information officer of Nepal Rastra Bank, said that although it is not possible to say exactly how much remittance comes from Malaysia, it can be estimated that a large amount of money comec from there as there are a large number of Nepali workers in Malaysia. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rajendra Bhandari, president of Nepal Foreign Employment Professionals Association, says that Malaysia's policy of not hiring foreign workers has caused a big crisis in foreign employment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He said that the demand for workers is low even in the Gulf countries, and its impact is being seen in Nepal. Bhandari says that it is time for the government to facilitate sending workers to other countries including Europe. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"After the closure of Malaysia, the government should facilitate the sending of workers to other countries, including Europe, where Nepali workers are in demand," he said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Workers who go to the Gulf and Malaysia send remittances and return back and work within the country. But those who go to developed countries usually do not return and tend to take as much property as possible from the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Therefore, employment in the Gulf and Malaysia is important for Nepal, Gurung said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to labor expert Gurung, the government should now create conditions for employment within the country. It is important to do homework about how many jobs are to be created and when. However, the country has not been able to create job opportunities due to political instability and poor investment environment in the country. Due to this, there is a trend among youths to travel abroad for work.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Stakeholders say that the closure of regular destination countries of Nepali workers will force them to go to work in risky places. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"At present, the trend of going to different countries illegally has increased," said Bhandari, adding, "Nepalis are ready go to Russia and Ukraine and die."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Joint Secretary of the Ministry of Labor Govinda Prasad Rijal said that although the government has not received any official information from Malaysia about the decision not to hire workers, the ministry is preparing to get information through diplomatic channels. "The ministry will take necessary decisions accordingly," he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Department of Foreign Employment estimates that there are more than 500,000 Nepali workers in Malaysia. This number is of those who legally went to Malaysia by taking work permits from the government. The number of people working illegally in Malaysia is believed to be equally high. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A senior official of the Department of Foreign Employment informed that 44 percent of the Nepali workers who went for foreign employment in the last fiscal year went to Malaysia. Malaysia stopped hiring foreign workers for two years during the Covid-19 pandemic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Last May, the government declared some organizations involved in the process of sending Nepali workers to Malaysia to be illegal and shut down their operations. This made it further difficult for Nepali workers to go to Malaysia.</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-19', 'modified' => '2024-04-19', 'keywords' => '', 'description' => '', 'sortorder' => '20489', 'image' => '20240419013937_20240118121412_20220329081003_labour.jpg', 'article_date' => '2024-04-19 13:38:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '20761', 'article_category_id' => '1', 'title' => 'Average Length of Stay and Expenditure of Tourists Increase Marginally', 'sub_title' => '', 'summary' => 'April 19: The average stay and expenditure of foreign tourists in Nepal has seen a slight improvement in 2023. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 19: The average stay and expenditure of foreign tourists in Nepal has seen a slight improvement in 2023. The Ministry of Culture, Tourism and Civil Aviation announced that the average length of stay of tourists in 2023 increased by 0.8 percent to 13.2 days compared to 13.1 days in 2022.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Their daily expenses have also increased to USD 41, according to the 'Nepal Tourism Statistics 2023' recently released by the ministry. According to the report, the average daily expenditure of tourists was $40.50 in 2022.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the two-year period of the COVID-19 pandemic (in 2020 and 2021), the length of stay of tourists in Nepal was 15.1 and 15.5 days respectively. The stay of tourists increased in those years due to the lockdown and quarantine measures during the pandemic period. As the length of stay increased, the average expenditure incurred by the tourists also increased. In 2020, the daily expenditure of tourists was USD 65. In 2021, such expenses decreased to USD 48.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Binayak Shah, president of the Hotel Association Nepal (HAN), disputed the tourists’ expenditure figures published by the government, arguing that they significantly underestimate actual spending.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He claims that tourists must have spent at least twice the amount mentioned by the government. He argues that the data fails to capture expenditures accurately.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to government data, the contribution of the tourism sector to the Gross Domestic Product (GDP) is 3.2 percent. “The data of the World Bank indicates that it is much higher than that," he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Shah says that the real contribution of the tourism sector is not known due to the lack of uniformity in the data of the government, tourism entrepreneurs and other organizations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"For this, the government should implement satellite accounting (an integrated information collection system that records the transactions made by tourists) at the earliest," he said, adding, “It helps to provide more precise insights into tourist spending habits.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Shah's concerns echo those of tourism professionals who emphasize the need to expand tourist services and destinations beyond Kathmandu, Pokhara, and Chitwan to prolong tourists' stays in Nepal. However, challenges such as poor road conditions and limited operational airports hinder intra-country travel, making it difficult for tourists to extend their visits.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-19', 'modified' => '2024-04-19', 'keywords' => '', 'description' => '', 'sortorder' => '20488', 'image' => '20240419124501_20220509072726_Clipboard96.jpg', 'article_date' => '2024-04-19 12:42:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '20760', 'article_category_id' => '1', 'title' => 'United Arab Emirates Struggles to Recover after Heaviest Recorded Rainfall Ever Hits Desert Nation ', 'sub_title' => '', 'summary' => 'April 19: The United Arab Emirates struggled Thursday to recover from the heaviest recorded rainfall ever to hit the desert nation, as its main airport worked to restore normal operations even as floodwater still covered portions of major highways and roads. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 19: The United Arab Emirates struggled Thursday to recover from the heaviest recorded rainfall ever to hit the desert nation, as its main airport worked to restore normal operations even as floodwater still covered portions of major highways and roads. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Dubai International Airport, the world's busiest for international travel, allowed global carriers on Thursday morning to again fly into Terminal 1 at the airfield. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“Flights continue to be delayed and disrupted, so we urge you to only come to Terminal 1 if you have a confirmed booking,” the airport said on the social platform X. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The long-haul carrier Emirates, whose operations had been struggling since the storm Tuesday, had stopped travelers flying out of the UAE from checking into their flights as they tried to move out connecting passengers. Pilots and flight crews had been struggling to reach the airport given the water on roadways. But on Thursday, they lifted that order to allow customers into the airport. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Others who arrived at the airport described hourslong waits to get their baggage, with some just giving up to head home or to whatever hotel would have them. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The UAE, a hereditarily ruled, autocratic nation on the Arabian Peninsula, typically sees little rainfall in its arid desert climate. However, a massive storm forecasters had been warning about for days blew through the country's seven sheikhdoms. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">By the end of Tuesday, more than 142 millimeters (5.59 inches) of rainfall had soaked Dubai over 24 hours. An average year sees 94.7 millimeters (3.73 inches) of rain at Dubai International Airport. Other areas of the country saw even more precipitation. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The UAE's drainage systems quickly became overwhelmed, flooding out neighborhoods, business districts and even portions of the 12-lane Sheikh Zayed Road highway running through Dubai. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The state-run WAM news agency called the rain “a historic weather event” that surpassed “anything documented since the start of data collection in 1949.” </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In a message to the nation late Wednesday, Emirati leader Sheikh Mohammed bin Zayed Al Nahyan, the ruler of Abu Dhabi, said authorities would “quickly work on studying the condition of infrastructure throughout the UAE and to limit the damage caused.” </span><br /> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On Thursday, people waded through oil-slicked floodwater to reach cars earlier abandoned, checking to see if their engines still ran. Tanker trucks with vacuums began reaching some areas outside of Dubai's downtown core for the first time as well. Schools remain closed until next week. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Authorities have offered no overall damage or injury information from the floods, which killed at least one person. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“Crises reveal the strength of countries and societies,” Dubai's ruler, Sheikh Mohammed bin Rashid Al Maktoum, wrote on X. “The natural climate crisis that we experienced showed the great care, awareness, cohesion and love for every corner of the country from all its citizens and residents.” </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The flooding sparked speculation that the UAE's aggressive campaign of cloud seeding — flying small planes through clouds dispersing chemicals aimed at getting rain to fall — may have contributed to the deluge. But experts said the storm systems that produced the rain were forecast well in advance and that cloud seeding alone would not have caused such flooding. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Jeff Masters, a meteorologist for Yale Climate Connections, said the flooding in Dubai was caused by an unusually strong low pressure system that drove many rounds of heavy thunderstorms. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Scientists also say climate change is responsible for more intense and more frequent extreme storms, droughts, floods and wildfires around the world. Dubai hosted the United Nations’ COP28 climate talks just last year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Abu Dhabi’s state-linked newspaper The National in an editorial Thursday described the heavy rains as a warning to countries in the wider Persian Gulf region to “climate-proof their futures.” </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“The scale of this task is more daunting that it appears even at first glance, because such changes involve changing the urban environment of a region that for as long as it has been inhabited, has experienced little but heat and sand,” the newspaper said. – AP/RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-04-19', 'modified' => '2024-04-19', 'keywords' => '', 'description' => '', 'sortorder' => '20487', 'image' => '20240419113333_370910-01-02.jpg', 'article_date' => '2024-04-19 11:32:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '20758', 'article_category_id' => '1', 'title' => 'Tatopani Customs Surpasses Revenue Collection Target', 'sub_title' => '', 'summary' => 'April 19: The Tatopani Customs Office has collected revenue exceeding the target set for the first nine months of the current fiscal year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 19: The Tatopani Customs Office has collected revenue exceeding the target set for the first nine months of the current fiscal year. </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 office collected Rs 8.56 billion in revenue against the target of Rs 5.59 billion, Customs Chief Dayananda KC told RSS. </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 KC, trade from the Tatopani Customs Point has increased after the resumption of the Nepal-China border. </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 Chinese government agreed to resume the two-way trade via Tatopani-Khasa route during a bilateral meeting of Nepal-China Coordination Mechanism on Border Trade and Cooperation held in Lhasa in March last year.</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"">As per the agreement, the Tatopani transit point was opened for full-fledged operation on May 1 last year, raising high hopes of increased trade. The transit point was opened more than three years after it was initially closed to control the COVID-19 outbreak in March 2020. Nepal’s export through the Tatopani-Khasa border had been almost nil since the 2015 earthquake.</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"">Prior to the earthquake, the trade volume through this transit point used to be more than Rs 150 billion annually. </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 revenue collected in the first nine months of this year is more than the revenue collected during the entire last fiscal year. </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 government had set a target of collecting Rs 4.62 billion in revenue in the last fiscal year from this customs point, but it collected only Rs 2.20 billion in the corresponding period of that year. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2024-04-19', 'modified' => '2024-04-19', 'keywords' => '', 'description' => '', 'sortorder' => '20486', 'image' => '20240419105835_20230512122723_20211109014016_20210518054607_20190510014655_Clipboard04-2.jpg', 'article_date' => '2024-04-19 10:57:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '20759', 'article_category_id' => '1', 'title' => 'Tara Manandhar Appointed as CEO of Dish Media Network Ltd', 'sub_title' => '', 'summary' => 'April 19: Tara Manandhar has been appointed as the Chief Executive Officer (CEO) of Dish Media Network Ltd.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">April 19: Tara Manandhar has been appointed as the Chief Executive Officer (CEO) of Dish Media Network Ltd. According to the company, Manandhar, who has played a leadership role in the banking sector for more than 25 years, has assumed the position from April 15.</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 company, he previously worked in leadership roles at Mashreq Bank, Prabhu Bank, Standard Chartered Bank, etc.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The company expressed confidence in Manandhar's ability to enhance the quality of services provided by strengthening management.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">DishHome, known for its quality services and diverse channel offerings, has expanded its reach in recent years. With approval from the Nepal Telecommunication Authority for fiber internet distribution three years ago, DishHome has now emerged as the second-largest internet service provider in Nepal.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-19', 'modified' => '2024-04-19', 'keywords' => '', 'description' => '', 'sortorder' => '20485', 'image' => '20240419112059_CEO.jpg', 'article_date' => '2024-04-19 11:20:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '20757', 'article_category_id' => '1', 'title' => 'NEPSE Dips 19.56 Points, Closing at 1972.14', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a decline of 19.56 points or 0.98%, closing at 1972.14 on Thursday, the last trading day of the week.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">April 18: The Nepal Stock Exchange (NEPSE) Index experienced a decline of 19.56 points or 0.98%, closing at 1972.14 on Thursday, the last trading day of the week.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">During today’s trading session, 315 scrips were traded in 40,912 transactions, with a total of 5,344,613 shares changing hands, resulting in a total turnover of Rs 2.9 billion.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">Gurkhas Finance Limited (GUFL) led the turnover amount with a total transaction value of Rs 17 crores. Khanikhola Hydropower Company Limited (KKHC) recorded the highest gain of 7.94%.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">Conversely, Ru Ru Jalbidhyut Pariyojana Limited (RURU) suffered the maximum loss at 9.99%, closing at a market price of Rs 504 per share.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">In terms of sector indices, all sectors closed in the red. The Microfinance Index experienced the highest loss of 1.72%, while the Mutual Fund sector saw the least loss at 0.22%.</span></span></span></p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20484', 'image' => '20240418032246_collage (59).jpg', 'article_date' => '2024-04-18 15:21:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '20756', 'article_category_id' => '1', 'title' => '16 Hydel Projects under Construction in Tamor River ', 'sub_title' => '', 'summary' => 'April 18: Taplejung district has received a huge investment in hydropower projects in Tamor river, the main river in the district, and other rivers. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 18: Taplejung district has received a huge investment in hydropower projects in Tamor river, the main river in the district, and other rivers. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Officials shared that 16 hydroelectricity projects are under construction in Tamor river and as high as 1,654.51 megawatt of power is expected to be generated. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Department of Electricity Development, 14 hydropower projects in the river are exclusively based in Phaktanglung Rural Municipality and two other projects fall under other local levels. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, four hydropower projects are being constructed in Mewakhola (river) that flows through Mewakhola Rural Municipality. The projects in Mewakhola are expected to produce 178.42 megawatts of electricity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department said four projects are under development in Kabeli river and the projects there would generate 95.43 megawatts of electricity. </span><br /> </span></span></p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20483', 'image' => '20240418020511_hydro.jpg', 'article_date' => '2024-04-18 14:04:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '20755', 'article_category_id' => '1', 'title' => 'IMF says Global Debt Levels Face 'Great Election Year' Risk', 'sub_title' => '', 'summary' => 'April 18: The path towards sustainable government debt levels around the world is under threat this year from the sheer number of elections taking place, AFP reported citing the IMF’s new report on Wednesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 18: The path towards sustainable government debt levels around the world is under threat this year from the sheer number of elections taking place, AFP reported citing the IMF’s new report on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"History suggests, and empirical evidence confirms, that governments tend to spend more and or tax less in election year," Vitor Gaspar, the head of the International Monetary Fund's Fiscal Affairs told AFP, ahead of the publication of the Fiscal Monitor report.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He added that the situation this year is particularly complicated because, "the political discourse is dominated by references to fiscal expansion and calls for fiscal support or public spending -- or both."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, the Fiscal Monitor report found that global public debt "edged up again" last year, reversing a couple of years of decline, due largely to a fall in revenues "as windfall revenues from inflation waned."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Fiscal tightening is projected for 2024, but it is subject to considerable uncertainty," the IMF report continued.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Much of this uncertainty, the IMF said, is down to the fact that 2024 is the "Great Election Year," when 88 economies or economic areas representing more than half of the world's population have held, or are due to hold, elections.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Clearly, given the stronger link between fiscal policy and politics, it is perfectly reasonable to think that political factors and political discourse will play an added role right now," Gaspar told AFP.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The IMF predicts that current spending and taxation levels have put global public debt on track to rise from just over 93 percent of economic output last year to 99 percent by 2029.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This trend is "driven by the world's two largest economies, China and the United States, where under current policies public debt is projected to continue increasing beyond historical highs," the IMF report said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The US experienced "remarkably large fiscal slippages," last year, the IMF said, citing a steep decline in income tax revenues due to lower capital gains taxes and "delayed tax payment deadlines."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Like the US, China's fiscal deficit is projected to remain at elevated levels over the next five years, rising from more than seven percent of GDP last year to around eight percent by 2029.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"China stands out as a country where the deficit has stayed elevated throughout," Gaspar said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, "China, as the United States, has policy room to correct the situation and can do it from a public finance viewpoint," he continued, adding: "China does have room to maneuver."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Given China's role as a leading bilateral lender to many of the world's developing economies, its fiscal position carries consequences for countries around the world.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, the Fiscal Monitor report called for countries to make a "renewed push" toward consolidating their fiscal positions -- especially given the expected loosening of tight monetary policy in many places through interest rate cuts later this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">To do this, the IMF recommended that countries should start by "immediately" phasing out pandemic-era support measures, scaling back fuel and energy subsidies, and enacting entitlement reforms in advanced economies with ageing populations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In emerging market and developing economies, governments should "renew efforts to rationalize large government wage bills, and reform social safety nets," the IMF said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the context of Nepal, the share of public debt has been increasing compared to the gross domestic product (GDP). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the latest data, Nepal's public debt has soared to 43.80 percent of the total GDP. This figure is based on the loans taken by the government as of mid-November of the current fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the government data, Nepal’s public debt has increased to Rs 2357 billion mainly due to the rise in government’s tendency to raise debt to meet its current expenses.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government’s internal debt stood at Rs 1183 billion and external debt is Rs 1173 billion as of mid-November 2023.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The country’s public debt was Rs 2221.67 billion in mid-July at the beginning of the current fiscal year. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20482', 'image' => '20240418020330_20231201023735_public debt.jpg', 'article_date' => '2024-04-18 14:02:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '20753', 'article_category_id' => '1', 'title' => 'Nepal urges Bangladesh to Remove ‘Additional Customs Duty’ on Nepalese Goods', 'sub_title' => '', 'summary' => 'April 18: The government authorities of Nepal have requested Bangladesh to remove the customs duty imposed by Bangladesh on the import of Nepali goods, saying that the export of Nepal has been affected due to the additional customs duty imposed by Bangladesh.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 18: The government authorities of Nepal have requested Bangladesh to remove the customs duty imposed by Bangladesh on the import of Nepali goods, saying that the export of Nepal has been affected due to the additional customs duty imposed by Bangladesh.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">While Nepal’s trade with Bangladesh was profitable in the past, it has faced a continuous trade deficit in recent years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepali officials assert that Bangladesh's additional customs duty is contributing to the expanding trade deficit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry of Foreign Affairs informed through a press statement that Nepal raised this matter at the third Foreign Office Consultation meeting between Nepal and Bangladesh held in Kathmandu on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the ministry, Foreign Secretary Sewa Lamsal requested her Bangladeshi counterpart, Masood Bin Momen, to completely remove the additional customs duty on Nepali goods.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Amrit Bahadur Rai, Joint Secretary and Spokesperson for the Ministry of Foreign Affairs, informed New Business Age that the government is actively working to eliminate trade barriers caused by Bangladesh's customs tariffs.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Ram Chandra Tiwari, joint secretary of the Ministry of Industry, Commerce and Supplies, said that Nepal is preparing to raise this issue in the commerce secretary-level meeting to be held in Kathmandu from Friday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We are also addressing the non-implementation of the previous agreement regarding customs exemption for Nepalese goods. The meeting will focus on promoting trade between the two countries,” he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal mostly exports agricultural products like wheat, lentils, herbs, ginger, broom grass, yarn among others to Bangladesh. According to the government officials, Nepal’s exports have declined due to the imposition of 'high customs duty' by the Bangladesh.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bangladesh has been providing duty-free facilities for 108 items including agricultural products of Nepal. Nepal has been asking for duty-free facilities for tea, black lentil, coffee, cardamom, broom grass, fruits, pashmina and more.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to officials of the Ministry of Commerce, Nepal has the potential to export products such as spices, cabbage, tomatoes, avocado, pickles, carpets and dairy products to Bangladesh.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Bangladesh is also seeking duty-free facility on 64 items. Bangladesh has been asking for duty-free facilities especially for fish, medicine, juice, soft drinks, raw jute etc.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Tiwari, there will be an in-depth discussion on customs-free facilities, market access, transportation and other issues between the two countries in the commerce secretary-level meeting.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Most of the goods exported to Bangladesh are sent through the eastern border of Nepal through Phulbari in India and Chittagong port in Bangladesh. Tiwari informed that since transporting goods through this route takes 4 to 5 days due to customs clearance at the, it raises the expenses. This issue will also be discussed during the commerce secretary-level meeting, said Tiwari.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bangladesh, which is 30 kilometers away from the Nepalese border, has been making leaps in economic development for the past few years. As a result, its per capita income is much higher than that of Nepal. Due to its large population, Bangladesh has emerged as an attractive market for the world. However, Nepal has not been able to take advantage of it.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to a study conducted by South Asia Watch on Trade, Economics and Environment (SAWTEE), Nepal exported more goods to Bangladesh that it imported from the neighbouring country between the fiscal year 2061/62 to 2069/70. Since then, exports from Nepal have decreased and imports from Bangladesh have continued to rise.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Department of Customs, Nepal exported goods worth Rs 57 million to Bangladesh while it imported goods worth Rs 6 billion in the last fiscal year 2079/80. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, in the foreign secretary-level meeting held on Wednesday, the secretaries of both countries emphasized on the speedy implementation of the BBIN Motor Vehicle Agreement between Bangladesh, Bhutan, India and Nepal to enable the means of transportation between the member states without interruption, the Ministry of Foreign Affairs informed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Foreign Affairs Ministry Spokesperson Rai, the two countries also discussed the issue of electricity export to Bangladesh.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20481', 'image' => '20240418014609_GLWbN53bkAARwPq.jpg', 'article_date' => '2024-04-18 13:45:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '20754', 'article_category_id' => '1', 'title' => 'President Appoints Raya as Auditor General ', 'sub_title' => '', 'summary' => 'April 18: President Ram Chandra Paudel on Thursday appointed Toyam Raya as the Auditor General of Nepal upon the recommendation of Constitutional Council. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 18: President Ram Chandra Paudel on Thursday appointed Toyam Raya as the Auditor General of Nepal upon the recommendation of Constitutional Council. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">President Paudel appointed Raya to the post of Auditor General in accordance with Article 240 (2) of the Constitution of Nepal, reads a press release issued by Spokesperson for the Office of the Presidnet, Shailaja Regmi Bhattarai.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The post of auditor general had remained vacant ever since the then Auditor General Tankamani Sharma Dangal retired after completing his term on May 22 last year. After Sharma's retirement, the then Deputy Auditor General Rammaya Kunwar was given the responsibility of acting auditor general for one and a half months. After Kunwar went on compulsory retirement on August 7, Maheshwar Kafle got the responsibility.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bamdev Sharma was given the responsibility of acting auditor general after Kafle went on mandatory retirement in late January due to the age limit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The office was run by acting auditor general for around eleven months due to the delay in appointing an auditor general.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Due to the lack of leadership, the Office of the Auditor General has not been able to move forward with the strategic plan.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Office of the Auditor General audits all federal and state government offices including the Office of the President and Vice President, Supreme Court, Federal Parliament, Provincial Assembly, Provincial Government, Local Level, Constitutional Bodies and Offices, Courts, Attorney General's Office, Nepal Army, Nepal Police and Armed Police Force. The purpose of the audit is to protect the public resources of the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Office of the Auditor General also gives necessary suggestions and recommendations based on the effectiveness of government income and expenditure. The office submits and publishes the annual report of all government agencies to the President. The Office of the Auditor General has the right to see the accounting documents at any time to audit various agencies of the Central and State Governments. However, the lack of leadership has made the Office of the Auditor General weak in its role.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A meeting of the Constitutional Council held on March 31 had decided to recommend Raya, who was then the secretary of the National Statistics Office, for appointment to the post of Auditor General. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Some stakeholders criticized his appointment to the post due to a conflict of interest. As the secretary also has to audit the work done by himself, there will be a conflict of interest, say Transparency International and other organizations involved in anti-corruption watch. Transparency International has warned that this could disrupt good governance.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, the MPs ignored this argument and approved Raya's recommendation. The previous Auditor General Tankamani Sharma was also appointed to the post after resigning from the post of Secretary. Raya, who is considered to be close to the ruling CPN-UML, has been appointed for a 6-year term with just 5 months left for his retirement.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20480', 'image' => '20240418015718_20240417025206_oag-building.jpg', 'article_date' => '2024-04-18 13:56:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '20752', 'article_category_id' => '1', 'title' => '462 Investors out of 1,355 Invitees Confirm their Participation for Investment Summit', 'sub_title' => '', 'summary' => 'April 18: One-third of investors and officials who have been invited by the Investment Board Nepal for the upcoming Third Investment Summit have confirmed their participation as of Wednesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">April 18: One-third of investors and officials who have been invited by the Investment Board Nepal for the upcoming Third Investment Summit have confirmed their participation as of Wednesday. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">The board has sent invitations to 1,355 individuals to attend to the conference. Among them, 462 people have confirmed their participation but the list of attendees does not include any renowned businessmen.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">The government has left no stone unturned to invite rich and famous businessmen to the upcoming investment summit scheduled for April 28-29.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Former Finance Minister Dr Prakash Sharan Mahat had invited businessman Gautam Adani when he reached India's Gujarat, while the government has sent letters to world-famous businessman Elon Musk, India's richest man Mukesh Ambani, China's successful entrepreneur Jack Ma and others. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">An official of the Investment Board informed New Business Age that these businessmen have not confirmed their attendance for the conference as of Wednesday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">"There are no well-known celebrity businessmen in this list so far," said the official, "There are many businessmen from China in the list of those who have accepted Nepal's invitation.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Most of the businessmen who have confirmed their participation in the investment summit are from China followed by Indian investors.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">"We have done our job," said the official, adding, "Now, it is up to them. They can come here on their own or they can inform us a few days before coming.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">According to the Investment Board, those confirming their participation include heads of various delegations, officials of the Chamber of Commerce, deputies of international financial institutions and other officials. Investors and officials from 36 countries have confirmed their participation in the summit.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Most of the attendees are domestic businessmen of Nepal (161). Then there are notable investors from China, India, Germany and other countries which have confirmed their participation.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">According to the Investment Board, 2 to 5 representatives will come from Singapore, Malaysia, Russia, Finland, Colombia, Canada, Qatar, European Union (EU), Belgium, Bahrain, Austria. The board confirmed that one person each will come from Vietnam, Vanuatu, Turkey, Thailand, Switzerland, Sri Lanka, Saudi Arabia, Romania, Morocco, Mauritius, Cyprus.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20479', 'image' => '20240418124911_investment summit.jpg', 'article_date' => '2024-04-18 12:47:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20751', 'article_category_id' => '1', 'title' => 'Import of Grapes Increasing due to Lack of Commercial Production in Nepal', 'sub_title' => '', 'summary' => 'April 18: Due to lack of domestic production, grape imports are increasing, Nepalese consumed 10.5 billion worth of grapes in 5 years', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 18: Due to lack of domestic production, grape imports are increasing, Nepalese consumed 10.5 billion worth of grapes in 5 years</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal has imported grapes worth more than Rs 1 billion in the first eight months of the current fiscal year. According to the data of the Department of Customs, Nepal imported 1,30,82,426 kilograms of grapes worth Rs 1.22 billion from mid-July to mid-March.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the corresponding period last fiscal year, Nepal had imported 1,24,70, 085 kilograms of grapes worth Rs 938.9 million. The data shows that the import of grapes in the first eight months of the current fiscal year increased by 4 percent in quantity and 30 percent in price compared to the corresponding period of last fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal mainly imports grapes from China and India. In the review period, Nepal imported the maximum quantity of grapes from India. According to the department, Nepal imported 1,24,46, 094 kg of grapes worth Rs 1.08 billion from India alone. Similarly, it imported 636,332 kilograms of grapes worth Rs 133.63 million from China.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the data of the department, the country imported 210.71 million kilograms of grapes worth Rs 10.43 billion in the last five years. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Wine industries operating in Nepal also import grapes as raw materials.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The grapes found in the market of Nepal are mostly from India. The consumers in the country are forced to buy imported grapes due to lack of production in Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to businessmen, the production of grapes in Nepal is almost zero and therefore the country relies on imported grapes to meet the market demand.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Except for some people growing grapes for personal consumption, there is hardly any commercial farming of grapes done in Nepal. Since there is no production, we have to rely on imports," says Amar Baniya, president of the Nepal Fruit Wholesalers Association</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The prime season of grapes spans from January to March. Until March, all the grapes come from India and from April onward, the stored grapes come from China. As a result, its price also increases,” he added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Baniya, the wholesale price of grapes was Rs 110-120 per kg until a few days ago, but now it has reached Rs 150-160 per kg. Baniya said that the price will increase as the stored grapes from China arrive in the market from now onwards. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He further said that grapes are available in the market throughout the year as grapes are imported from different countries in different seasons.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20478', 'image' => '20240418121513_ggg.jpg', 'article_date' => '2024-04-18 12:13:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '20765', 'article_category_id' => '1', 'title' => '550,000 People Acquire Work Permits in Nine Months of Current Fiscal Year', 'sub_title' => '', 'summary' => 'April 19: Around 550,000 people have acquired work permits for overseas employment as of April 12 of the current fiscal year 2023/24. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">April 19: Around 550,000 people have acquired work permits for overseas employment as of April 12 of the current fiscal year 2023/24. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">Of them, 70,933 workers acquired work permits from March 14 to April 12. Among them, 64,241 are men and 6,692 are women, said Kabiraj Upreti, Director at the Department of Foreign Employment and Information Officer.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">Similarly, 55,575 people received work permit from July 17-August 17, 2023; 50,884 from August 18-September 17, 2023; 56,235 from September 18-October 17, 2023; 43,622 from October 18-November 16, 2023; 71,276 from November 17-December 16, 2023; 65,813 from December 17, 2023-January 14, 2024; 62,147 from January 15-February 12, 2024 and 65,658 from February 13-March 13, 2024, according to data of the department.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">A total of 17,818 people have gone for overseas employment in the UAE while 13,614 in Saudi Arabia, 11,204 in Qatar, 12,602 in Malaysia, 4,076 in Kuwait and 964 in Bahrain from March 14-April 12, 2024.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">Similarly, 2,299 people have gone for foreign employment in Romania, 960 in Croatia, 789 in Cyprus, 1,351 in Japan, 493 in the Maldives, 620 in Mauritius, and 657 in South Korea, shows the data.</span> -- RSS</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-19', 'modified' => '2024-04-19', 'keywords' => '', 'description' => '', 'sortorder' => '20492', 'image' => '20240419060836_20220814044404_postQueueImg_3-626bcca48a757.jpg', 'article_date' => '2024-04-19 18:08:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '20764', 'article_category_id' => '1', 'title' => 'Nawalpur Women Achieve Economic Independence by Operating Homestay ', 'sub_title' => '', 'summary' => 'April 19: Bal Kumari Mahato of Kawasoti in Nawalparasi (Bardaghat Susta Purba) district does not worry anymore how to run her household thanks to the income she makes from operating homestay. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 19: Bal Kumari Mahato of Kawasoti in Nawalparasi (Bardaghat Susta Purba) district does not worry anymore how to run her household thanks to the income she makes from operating homestay. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier dependent on agriculture, Mahato has found better source of income from operation of homestay for nearly five years thereby gaining economic independence. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Like Mahato, there are a handful of women in Chilaha village who are engaged in homestay. Resham Kumari Mahato of Kawasoti-10 shared, "Earlier we were involved in agriculture and earned scantly. After operating homestay, our earning has increased." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The entrepreneurial women admitted that they enjoy attending to the guests and entertain them with their cultural performances and delicacies besides enjoying financial freedom. The homestay initiative has further empowered them by developing leadership qualities in them and further harnessing their management skills. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Earlier we were too shy to talk to strangers but since we forayed into homestay enterprises, we have learned how to talk and run our enterprises confidently," said Resham Kumari. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The village where they operate homestay is predominantly a Tharu settlement and lies nearby a buffer zone. Most of the women running homestay at present were involved in agriculture in the past, which did not yield them good returns due to the menace of wild animals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Animal husbandry also failed them secure a good income for the wild animals would prey their domestic animals. In lack of good income, their living standard had gone down, admitted Mahato. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Following the homestay operation, our village is witnessing a socio-economic transformation and the living standards of fellow villagers have improved notably," she observed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">These entrepreneurial women have adequately secured support from their spouses and family in running their business. Since the introduction of homestay, the village has welcomed around 11,000 guests, both domestic and foreign, informed Prem Bahadur Mukhiya, a homestay manager. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Jeep safari is another attraction for the homestay guests, added Mukhiya. Besides savoring the Tharu delicacies, nature enthusiasts can enthrall themselves watching wild animals such as rhino, antelope, wild boar, peacock, crocodiles and various species of birds roaming around in the buffer zone, he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Ward chairperson of Kawasoti-10 Tek Narayan Mahato asserted that homestay had contributed in development and upliftment of the local community besides aiding in nature and culture conservation. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-04-19', 'modified' => '2024-04-19', 'keywords' => '', 'description' => '', 'sortorder' => '20491', 'image' => '20240419020716_449834462.jpg', 'article_date' => '2024-04-19 14:06:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '20763', 'article_category_id' => '1', 'title' => 'Auditors Emphasize on Sustainable Accounting Practices', 'sub_title' => '', 'summary' => 'April 19: An auditor is commonly known as a person who examines the accounts. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">April 19: An auditor is commonly known as a person who examines the accounts. An auditor has the right to verify the accounts prepared by the management in an organization or company. The auditor's role is not only limited to examining and commenting on the company's accounts. Auditors are becoming aware of the fact that they have to play a role for the sustainability of the audited company. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">As the International Federation of Accountants (IFAC), the international umbrella organization of accounting professionals, is lobbying for the implementation of 'Sustainability Standard 1 and 2', the debate has also started among accounting professionals 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"">The theme of the 3rd National Accounting Practitioner Conference organized by the Institute of Chartered Accountants of Nepal (ICAN), which is working to promote and regulate accounting in Nepal, is 'Sustainable Accounting Practice'. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Sujan Kumar Kafle, president of ICAN, said that the conference, which started on Thursday and will conclude on Friday, will focus on this topic and present and discuss papers in this regard.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">According to Kafle, the auditors should also look into environmental protection, social responsibility and good governance in addition to financial indicators to ensure the business to be sustainable. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">As a member country of IFAC, Nepal is also working with the Accounting and Auditing Board for sustainable accounting practices. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Deepak Pandey, president of Chartered Accountants Association of Nepal (ACAN), the umbrella organization of chartered accountants, says that audit in Nepal has not risen above financial indicators. "Worldwide, the practice has started that auditing should rise above the disclosure of financial indicators," he said, "Now non-financial indicators are more important than financial indicators."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">President of IFAC, Asmaa Resmouki, who came to Nepal to participate as a keynote speaker in the conference, pointed out the need to address issues of public interest for sustainable accounting practice. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Inaugurating the conference, Minister for Industry, Commerce and Supplies Damodar Bhandari said that accountants play an important role in the economic development and prosperity of the country. He said that compliance with the code of ethics is mandatory in the auditing profession. Nepal Rastra Bank’s Governor Maha Prasad Adhikari said auditors are playing an important role in the development of the country's economy.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">In Nepal, 1000 chartered accountants and 7000 registered auditors are involved in auditing more than 300,000 organizations annually. According to ICAN, Nepal Financial Reporting Standards (NFRS) are being implemented in Nepal according to the International Financial Reporting Standards (IFRS) to make the accounting and auditing system of international standards. Thousands of accountants from all over the country are participating in the conference.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-19', 'modified' => '2024-04-19', 'keywords' => '', 'description' => '', 'sortorder' => '20490', 'image' => '20240419020557_903c25db.jpeg', 'article_date' => '2024-04-19 14:05:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '20762', 'article_category_id' => '1', 'title' => 'Malaysia's Policy not to Hire Foreign Workers to Impact Nepal', 'sub_title' => '', 'summary' => 'April 19: Malaysia's policy to stop hiring foreign workers in the formal sector from June 1 is a setback for the growing labor force of Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 19: Malaysia's policy to stop hiring foreign workers in the formal sector from June 1 is a major setback for the growing labor force of Nepal. The Malaysian government announced in March 2023 that foreign workers will be allowed to enter Malaysia only until the end of May. The time to get visa was fixed till April 21.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Malaysia employs foreign workers from 15 countries including Nepal. A large number of Nepalis have been working in Malaysia. According to government data, most of the Nepalis who took labour permits to work abroad in the last fiscal year went to Malaysia for work.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Department of Foreign Employment, a total of 259,596 Nepali workers were issued labour permits to work in Malaysia last year. The figure includes new workers as well as those who renewed their work permits.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the current fiscal year, the number of Nepalis visiting to Malaysia for work has declined compared to last fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As of mid-March this year, 63,976 Nepalis have traveled to Malaysiafor work. Malaysia has long been an important labour destination for Nepali workers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Foreign employment experts say that the new policy adopted by the Malaysian government regarding migrant workers may have a direct impact on Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Foreign employment expert Ganesh Gurung says that Nepali workers will lose work opportunities in a major labour destination due to Malaysia's new policy. He pointed out that there is a danger that the number of people going to Malaysia illegally may increase while it may cause unemployment rate to rise in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Banning foreign workers does not mean that companies in that country do not need foreign workers. It will increase the number of people going to Malaysia illegally," said Gurung.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to government estimates, more than 500,000 new labor force enters the labor market in Nepal every year. Almost all the labor force that is added every year in the market goes abroad. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Department of Foreign Employment, 497,704 new Nepali workers went abroad for work last year. The number of people who came to Nepal on vacation from abroad and returned for work stood at 277,272. The figure shows that about 800,000 Nepalis went abroad for work last year. The number of students who go abroad is also large.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The country lacks job opportunities due to the poor condition of the economy. According to a recent report of the World Bank entitled 'South Asia Development Update', the employment ratio (employment in percent of working-age population) in Nepal has decreased by 11 percent in the last 23 years. As the working-age population is increasing, the trend of people going abroad in search of work has increased due to the inability to create jobs in the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">If Malaysia stops hiring foreign workers, remittances from there will also decrease in the future. Remittances have been an important pillar of the Nepalese economy for many years. According to the World Bank, among the South Asian countries, Nepal receives the most remittances compared to the country's gross domestic product. In the last fiscal year, Nepal received remittances of Rs 1220.56 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“If the number of workers going to Malaysia decreases, remittances from that country will obviously decrease. It may affect the Nepalese economy," said Dr Gurung said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Dilliram Pokharel, deputy spokesperson and information officer of Nepal Rastra Bank, said that although it is not possible to say exactly how much remittance comes from Malaysia, it can be estimated that a large amount of money comec from there as there are a large number of Nepali workers in Malaysia. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rajendra Bhandari, president of Nepal Foreign Employment Professionals Association, says that Malaysia's policy of not hiring foreign workers has caused a big crisis in foreign employment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He said that the demand for workers is low even in the Gulf countries, and its impact is being seen in Nepal. Bhandari says that it is time for the government to facilitate sending workers to other countries including Europe. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"After the closure of Malaysia, the government should facilitate the sending of workers to other countries, including Europe, where Nepali workers are in demand," he said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Workers who go to the Gulf and Malaysia send remittances and return back and work within the country. But those who go to developed countries usually do not return and tend to take as much property as possible from the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Therefore, employment in the Gulf and Malaysia is important for Nepal, Gurung said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to labor expert Gurung, the government should now create conditions for employment within the country. It is important to do homework about how many jobs are to be created and when. However, the country has not been able to create job opportunities due to political instability and poor investment environment in the country. Due to this, there is a trend among youths to travel abroad for work.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Stakeholders say that the closure of regular destination countries of Nepali workers will force them to go to work in risky places. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"At present, the trend of going to different countries illegally has increased," said Bhandari, adding, "Nepalis are ready go to Russia and Ukraine and die."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Joint Secretary of the Ministry of Labor Govinda Prasad Rijal said that although the government has not received any official information from Malaysia about the decision not to hire workers, the ministry is preparing to get information through diplomatic channels. "The ministry will take necessary decisions accordingly," he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Department of Foreign Employment estimates that there are more than 500,000 Nepali workers in Malaysia. This number is of those who legally went to Malaysia by taking work permits from the government. The number of people working illegally in Malaysia is believed to be equally high. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A senior official of the Department of Foreign Employment informed that 44 percent of the Nepali workers who went for foreign employment in the last fiscal year went to Malaysia. Malaysia stopped hiring foreign workers for two years during the Covid-19 pandemic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Last May, the government declared some organizations involved in the process of sending Nepali workers to Malaysia to be illegal and shut down their operations. This made it further difficult for Nepali workers to go to Malaysia.</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-19', 'modified' => '2024-04-19', 'keywords' => '', 'description' => '', 'sortorder' => '20489', 'image' => '20240419013937_20240118121412_20220329081003_labour.jpg', 'article_date' => '2024-04-19 13:38:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '20761', 'article_category_id' => '1', 'title' => 'Average Length of Stay and Expenditure of Tourists Increase Marginally', 'sub_title' => '', 'summary' => 'April 19: The average stay and expenditure of foreign tourists in Nepal has seen a slight improvement in 2023. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 19: The average stay and expenditure of foreign tourists in Nepal has seen a slight improvement in 2023. The Ministry of Culture, Tourism and Civil Aviation announced that the average length of stay of tourists in 2023 increased by 0.8 percent to 13.2 days compared to 13.1 days in 2022.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Their daily expenses have also increased to USD 41, according to the 'Nepal Tourism Statistics 2023' recently released by the ministry. According to the report, the average daily expenditure of tourists was $40.50 in 2022.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the two-year period of the COVID-19 pandemic (in 2020 and 2021), the length of stay of tourists in Nepal was 15.1 and 15.5 days respectively. The stay of tourists increased in those years due to the lockdown and quarantine measures during the pandemic period. As the length of stay increased, the average expenditure incurred by the tourists also increased. In 2020, the daily expenditure of tourists was USD 65. In 2021, such expenses decreased to USD 48.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Binayak Shah, president of the Hotel Association Nepal (HAN), disputed the tourists’ expenditure figures published by the government, arguing that they significantly underestimate actual spending.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He claims that tourists must have spent at least twice the amount mentioned by the government. He argues that the data fails to capture expenditures accurately.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to government data, the contribution of the tourism sector to the Gross Domestic Product (GDP) is 3.2 percent. “The data of the World Bank indicates that it is much higher than that," he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Shah says that the real contribution of the tourism sector is not known due to the lack of uniformity in the data of the government, tourism entrepreneurs and other organizations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"For this, the government should implement satellite accounting (an integrated information collection system that records the transactions made by tourists) at the earliest," he said, adding, “It helps to provide more precise insights into tourist spending habits.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Shah's concerns echo those of tourism professionals who emphasize the need to expand tourist services and destinations beyond Kathmandu, Pokhara, and Chitwan to prolong tourists' stays in Nepal. However, challenges such as poor road conditions and limited operational airports hinder intra-country travel, making it difficult for tourists to extend their visits.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-19', 'modified' => '2024-04-19', 'keywords' => '', 'description' => '', 'sortorder' => '20488', 'image' => '20240419124501_20220509072726_Clipboard96.jpg', 'article_date' => '2024-04-19 12:42:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '20760', 'article_category_id' => '1', 'title' => 'United Arab Emirates Struggles to Recover after Heaviest Recorded Rainfall Ever Hits Desert Nation ', 'sub_title' => '', 'summary' => 'April 19: The United Arab Emirates struggled Thursday to recover from the heaviest recorded rainfall ever to hit the desert nation, as its main airport worked to restore normal operations even as floodwater still covered portions of major highways and roads. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 19: The United Arab Emirates struggled Thursday to recover from the heaviest recorded rainfall ever to hit the desert nation, as its main airport worked to restore normal operations even as floodwater still covered portions of major highways and roads. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Dubai International Airport, the world's busiest for international travel, allowed global carriers on Thursday morning to again fly into Terminal 1 at the airfield. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“Flights continue to be delayed and disrupted, so we urge you to only come to Terminal 1 if you have a confirmed booking,” the airport said on the social platform X. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The long-haul carrier Emirates, whose operations had been struggling since the storm Tuesday, had stopped travelers flying out of the UAE from checking into their flights as they tried to move out connecting passengers. Pilots and flight crews had been struggling to reach the airport given the water on roadways. But on Thursday, they lifted that order to allow customers into the airport. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Others who arrived at the airport described hourslong waits to get their baggage, with some just giving up to head home or to whatever hotel would have them. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The UAE, a hereditarily ruled, autocratic nation on the Arabian Peninsula, typically sees little rainfall in its arid desert climate. However, a massive storm forecasters had been warning about for days blew through the country's seven sheikhdoms. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">By the end of Tuesday, more than 142 millimeters (5.59 inches) of rainfall had soaked Dubai over 24 hours. An average year sees 94.7 millimeters (3.73 inches) of rain at Dubai International Airport. Other areas of the country saw even more precipitation. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The UAE's drainage systems quickly became overwhelmed, flooding out neighborhoods, business districts and even portions of the 12-lane Sheikh Zayed Road highway running through Dubai. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The state-run WAM news agency called the rain “a historic weather event” that surpassed “anything documented since the start of data collection in 1949.” </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In a message to the nation late Wednesday, Emirati leader Sheikh Mohammed bin Zayed Al Nahyan, the ruler of Abu Dhabi, said authorities would “quickly work on studying the condition of infrastructure throughout the UAE and to limit the damage caused.” </span><br /> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On Thursday, people waded through oil-slicked floodwater to reach cars earlier abandoned, checking to see if their engines still ran. Tanker trucks with vacuums began reaching some areas outside of Dubai's downtown core for the first time as well. Schools remain closed until next week. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Authorities have offered no overall damage or injury information from the floods, which killed at least one person. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“Crises reveal the strength of countries and societies,” Dubai's ruler, Sheikh Mohammed bin Rashid Al Maktoum, wrote on X. “The natural climate crisis that we experienced showed the great care, awareness, cohesion and love for every corner of the country from all its citizens and residents.” </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The flooding sparked speculation that the UAE's aggressive campaign of cloud seeding — flying small planes through clouds dispersing chemicals aimed at getting rain to fall — may have contributed to the deluge. But experts said the storm systems that produced the rain were forecast well in advance and that cloud seeding alone would not have caused such flooding. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Jeff Masters, a meteorologist for Yale Climate Connections, said the flooding in Dubai was caused by an unusually strong low pressure system that drove many rounds of heavy thunderstorms. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Scientists also say climate change is responsible for more intense and more frequent extreme storms, droughts, floods and wildfires around the world. Dubai hosted the United Nations’ COP28 climate talks just last year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Abu Dhabi’s state-linked newspaper The National in an editorial Thursday described the heavy rains as a warning to countries in the wider Persian Gulf region to “climate-proof their futures.” </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“The scale of this task is more daunting that it appears even at first glance, because such changes involve changing the urban environment of a region that for as long as it has been inhabited, has experienced little but heat and sand,” the newspaper said. – AP/RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-04-19', 'modified' => '2024-04-19', 'keywords' => '', 'description' => '', 'sortorder' => '20487', 'image' => '20240419113333_370910-01-02.jpg', 'article_date' => '2024-04-19 11:32:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '20758', 'article_category_id' => '1', 'title' => 'Tatopani Customs Surpasses Revenue Collection Target', 'sub_title' => '', 'summary' => 'April 19: The Tatopani Customs Office has collected revenue exceeding the target set for the first nine months of the current fiscal year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 19: The Tatopani Customs Office has collected revenue exceeding the target set for the first nine months of the current fiscal year. </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 office collected Rs 8.56 billion in revenue against the target of Rs 5.59 billion, Customs Chief Dayananda KC told RSS. </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 KC, trade from the Tatopani Customs Point has increased after the resumption of the Nepal-China border. </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 Chinese government agreed to resume the two-way trade via Tatopani-Khasa route during a bilateral meeting of Nepal-China Coordination Mechanism on Border Trade and Cooperation held in Lhasa in March last year.</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"">As per the agreement, the Tatopani transit point was opened for full-fledged operation on May 1 last year, raising high hopes of increased trade. The transit point was opened more than three years after it was initially closed to control the COVID-19 outbreak in March 2020. Nepal’s export through the Tatopani-Khasa border had been almost nil since the 2015 earthquake.</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"">Prior to the earthquake, the trade volume through this transit point used to be more than Rs 150 billion annually. </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 revenue collected in the first nine months of this year is more than the revenue collected during the entire last fiscal year. </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 government had set a target of collecting Rs 4.62 billion in revenue in the last fiscal year from this customs point, but it collected only Rs 2.20 billion in the corresponding period of that year. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2024-04-19', 'modified' => '2024-04-19', 'keywords' => '', 'description' => '', 'sortorder' => '20486', 'image' => '20240419105835_20230512122723_20211109014016_20210518054607_20190510014655_Clipboard04-2.jpg', 'article_date' => '2024-04-19 10:57:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '20759', 'article_category_id' => '1', 'title' => 'Tara Manandhar Appointed as CEO of Dish Media Network Ltd', 'sub_title' => '', 'summary' => 'April 19: Tara Manandhar has been appointed as the Chief Executive Officer (CEO) of Dish Media Network Ltd.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">April 19: Tara Manandhar has been appointed as the Chief Executive Officer (CEO) of Dish Media Network Ltd. According to the company, Manandhar, who has played a leadership role in the banking sector for more than 25 years, has assumed the position from April 15.</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 company, he previously worked in leadership roles at Mashreq Bank, Prabhu Bank, Standard Chartered Bank, etc.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The company expressed confidence in Manandhar's ability to enhance the quality of services provided by strengthening management.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">DishHome, known for its quality services and diverse channel offerings, has expanded its reach in recent years. With approval from the Nepal Telecommunication Authority for fiber internet distribution three years ago, DishHome has now emerged as the second-largest internet service provider in Nepal.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-19', 'modified' => '2024-04-19', 'keywords' => '', 'description' => '', 'sortorder' => '20485', 'image' => '20240419112059_CEO.jpg', 'article_date' => '2024-04-19 11:20:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '20757', 'article_category_id' => '1', 'title' => 'NEPSE Dips 19.56 Points, Closing at 1972.14', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a decline of 19.56 points or 0.98%, closing at 1972.14 on Thursday, the last trading day of the week.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">April 18: The Nepal Stock Exchange (NEPSE) Index experienced a decline of 19.56 points or 0.98%, closing at 1972.14 on Thursday, the last trading day of the week.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">During today’s trading session, 315 scrips were traded in 40,912 transactions, with a total of 5,344,613 shares changing hands, resulting in a total turnover of Rs 2.9 billion.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">Gurkhas Finance Limited (GUFL) led the turnover amount with a total transaction value of Rs 17 crores. Khanikhola Hydropower Company Limited (KKHC) recorded the highest gain of 7.94%.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">Conversely, Ru Ru Jalbidhyut Pariyojana Limited (RURU) suffered the maximum loss at 9.99%, closing at a market price of Rs 504 per share.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">In terms of sector indices, all sectors closed in the red. The Microfinance Index experienced the highest loss of 1.72%, while the Mutual Fund sector saw the least loss at 0.22%.</span></span></span></p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20484', 'image' => '20240418032246_collage (59).jpg', 'article_date' => '2024-04-18 15:21:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '20756', 'article_category_id' => '1', 'title' => '16 Hydel Projects under Construction in Tamor River ', 'sub_title' => '', 'summary' => 'April 18: Taplejung district has received a huge investment in hydropower projects in Tamor river, the main river in the district, and other rivers. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 18: Taplejung district has received a huge investment in hydropower projects in Tamor river, the main river in the district, and other rivers. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Officials shared that 16 hydroelectricity projects are under construction in Tamor river and as high as 1,654.51 megawatt of power is expected to be generated. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Department of Electricity Development, 14 hydropower projects in the river are exclusively based in Phaktanglung Rural Municipality and two other projects fall under other local levels. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, four hydropower projects are being constructed in Mewakhola (river) that flows through Mewakhola Rural Municipality. The projects in Mewakhola are expected to produce 178.42 megawatts of electricity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department said four projects are under development in Kabeli river and the projects there would generate 95.43 megawatts of electricity. </span><br /> </span></span></p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20483', 'image' => '20240418020511_hydro.jpg', 'article_date' => '2024-04-18 14:04:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '20755', 'article_category_id' => '1', 'title' => 'IMF says Global Debt Levels Face 'Great Election Year' Risk', 'sub_title' => '', 'summary' => 'April 18: The path towards sustainable government debt levels around the world is under threat this year from the sheer number of elections taking place, AFP reported citing the IMF’s new report on Wednesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 18: The path towards sustainable government debt levels around the world is under threat this year from the sheer number of elections taking place, AFP reported citing the IMF’s new report on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"History suggests, and empirical evidence confirms, that governments tend to spend more and or tax less in election year," Vitor Gaspar, the head of the International Monetary Fund's Fiscal Affairs told AFP, ahead of the publication of the Fiscal Monitor report.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He added that the situation this year is particularly complicated because, "the political discourse is dominated by references to fiscal expansion and calls for fiscal support or public spending -- or both."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, the Fiscal Monitor report found that global public debt "edged up again" last year, reversing a couple of years of decline, due largely to a fall in revenues "as windfall revenues from inflation waned."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Fiscal tightening is projected for 2024, but it is subject to considerable uncertainty," the IMF report continued.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Much of this uncertainty, the IMF said, is down to the fact that 2024 is the "Great Election Year," when 88 economies or economic areas representing more than half of the world's population have held, or are due to hold, elections.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Clearly, given the stronger link between fiscal policy and politics, it is perfectly reasonable to think that political factors and political discourse will play an added role right now," Gaspar told AFP.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The IMF predicts that current spending and taxation levels have put global public debt on track to rise from just over 93 percent of economic output last year to 99 percent by 2029.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This trend is "driven by the world's two largest economies, China and the United States, where under current policies public debt is projected to continue increasing beyond historical highs," the IMF report said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The US experienced "remarkably large fiscal slippages," last year, the IMF said, citing a steep decline in income tax revenues due to lower capital gains taxes and "delayed tax payment deadlines."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Like the US, China's fiscal deficit is projected to remain at elevated levels over the next five years, rising from more than seven percent of GDP last year to around eight percent by 2029.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"China stands out as a country where the deficit has stayed elevated throughout," Gaspar said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, "China, as the United States, has policy room to correct the situation and can do it from a public finance viewpoint," he continued, adding: "China does have room to maneuver."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Given China's role as a leading bilateral lender to many of the world's developing economies, its fiscal position carries consequences for countries around the world.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, the Fiscal Monitor report called for countries to make a "renewed push" toward consolidating their fiscal positions -- especially given the expected loosening of tight monetary policy in many places through interest rate cuts later this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">To do this, the IMF recommended that countries should start by "immediately" phasing out pandemic-era support measures, scaling back fuel and energy subsidies, and enacting entitlement reforms in advanced economies with ageing populations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In emerging market and developing economies, governments should "renew efforts to rationalize large government wage bills, and reform social safety nets," the IMF said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the context of Nepal, the share of public debt has been increasing compared to the gross domestic product (GDP). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the latest data, Nepal's public debt has soared to 43.80 percent of the total GDP. This figure is based on the loans taken by the government as of mid-November of the current fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the government data, Nepal’s public debt has increased to Rs 2357 billion mainly due to the rise in government’s tendency to raise debt to meet its current expenses.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government’s internal debt stood at Rs 1183 billion and external debt is Rs 1173 billion as of mid-November 2023.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The country’s public debt was Rs 2221.67 billion in mid-July at the beginning of the current fiscal year. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20482', 'image' => '20240418020330_20231201023735_public debt.jpg', 'article_date' => '2024-04-18 14:02:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '20753', 'article_category_id' => '1', 'title' => 'Nepal urges Bangladesh to Remove ‘Additional Customs Duty’ on Nepalese Goods', 'sub_title' => '', 'summary' => 'April 18: The government authorities of Nepal have requested Bangladesh to remove the customs duty imposed by Bangladesh on the import of Nepali goods, saying that the export of Nepal has been affected due to the additional customs duty imposed by Bangladesh.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 18: The government authorities of Nepal have requested Bangladesh to remove the customs duty imposed by Bangladesh on the import of Nepali goods, saying that the export of Nepal has been affected due to the additional customs duty imposed by Bangladesh.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">While Nepal’s trade with Bangladesh was profitable in the past, it has faced a continuous trade deficit in recent years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepali officials assert that Bangladesh's additional customs duty is contributing to the expanding trade deficit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry of Foreign Affairs informed through a press statement that Nepal raised this matter at the third Foreign Office Consultation meeting between Nepal and Bangladesh held in Kathmandu on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the ministry, Foreign Secretary Sewa Lamsal requested her Bangladeshi counterpart, Masood Bin Momen, to completely remove the additional customs duty on Nepali goods.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Amrit Bahadur Rai, Joint Secretary and Spokesperson for the Ministry of Foreign Affairs, informed New Business Age that the government is actively working to eliminate trade barriers caused by Bangladesh's customs tariffs.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Ram Chandra Tiwari, joint secretary of the Ministry of Industry, Commerce and Supplies, said that Nepal is preparing to raise this issue in the commerce secretary-level meeting to be held in Kathmandu from Friday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We are also addressing the non-implementation of the previous agreement regarding customs exemption for Nepalese goods. The meeting will focus on promoting trade between the two countries,” he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal mostly exports agricultural products like wheat, lentils, herbs, ginger, broom grass, yarn among others to Bangladesh. According to the government officials, Nepal’s exports have declined due to the imposition of 'high customs duty' by the Bangladesh.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bangladesh has been providing duty-free facilities for 108 items including agricultural products of Nepal. Nepal has been asking for duty-free facilities for tea, black lentil, coffee, cardamom, broom grass, fruits, pashmina and more.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to officials of the Ministry of Commerce, Nepal has the potential to export products such as spices, cabbage, tomatoes, avocado, pickles, carpets and dairy products to Bangladesh.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Bangladesh is also seeking duty-free facility on 64 items. Bangladesh has been asking for duty-free facilities especially for fish, medicine, juice, soft drinks, raw jute etc.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Tiwari, there will be an in-depth discussion on customs-free facilities, market access, transportation and other issues between the two countries in the commerce secretary-level meeting.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Most of the goods exported to Bangladesh are sent through the eastern border of Nepal through Phulbari in India and Chittagong port in Bangladesh. Tiwari informed that since transporting goods through this route takes 4 to 5 days due to customs clearance at the, it raises the expenses. This issue will also be discussed during the commerce secretary-level meeting, said Tiwari.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bangladesh, which is 30 kilometers away from the Nepalese border, has been making leaps in economic development for the past few years. As a result, its per capita income is much higher than that of Nepal. Due to its large population, Bangladesh has emerged as an attractive market for the world. However, Nepal has not been able to take advantage of it.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to a study conducted by South Asia Watch on Trade, Economics and Environment (SAWTEE), Nepal exported more goods to Bangladesh that it imported from the neighbouring country between the fiscal year 2061/62 to 2069/70. Since then, exports from Nepal have decreased and imports from Bangladesh have continued to rise.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Department of Customs, Nepal exported goods worth Rs 57 million to Bangladesh while it imported goods worth Rs 6 billion in the last fiscal year 2079/80. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, in the foreign secretary-level meeting held on Wednesday, the secretaries of both countries emphasized on the speedy implementation of the BBIN Motor Vehicle Agreement between Bangladesh, Bhutan, India and Nepal to enable the means of transportation between the member states without interruption, the Ministry of Foreign Affairs informed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Foreign Affairs Ministry Spokesperson Rai, the two countries also discussed the issue of electricity export to Bangladesh.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20481', 'image' => '20240418014609_GLWbN53bkAARwPq.jpg', 'article_date' => '2024-04-18 13:45:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '20754', 'article_category_id' => '1', 'title' => 'President Appoints Raya as Auditor General ', 'sub_title' => '', 'summary' => 'April 18: President Ram Chandra Paudel on Thursday appointed Toyam Raya as the Auditor General of Nepal upon the recommendation of Constitutional Council. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 18: President Ram Chandra Paudel on Thursday appointed Toyam Raya as the Auditor General of Nepal upon the recommendation of Constitutional Council. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">President Paudel appointed Raya to the post of Auditor General in accordance with Article 240 (2) of the Constitution of Nepal, reads a press release issued by Spokesperson for the Office of the Presidnet, Shailaja Regmi Bhattarai.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The post of auditor general had remained vacant ever since the then Auditor General Tankamani Sharma Dangal retired after completing his term on May 22 last year. After Sharma's retirement, the then Deputy Auditor General Rammaya Kunwar was given the responsibility of acting auditor general for one and a half months. After Kunwar went on compulsory retirement on August 7, Maheshwar Kafle got the responsibility.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bamdev Sharma was given the responsibility of acting auditor general after Kafle went on mandatory retirement in late January due to the age limit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The office was run by acting auditor general for around eleven months due to the delay in appointing an auditor general.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Due to the lack of leadership, the Office of the Auditor General has not been able to move forward with the strategic plan.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Office of the Auditor General audits all federal and state government offices including the Office of the President and Vice President, Supreme Court, Federal Parliament, Provincial Assembly, Provincial Government, Local Level, Constitutional Bodies and Offices, Courts, Attorney General's Office, Nepal Army, Nepal Police and Armed Police Force. The purpose of the audit is to protect the public resources of the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Office of the Auditor General also gives necessary suggestions and recommendations based on the effectiveness of government income and expenditure. The office submits and publishes the annual report of all government agencies to the President. The Office of the Auditor General has the right to see the accounting documents at any time to audit various agencies of the Central and State Governments. However, the lack of leadership has made the Office of the Auditor General weak in its role.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A meeting of the Constitutional Council held on March 31 had decided to recommend Raya, who was then the secretary of the National Statistics Office, for appointment to the post of Auditor General. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Some stakeholders criticized his appointment to the post due to a conflict of interest. As the secretary also has to audit the work done by himself, there will be a conflict of interest, say Transparency International and other organizations involved in anti-corruption watch. Transparency International has warned that this could disrupt good governance.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, the MPs ignored this argument and approved Raya's recommendation. The previous Auditor General Tankamani Sharma was also appointed to the post after resigning from the post of Secretary. Raya, who is considered to be close to the ruling CPN-UML, has been appointed for a 6-year term with just 5 months left for his retirement.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20480', 'image' => '20240418015718_20240417025206_oag-building.jpg', 'article_date' => '2024-04-18 13:56:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '20752', 'article_category_id' => '1', 'title' => '462 Investors out of 1,355 Invitees Confirm their Participation for Investment Summit', 'sub_title' => '', 'summary' => 'April 18: One-third of investors and officials who have been invited by the Investment Board Nepal for the upcoming Third Investment Summit have confirmed their participation as of Wednesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">April 18: One-third of investors and officials who have been invited by the Investment Board Nepal for the upcoming Third Investment Summit have confirmed their participation as of Wednesday. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">The board has sent invitations to 1,355 individuals to attend to the conference. Among them, 462 people have confirmed their participation but the list of attendees does not include any renowned businessmen.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">The government has left no stone unturned to invite rich and famous businessmen to the upcoming investment summit scheduled for April 28-29.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Former Finance Minister Dr Prakash Sharan Mahat had invited businessman Gautam Adani when he reached India's Gujarat, while the government has sent letters to world-famous businessman Elon Musk, India's richest man Mukesh Ambani, China's successful entrepreneur Jack Ma and others. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">An official of the Investment Board informed New Business Age that these businessmen have not confirmed their attendance for the conference as of Wednesday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">"There are no well-known celebrity businessmen in this list so far," said the official, "There are many businessmen from China in the list of those who have accepted Nepal's invitation.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Most of the businessmen who have confirmed their participation in the investment summit are from China followed by Indian investors.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">"We have done our job," said the official, adding, "Now, it is up to them. They can come here on their own or they can inform us a few days before coming.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">According to the Investment Board, those confirming their participation include heads of various delegations, officials of the Chamber of Commerce, deputies of international financial institutions and other officials. Investors and officials from 36 countries have confirmed their participation in the summit.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Most of the attendees are domestic businessmen of Nepal (161). Then there are notable investors from China, India, Germany and other countries which have confirmed their participation.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">According to the Investment Board, 2 to 5 representatives will come from Singapore, Malaysia, Russia, Finland, Colombia, Canada, Qatar, European Union (EU), Belgium, Bahrain, Austria. The board confirmed that one person each will come from Vietnam, Vanuatu, Turkey, Thailand, Switzerland, Sri Lanka, Saudi Arabia, Romania, Morocco, Mauritius, Cyprus.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20479', 'image' => '20240418124911_investment summit.jpg', 'article_date' => '2024-04-18 12:47:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20751', 'article_category_id' => '1', 'title' => 'Import of Grapes Increasing due to Lack of Commercial Production in Nepal', 'sub_title' => '', 'summary' => 'April 18: Due to lack of domestic production, grape imports are increasing, Nepalese consumed 10.5 billion worth of grapes in 5 years', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 18: Due to lack of domestic production, grape imports are increasing, Nepalese consumed 10.5 billion worth of grapes in 5 years</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal has imported grapes worth more than Rs 1 billion in the first eight months of the current fiscal year. According to the data of the Department of Customs, Nepal imported 1,30,82,426 kilograms of grapes worth Rs 1.22 billion from mid-July to mid-March.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the corresponding period last fiscal year, Nepal had imported 1,24,70, 085 kilograms of grapes worth Rs 938.9 million. The data shows that the import of grapes in the first eight months of the current fiscal year increased by 4 percent in quantity and 30 percent in price compared to the corresponding period of last fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal mainly imports grapes from China and India. In the review period, Nepal imported the maximum quantity of grapes from India. According to the department, Nepal imported 1,24,46, 094 kg of grapes worth Rs 1.08 billion from India alone. Similarly, it imported 636,332 kilograms of grapes worth Rs 133.63 million from China.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the data of the department, the country imported 210.71 million kilograms of grapes worth Rs 10.43 billion in the last five years. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Wine industries operating in Nepal also import grapes as raw materials.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The grapes found in the market of Nepal are mostly from India. The consumers in the country are forced to buy imported grapes due to lack of production in Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to businessmen, the production of grapes in Nepal is almost zero and therefore the country relies on imported grapes to meet the market demand.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Except for some people growing grapes for personal consumption, there is hardly any commercial farming of grapes done in Nepal. Since there is no production, we have to rely on imports," says Amar Baniya, president of the Nepal Fruit Wholesalers Association</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The prime season of grapes spans from January to March. Until March, all the grapes come from India and from April onward, the stored grapes come from China. As a result, its price also increases,” he added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Baniya, the wholesale price of grapes was Rs 110-120 per kg until a few days ago, but now it has reached Rs 150-160 per kg. Baniya said that the price will increase as the stored grapes from China arrive in the market from now onwards. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He further said that grapes are available in the market throughout the year as grapes are imported from different countries in different seasons.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20478', 'image' => '20240418121513_ggg.jpg', 'article_date' => '2024-04-18 12:13:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '20765', 'article_category_id' => '1', 'title' => '550,000 People Acquire Work Permits in Nine Months of Current Fiscal Year', 'sub_title' => '', 'summary' => 'April 19: Around 550,000 people have acquired work permits for overseas employment as of April 12 of the current fiscal year 2023/24. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">April 19: Around 550,000 people have acquired work permits for overseas employment as of April 12 of the current fiscal year 2023/24. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">Of them, 70,933 workers acquired work permits from March 14 to April 12. Among them, 64,241 are men and 6,692 are women, said Kabiraj Upreti, Director at the Department of Foreign Employment and Information Officer.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">Similarly, 55,575 people received work permit from July 17-August 17, 2023; 50,884 from August 18-September 17, 2023; 56,235 from September 18-October 17, 2023; 43,622 from October 18-November 16, 2023; 71,276 from November 17-December 16, 2023; 65,813 from December 17, 2023-January 14, 2024; 62,147 from January 15-February 12, 2024 and 65,658 from February 13-March 13, 2024, according to data of the department.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">A total of 17,818 people have gone for overseas employment in the UAE while 13,614 in Saudi Arabia, 11,204 in Qatar, 12,602 in Malaysia, 4,076 in Kuwait and 964 in Bahrain from March 14-April 12, 2024.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">Similarly, 2,299 people have gone for foreign employment in Romania, 960 in Croatia, 789 in Cyprus, 1,351 in Japan, 493 in the Maldives, 620 in Mauritius, and 657 in South Korea, shows the data.</span> -- RSS</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-19', 'modified' => '2024-04-19', 'keywords' => '', 'description' => '', 'sortorder' => '20492', 'image' => '20240419060836_20220814044404_postQueueImg_3-626bcca48a757.jpg', 'article_date' => '2024-04-19 18:08:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '20764', 'article_category_id' => '1', 'title' => 'Nawalpur Women Achieve Economic Independence by Operating Homestay ', 'sub_title' => '', 'summary' => 'April 19: Bal Kumari Mahato of Kawasoti in Nawalparasi (Bardaghat Susta Purba) district does not worry anymore how to run her household thanks to the income she makes from operating homestay. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 19: Bal Kumari Mahato of Kawasoti in Nawalparasi (Bardaghat Susta Purba) district does not worry anymore how to run her household thanks to the income she makes from operating homestay. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier dependent on agriculture, Mahato has found better source of income from operation of homestay for nearly five years thereby gaining economic independence. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Like Mahato, there are a handful of women in Chilaha village who are engaged in homestay. Resham Kumari Mahato of Kawasoti-10 shared, "Earlier we were involved in agriculture and earned scantly. After operating homestay, our earning has increased." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The entrepreneurial women admitted that they enjoy attending to the guests and entertain them with their cultural performances and delicacies besides enjoying financial freedom. The homestay initiative has further empowered them by developing leadership qualities in them and further harnessing their management skills. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Earlier we were too shy to talk to strangers but since we forayed into homestay enterprises, we have learned how to talk and run our enterprises confidently," said Resham Kumari. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The village where they operate homestay is predominantly a Tharu settlement and lies nearby a buffer zone. Most of the women running homestay at present were involved in agriculture in the past, which did not yield them good returns due to the menace of wild animals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Animal husbandry also failed them secure a good income for the wild animals would prey their domestic animals. In lack of good income, their living standard had gone down, admitted Mahato. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Following the homestay operation, our village is witnessing a socio-economic transformation and the living standards of fellow villagers have improved notably," she observed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">These entrepreneurial women have adequately secured support from their spouses and family in running their business. Since the introduction of homestay, the village has welcomed around 11,000 guests, both domestic and foreign, informed Prem Bahadur Mukhiya, a homestay manager. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Jeep safari is another attraction for the homestay guests, added Mukhiya. Besides savoring the Tharu delicacies, nature enthusiasts can enthrall themselves watching wild animals such as rhino, antelope, wild boar, peacock, crocodiles and various species of birds roaming around in the buffer zone, he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Ward chairperson of Kawasoti-10 Tek Narayan Mahato asserted that homestay had contributed in development and upliftment of the local community besides aiding in nature and culture conservation. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-04-19', 'modified' => '2024-04-19', 'keywords' => '', 'description' => '', 'sortorder' => '20491', 'image' => '20240419020716_449834462.jpg', 'article_date' => '2024-04-19 14:06:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '20763', 'article_category_id' => '1', 'title' => 'Auditors Emphasize on Sustainable Accounting Practices', 'sub_title' => '', 'summary' => 'April 19: An auditor is commonly known as a person who examines the accounts. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">April 19: An auditor is commonly known as a person who examines the accounts. An auditor has the right to verify the accounts prepared by the management in an organization or company. The auditor's role is not only limited to examining and commenting on the company's accounts. Auditors are becoming aware of the fact that they have to play a role for the sustainability of the audited company. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">As the International Federation of Accountants (IFAC), the international umbrella organization of accounting professionals, is lobbying for the implementation of 'Sustainability Standard 1 and 2', the debate has also started among accounting professionals 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"">The theme of the 3rd National Accounting Practitioner Conference organized by the Institute of Chartered Accountants of Nepal (ICAN), which is working to promote and regulate accounting in Nepal, is 'Sustainable Accounting Practice'. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Sujan Kumar Kafle, president of ICAN, said that the conference, which started on Thursday and will conclude on Friday, will focus on this topic and present and discuss papers in this regard.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">According to Kafle, the auditors should also look into environmental protection, social responsibility and good governance in addition to financial indicators to ensure the business to be sustainable. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">As a member country of IFAC, Nepal is also working with the Accounting and Auditing Board for sustainable accounting practices. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Deepak Pandey, president of Chartered Accountants Association of Nepal (ACAN), the umbrella organization of chartered accountants, says that audit in Nepal has not risen above financial indicators. "Worldwide, the practice has started that auditing should rise above the disclosure of financial indicators," he said, "Now non-financial indicators are more important than financial indicators."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">President of IFAC, Asmaa Resmouki, who came to Nepal to participate as a keynote speaker in the conference, pointed out the need to address issues of public interest for sustainable accounting practice. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Inaugurating the conference, Minister for Industry, Commerce and Supplies Damodar Bhandari said that accountants play an important role in the economic development and prosperity of the country. He said that compliance with the code of ethics is mandatory in the auditing profession. Nepal Rastra Bank’s Governor Maha Prasad Adhikari said auditors are playing an important role in the development of the country's economy.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">In Nepal, 1000 chartered accountants and 7000 registered auditors are involved in auditing more than 300,000 organizations annually. According to ICAN, Nepal Financial Reporting Standards (NFRS) are being implemented in Nepal according to the International Financial Reporting Standards (IFRS) to make the accounting and auditing system of international standards. Thousands of accountants from all over the country are participating in the conference.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-19', 'modified' => '2024-04-19', 'keywords' => '', 'description' => '', 'sortorder' => '20490', 'image' => '20240419020557_903c25db.jpeg', 'article_date' => '2024-04-19 14:05:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '20762', 'article_category_id' => '1', 'title' => 'Malaysia's Policy not to Hire Foreign Workers to Impact Nepal', 'sub_title' => '', 'summary' => 'April 19: Malaysia's policy to stop hiring foreign workers in the formal sector from June 1 is a setback for the growing labor force of Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 19: Malaysia's policy to stop hiring foreign workers in the formal sector from June 1 is a major setback for the growing labor force of Nepal. The Malaysian government announced in March 2023 that foreign workers will be allowed to enter Malaysia only until the end of May. The time to get visa was fixed till April 21.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Malaysia employs foreign workers from 15 countries including Nepal. A large number of Nepalis have been working in Malaysia. According to government data, most of the Nepalis who took labour permits to work abroad in the last fiscal year went to Malaysia for work.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Department of Foreign Employment, a total of 259,596 Nepali workers were issued labour permits to work in Malaysia last year. The figure includes new workers as well as those who renewed their work permits.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the current fiscal year, the number of Nepalis visiting to Malaysia for work has declined compared to last fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As of mid-March this year, 63,976 Nepalis have traveled to Malaysiafor work. Malaysia has long been an important labour destination for Nepali workers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Foreign employment experts say that the new policy adopted by the Malaysian government regarding migrant workers may have a direct impact on Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Foreign employment expert Ganesh Gurung says that Nepali workers will lose work opportunities in a major labour destination due to Malaysia's new policy. He pointed out that there is a danger that the number of people going to Malaysia illegally may increase while it may cause unemployment rate to rise in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Banning foreign workers does not mean that companies in that country do not need foreign workers. It will increase the number of people going to Malaysia illegally," said Gurung.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to government estimates, more than 500,000 new labor force enters the labor market in Nepal every year. Almost all the labor force that is added every year in the market goes abroad. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Department of Foreign Employment, 497,704 new Nepali workers went abroad for work last year. The number of people who came to Nepal on vacation from abroad and returned for work stood at 277,272. The figure shows that about 800,000 Nepalis went abroad for work last year. The number of students who go abroad is also large.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The country lacks job opportunities due to the poor condition of the economy. According to a recent report of the World Bank entitled 'South Asia Development Update', the employment ratio (employment in percent of working-age population) in Nepal has decreased by 11 percent in the last 23 years. As the working-age population is increasing, the trend of people going abroad in search of work has increased due to the inability to create jobs in the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">If Malaysia stops hiring foreign workers, remittances from there will also decrease in the future. Remittances have been an important pillar of the Nepalese economy for many years. According to the World Bank, among the South Asian countries, Nepal receives the most remittances compared to the country's gross domestic product. In the last fiscal year, Nepal received remittances of Rs 1220.56 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“If the number of workers going to Malaysia decreases, remittances from that country will obviously decrease. It may affect the Nepalese economy," said Dr Gurung said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Dilliram Pokharel, deputy spokesperson and information officer of Nepal Rastra Bank, said that although it is not possible to say exactly how much remittance comes from Malaysia, it can be estimated that a large amount of money comec from there as there are a large number of Nepali workers in Malaysia. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rajendra Bhandari, president of Nepal Foreign Employment Professionals Association, says that Malaysia's policy of not hiring foreign workers has caused a big crisis in foreign employment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He said that the demand for workers is low even in the Gulf countries, and its impact is being seen in Nepal. Bhandari says that it is time for the government to facilitate sending workers to other countries including Europe. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"After the closure of Malaysia, the government should facilitate the sending of workers to other countries, including Europe, where Nepali workers are in demand," he said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Workers who go to the Gulf and Malaysia send remittances and return back and work within the country. But those who go to developed countries usually do not return and tend to take as much property as possible from the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Therefore, employment in the Gulf and Malaysia is important for Nepal, Gurung said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to labor expert Gurung, the government should now create conditions for employment within the country. It is important to do homework about how many jobs are to be created and when. However, the country has not been able to create job opportunities due to political instability and poor investment environment in the country. Due to this, there is a trend among youths to travel abroad for work.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Stakeholders say that the closure of regular destination countries of Nepali workers will force them to go to work in risky places. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"At present, the trend of going to different countries illegally has increased," said Bhandari, adding, "Nepalis are ready go to Russia and Ukraine and die."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Joint Secretary of the Ministry of Labor Govinda Prasad Rijal said that although the government has not received any official information from Malaysia about the decision not to hire workers, the ministry is preparing to get information through diplomatic channels. "The ministry will take necessary decisions accordingly," he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Department of Foreign Employment estimates that there are more than 500,000 Nepali workers in Malaysia. This number is of those who legally went to Malaysia by taking work permits from the government. The number of people working illegally in Malaysia is believed to be equally high. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A senior official of the Department of Foreign Employment informed that 44 percent of the Nepali workers who went for foreign employment in the last fiscal year went to Malaysia. Malaysia stopped hiring foreign workers for two years during the Covid-19 pandemic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Last May, the government declared some organizations involved in the process of sending Nepali workers to Malaysia to be illegal and shut down their operations. This made it further difficult for Nepali workers to go to Malaysia.</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-19', 'modified' => '2024-04-19', 'keywords' => '', 'description' => '', 'sortorder' => '20489', 'image' => '20240419013937_20240118121412_20220329081003_labour.jpg', 'article_date' => '2024-04-19 13:38:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '20761', 'article_category_id' => '1', 'title' => 'Average Length of Stay and Expenditure of Tourists Increase Marginally', 'sub_title' => '', 'summary' => 'April 19: The average stay and expenditure of foreign tourists in Nepal has seen a slight improvement in 2023. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 19: The average stay and expenditure of foreign tourists in Nepal has seen a slight improvement in 2023. The Ministry of Culture, Tourism and Civil Aviation announced that the average length of stay of tourists in 2023 increased by 0.8 percent to 13.2 days compared to 13.1 days in 2022.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Their daily expenses have also increased to USD 41, according to the 'Nepal Tourism Statistics 2023' recently released by the ministry. According to the report, the average daily expenditure of tourists was $40.50 in 2022.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the two-year period of the COVID-19 pandemic (in 2020 and 2021), the length of stay of tourists in Nepal was 15.1 and 15.5 days respectively. The stay of tourists increased in those years due to the lockdown and quarantine measures during the pandemic period. As the length of stay increased, the average expenditure incurred by the tourists also increased. In 2020, the daily expenditure of tourists was USD 65. In 2021, such expenses decreased to USD 48.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Binayak Shah, president of the Hotel Association Nepal (HAN), disputed the tourists’ expenditure figures published by the government, arguing that they significantly underestimate actual spending.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He claims that tourists must have spent at least twice the amount mentioned by the government. He argues that the data fails to capture expenditures accurately.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to government data, the contribution of the tourism sector to the Gross Domestic Product (GDP) is 3.2 percent. “The data of the World Bank indicates that it is much higher than that," he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Shah says that the real contribution of the tourism sector is not known due to the lack of uniformity in the data of the government, tourism entrepreneurs and other organizations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"For this, the government should implement satellite accounting (an integrated information collection system that records the transactions made by tourists) at the earliest," he said, adding, “It helps to provide more precise insights into tourist spending habits.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Shah's concerns echo those of tourism professionals who emphasize the need to expand tourist services and destinations beyond Kathmandu, Pokhara, and Chitwan to prolong tourists' stays in Nepal. However, challenges such as poor road conditions and limited operational airports hinder intra-country travel, making it difficult for tourists to extend their visits.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-19', 'modified' => '2024-04-19', 'keywords' => '', 'description' => '', 'sortorder' => '20488', 'image' => '20240419124501_20220509072726_Clipboard96.jpg', 'article_date' => '2024-04-19 12:42:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '20760', 'article_category_id' => '1', 'title' => 'United Arab Emirates Struggles to Recover after Heaviest Recorded Rainfall Ever Hits Desert Nation ', 'sub_title' => '', 'summary' => 'April 19: The United Arab Emirates struggled Thursday to recover from the heaviest recorded rainfall ever to hit the desert nation, as its main airport worked to restore normal operations even as floodwater still covered portions of major highways and roads. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 19: The United Arab Emirates struggled Thursday to recover from the heaviest recorded rainfall ever to hit the desert nation, as its main airport worked to restore normal operations even as floodwater still covered portions of major highways and roads. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Dubai International Airport, the world's busiest for international travel, allowed global carriers on Thursday morning to again fly into Terminal 1 at the airfield. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“Flights continue to be delayed and disrupted, so we urge you to only come to Terminal 1 if you have a confirmed booking,” the airport said on the social platform X. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The long-haul carrier Emirates, whose operations had been struggling since the storm Tuesday, had stopped travelers flying out of the UAE from checking into their flights as they tried to move out connecting passengers. Pilots and flight crews had been struggling to reach the airport given the water on roadways. But on Thursday, they lifted that order to allow customers into the airport. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Others who arrived at the airport described hourslong waits to get their baggage, with some just giving up to head home or to whatever hotel would have them. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The UAE, a hereditarily ruled, autocratic nation on the Arabian Peninsula, typically sees little rainfall in its arid desert climate. However, a massive storm forecasters had been warning about for days blew through the country's seven sheikhdoms. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">By the end of Tuesday, more than 142 millimeters (5.59 inches) of rainfall had soaked Dubai over 24 hours. An average year sees 94.7 millimeters (3.73 inches) of rain at Dubai International Airport. Other areas of the country saw even more precipitation. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The UAE's drainage systems quickly became overwhelmed, flooding out neighborhoods, business districts and even portions of the 12-lane Sheikh Zayed Road highway running through Dubai. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The state-run WAM news agency called the rain “a historic weather event” that surpassed “anything documented since the start of data collection in 1949.” </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In a message to the nation late Wednesday, Emirati leader Sheikh Mohammed bin Zayed Al Nahyan, the ruler of Abu Dhabi, said authorities would “quickly work on studying the condition of infrastructure throughout the UAE and to limit the damage caused.” </span><br /> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On Thursday, people waded through oil-slicked floodwater to reach cars earlier abandoned, checking to see if their engines still ran. Tanker trucks with vacuums began reaching some areas outside of Dubai's downtown core for the first time as well. Schools remain closed until next week. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Authorities have offered no overall damage or injury information from the floods, which killed at least one person. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“Crises reveal the strength of countries and societies,” Dubai's ruler, Sheikh Mohammed bin Rashid Al Maktoum, wrote on X. “The natural climate crisis that we experienced showed the great care, awareness, cohesion and love for every corner of the country from all its citizens and residents.” </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The flooding sparked speculation that the UAE's aggressive campaign of cloud seeding — flying small planes through clouds dispersing chemicals aimed at getting rain to fall — may have contributed to the deluge. But experts said the storm systems that produced the rain were forecast well in advance and that cloud seeding alone would not have caused such flooding. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Jeff Masters, a meteorologist for Yale Climate Connections, said the flooding in Dubai was caused by an unusually strong low pressure system that drove many rounds of heavy thunderstorms. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Scientists also say climate change is responsible for more intense and more frequent extreme storms, droughts, floods and wildfires around the world. Dubai hosted the United Nations’ COP28 climate talks just last year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Abu Dhabi’s state-linked newspaper The National in an editorial Thursday described the heavy rains as a warning to countries in the wider Persian Gulf region to “climate-proof their futures.” </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“The scale of this task is more daunting that it appears even at first glance, because such changes involve changing the urban environment of a region that for as long as it has been inhabited, has experienced little but heat and sand,” the newspaper said. – AP/RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-04-19', 'modified' => '2024-04-19', 'keywords' => '', 'description' => '', 'sortorder' => '20487', 'image' => '20240419113333_370910-01-02.jpg', 'article_date' => '2024-04-19 11:32:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '20758', 'article_category_id' => '1', 'title' => 'Tatopani Customs Surpasses Revenue Collection Target', 'sub_title' => '', 'summary' => 'April 19: The Tatopani Customs Office has collected revenue exceeding the target set for the first nine months of the current fiscal year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 19: The Tatopani Customs Office has collected revenue exceeding the target set for the first nine months of the current fiscal year. </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 office collected Rs 8.56 billion in revenue against the target of Rs 5.59 billion, Customs Chief Dayananda KC told RSS. </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 KC, trade from the Tatopani Customs Point has increased after the resumption of the Nepal-China border. </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 Chinese government agreed to resume the two-way trade via Tatopani-Khasa route during a bilateral meeting of Nepal-China Coordination Mechanism on Border Trade and Cooperation held in Lhasa in March last year.</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"">As per the agreement, the Tatopani transit point was opened for full-fledged operation on May 1 last year, raising high hopes of increased trade. The transit point was opened more than three years after it was initially closed to control the COVID-19 outbreak in March 2020. Nepal’s export through the Tatopani-Khasa border had been almost nil since the 2015 earthquake.</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"">Prior to the earthquake, the trade volume through this transit point used to be more than Rs 150 billion annually. </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 revenue collected in the first nine months of this year is more than the revenue collected during the entire last fiscal year. </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 government had set a target of collecting Rs 4.62 billion in revenue in the last fiscal year from this customs point, but it collected only Rs 2.20 billion in the corresponding period of that year. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2024-04-19', 'modified' => '2024-04-19', 'keywords' => '', 'description' => '', 'sortorder' => '20486', 'image' => '20240419105835_20230512122723_20211109014016_20210518054607_20190510014655_Clipboard04-2.jpg', 'article_date' => '2024-04-19 10:57:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '20759', 'article_category_id' => '1', 'title' => 'Tara Manandhar Appointed as CEO of Dish Media Network Ltd', 'sub_title' => '', 'summary' => 'April 19: Tara Manandhar has been appointed as the Chief Executive Officer (CEO) of Dish Media Network Ltd.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">April 19: Tara Manandhar has been appointed as the Chief Executive Officer (CEO) of Dish Media Network Ltd. According to the company, Manandhar, who has played a leadership role in the banking sector for more than 25 years, has assumed the position from April 15.</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 company, he previously worked in leadership roles at Mashreq Bank, Prabhu Bank, Standard Chartered Bank, etc.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The company expressed confidence in Manandhar's ability to enhance the quality of services provided by strengthening management.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">DishHome, known for its quality services and diverse channel offerings, has expanded its reach in recent years. With approval from the Nepal Telecommunication Authority for fiber internet distribution three years ago, DishHome has now emerged as the second-largest internet service provider in Nepal.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-19', 'modified' => '2024-04-19', 'keywords' => '', 'description' => '', 'sortorder' => '20485', 'image' => '20240419112059_CEO.jpg', 'article_date' => '2024-04-19 11:20:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '20757', 'article_category_id' => '1', 'title' => 'NEPSE Dips 19.56 Points, Closing at 1972.14', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a decline of 19.56 points or 0.98%, closing at 1972.14 on Thursday, the last trading day of the week.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">April 18: The Nepal Stock Exchange (NEPSE) Index experienced a decline of 19.56 points or 0.98%, closing at 1972.14 on Thursday, the last trading day of the week.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">During today’s trading session, 315 scrips were traded in 40,912 transactions, with a total of 5,344,613 shares changing hands, resulting in a total turnover of Rs 2.9 billion.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">Gurkhas Finance Limited (GUFL) led the turnover amount with a total transaction value of Rs 17 crores. Khanikhola Hydropower Company Limited (KKHC) recorded the highest gain of 7.94%.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">Conversely, Ru Ru Jalbidhyut Pariyojana Limited (RURU) suffered the maximum loss at 9.99%, closing at a market price of Rs 504 per share.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">In terms of sector indices, all sectors closed in the red. The Microfinance Index experienced the highest loss of 1.72%, while the Mutual Fund sector saw the least loss at 0.22%.</span></span></span></p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20484', 'image' => '20240418032246_collage (59).jpg', 'article_date' => '2024-04-18 15:21:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '20756', 'article_category_id' => '1', 'title' => '16 Hydel Projects under Construction in Tamor River ', 'sub_title' => '', 'summary' => 'April 18: Taplejung district has received a huge investment in hydropower projects in Tamor river, the main river in the district, and other rivers. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 18: Taplejung district has received a huge investment in hydropower projects in Tamor river, the main river in the district, and other rivers. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Officials shared that 16 hydroelectricity projects are under construction in Tamor river and as high as 1,654.51 megawatt of power is expected to be generated. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Department of Electricity Development, 14 hydropower projects in the river are exclusively based in Phaktanglung Rural Municipality and two other projects fall under other local levels. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, four hydropower projects are being constructed in Mewakhola (river) that flows through Mewakhola Rural Municipality. The projects in Mewakhola are expected to produce 178.42 megawatts of electricity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department said four projects are under development in Kabeli river and the projects there would generate 95.43 megawatts of electricity. </span><br /> </span></span></p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20483', 'image' => '20240418020511_hydro.jpg', 'article_date' => '2024-04-18 14:04:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '20755', 'article_category_id' => '1', 'title' => 'IMF says Global Debt Levels Face 'Great Election Year' Risk', 'sub_title' => '', 'summary' => 'April 18: The path towards sustainable government debt levels around the world is under threat this year from the sheer number of elections taking place, AFP reported citing the IMF’s new report on Wednesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 18: The path towards sustainable government debt levels around the world is under threat this year from the sheer number of elections taking place, AFP reported citing the IMF’s new report on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"History suggests, and empirical evidence confirms, that governments tend to spend more and or tax less in election year," Vitor Gaspar, the head of the International Monetary Fund's Fiscal Affairs told AFP, ahead of the publication of the Fiscal Monitor report.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He added that the situation this year is particularly complicated because, "the political discourse is dominated by references to fiscal expansion and calls for fiscal support or public spending -- or both."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, the Fiscal Monitor report found that global public debt "edged up again" last year, reversing a couple of years of decline, due largely to a fall in revenues "as windfall revenues from inflation waned."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Fiscal tightening is projected for 2024, but it is subject to considerable uncertainty," the IMF report continued.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Much of this uncertainty, the IMF said, is down to the fact that 2024 is the "Great Election Year," when 88 economies or economic areas representing more than half of the world's population have held, or are due to hold, elections.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Clearly, given the stronger link between fiscal policy and politics, it is perfectly reasonable to think that political factors and political discourse will play an added role right now," Gaspar told AFP.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The IMF predicts that current spending and taxation levels have put global public debt on track to rise from just over 93 percent of economic output last year to 99 percent by 2029.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This trend is "driven by the world's two largest economies, China and the United States, where under current policies public debt is projected to continue increasing beyond historical highs," the IMF report said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The US experienced "remarkably large fiscal slippages," last year, the IMF said, citing a steep decline in income tax revenues due to lower capital gains taxes and "delayed tax payment deadlines."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Like the US, China's fiscal deficit is projected to remain at elevated levels over the next five years, rising from more than seven percent of GDP last year to around eight percent by 2029.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"China stands out as a country where the deficit has stayed elevated throughout," Gaspar said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, "China, as the United States, has policy room to correct the situation and can do it from a public finance viewpoint," he continued, adding: "China does have room to maneuver."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Given China's role as a leading bilateral lender to many of the world's developing economies, its fiscal position carries consequences for countries around the world.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, the Fiscal Monitor report called for countries to make a "renewed push" toward consolidating their fiscal positions -- especially given the expected loosening of tight monetary policy in many places through interest rate cuts later this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">To do this, the IMF recommended that countries should start by "immediately" phasing out pandemic-era support measures, scaling back fuel and energy subsidies, and enacting entitlement reforms in advanced economies with ageing populations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In emerging market and developing economies, governments should "renew efforts to rationalize large government wage bills, and reform social safety nets," the IMF said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the context of Nepal, the share of public debt has been increasing compared to the gross domestic product (GDP). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the latest data, Nepal's public debt has soared to 43.80 percent of the total GDP. This figure is based on the loans taken by the government as of mid-November of the current fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the government data, Nepal’s public debt has increased to Rs 2357 billion mainly due to the rise in government’s tendency to raise debt to meet its current expenses.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government’s internal debt stood at Rs 1183 billion and external debt is Rs 1173 billion as of mid-November 2023.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The country’s public debt was Rs 2221.67 billion in mid-July at the beginning of the current fiscal year. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20482', 'image' => '20240418020330_20231201023735_public debt.jpg', 'article_date' => '2024-04-18 14:02:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '20753', 'article_category_id' => '1', 'title' => 'Nepal urges Bangladesh to Remove ‘Additional Customs Duty’ on Nepalese Goods', 'sub_title' => '', 'summary' => 'April 18: The government authorities of Nepal have requested Bangladesh to remove the customs duty imposed by Bangladesh on the import of Nepali goods, saying that the export of Nepal has been affected due to the additional customs duty imposed by Bangladesh.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 18: The government authorities of Nepal have requested Bangladesh to remove the customs duty imposed by Bangladesh on the import of Nepali goods, saying that the export of Nepal has been affected due to the additional customs duty imposed by Bangladesh.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">While Nepal’s trade with Bangladesh was profitable in the past, it has faced a continuous trade deficit in recent years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepali officials assert that Bangladesh's additional customs duty is contributing to the expanding trade deficit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry of Foreign Affairs informed through a press statement that Nepal raised this matter at the third Foreign Office Consultation meeting between Nepal and Bangladesh held in Kathmandu on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the ministry, Foreign Secretary Sewa Lamsal requested her Bangladeshi counterpart, Masood Bin Momen, to completely remove the additional customs duty on Nepali goods.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Amrit Bahadur Rai, Joint Secretary and Spokesperson for the Ministry of Foreign Affairs, informed New Business Age that the government is actively working to eliminate trade barriers caused by Bangladesh's customs tariffs.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Ram Chandra Tiwari, joint secretary of the Ministry of Industry, Commerce and Supplies, said that Nepal is preparing to raise this issue in the commerce secretary-level meeting to be held in Kathmandu from Friday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We are also addressing the non-implementation of the previous agreement regarding customs exemption for Nepalese goods. The meeting will focus on promoting trade between the two countries,” he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal mostly exports agricultural products like wheat, lentils, herbs, ginger, broom grass, yarn among others to Bangladesh. According to the government officials, Nepal’s exports have declined due to the imposition of 'high customs duty' by the Bangladesh.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bangladesh has been providing duty-free facilities for 108 items including agricultural products of Nepal. Nepal has been asking for duty-free facilities for tea, black lentil, coffee, cardamom, broom grass, fruits, pashmina and more.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to officials of the Ministry of Commerce, Nepal has the potential to export products such as spices, cabbage, tomatoes, avocado, pickles, carpets and dairy products to Bangladesh.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Bangladesh is also seeking duty-free facility on 64 items. Bangladesh has been asking for duty-free facilities especially for fish, medicine, juice, soft drinks, raw jute etc.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Tiwari, there will be an in-depth discussion on customs-free facilities, market access, transportation and other issues between the two countries in the commerce secretary-level meeting.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Most of the goods exported to Bangladesh are sent through the eastern border of Nepal through Phulbari in India and Chittagong port in Bangladesh. Tiwari informed that since transporting goods through this route takes 4 to 5 days due to customs clearance at the, it raises the expenses. This issue will also be discussed during the commerce secretary-level meeting, said Tiwari.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bangladesh, which is 30 kilometers away from the Nepalese border, has been making leaps in economic development for the past few years. As a result, its per capita income is much higher than that of Nepal. Due to its large population, Bangladesh has emerged as an attractive market for the world. However, Nepal has not been able to take advantage of it.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to a study conducted by South Asia Watch on Trade, Economics and Environment (SAWTEE), Nepal exported more goods to Bangladesh that it imported from the neighbouring country between the fiscal year 2061/62 to 2069/70. Since then, exports from Nepal have decreased and imports from Bangladesh have continued to rise.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Department of Customs, Nepal exported goods worth Rs 57 million to Bangladesh while it imported goods worth Rs 6 billion in the last fiscal year 2079/80. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, in the foreign secretary-level meeting held on Wednesday, the secretaries of both countries emphasized on the speedy implementation of the BBIN Motor Vehicle Agreement between Bangladesh, Bhutan, India and Nepal to enable the means of transportation between the member states without interruption, the Ministry of Foreign Affairs informed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Foreign Affairs Ministry Spokesperson Rai, the two countries also discussed the issue of electricity export to Bangladesh.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20481', 'image' => '20240418014609_GLWbN53bkAARwPq.jpg', 'article_date' => '2024-04-18 13:45:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '20754', 'article_category_id' => '1', 'title' => 'President Appoints Raya as Auditor General ', 'sub_title' => '', 'summary' => 'April 18: President Ram Chandra Paudel on Thursday appointed Toyam Raya as the Auditor General of Nepal upon the recommendation of Constitutional Council. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 18: President Ram Chandra Paudel on Thursday appointed Toyam Raya as the Auditor General of Nepal upon the recommendation of Constitutional Council. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">President Paudel appointed Raya to the post of Auditor General in accordance with Article 240 (2) of the Constitution of Nepal, reads a press release issued by Spokesperson for the Office of the Presidnet, Shailaja Regmi Bhattarai.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The post of auditor general had remained vacant ever since the then Auditor General Tankamani Sharma Dangal retired after completing his term on May 22 last year. After Sharma's retirement, the then Deputy Auditor General Rammaya Kunwar was given the responsibility of acting auditor general for one and a half months. After Kunwar went on compulsory retirement on August 7, Maheshwar Kafle got the responsibility.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bamdev Sharma was given the responsibility of acting auditor general after Kafle went on mandatory retirement in late January due to the age limit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The office was run by acting auditor general for around eleven months due to the delay in appointing an auditor general.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Due to the lack of leadership, the Office of the Auditor General has not been able to move forward with the strategic plan.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Office of the Auditor General audits all federal and state government offices including the Office of the President and Vice President, Supreme Court, Federal Parliament, Provincial Assembly, Provincial Government, Local Level, Constitutional Bodies and Offices, Courts, Attorney General's Office, Nepal Army, Nepal Police and Armed Police Force. The purpose of the audit is to protect the public resources of the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Office of the Auditor General also gives necessary suggestions and recommendations based on the effectiveness of government income and expenditure. The office submits and publishes the annual report of all government agencies to the President. The Office of the Auditor General has the right to see the accounting documents at any time to audit various agencies of the Central and State Governments. However, the lack of leadership has made the Office of the Auditor General weak in its role.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A meeting of the Constitutional Council held on March 31 had decided to recommend Raya, who was then the secretary of the National Statistics Office, for appointment to the post of Auditor General. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Some stakeholders criticized his appointment to the post due to a conflict of interest. As the secretary also has to audit the work done by himself, there will be a conflict of interest, say Transparency International and other organizations involved in anti-corruption watch. Transparency International has warned that this could disrupt good governance.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, the MPs ignored this argument and approved Raya's recommendation. The previous Auditor General Tankamani Sharma was also appointed to the post after resigning from the post of Secretary. Raya, who is considered to be close to the ruling CPN-UML, has been appointed for a 6-year term with just 5 months left for his retirement.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20480', 'image' => '20240418015718_20240417025206_oag-building.jpg', 'article_date' => '2024-04-18 13:56:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '20752', 'article_category_id' => '1', 'title' => '462 Investors out of 1,355 Invitees Confirm their Participation for Investment Summit', 'sub_title' => '', 'summary' => 'April 18: One-third of investors and officials who have been invited by the Investment Board Nepal for the upcoming Third Investment Summit have confirmed their participation as of Wednesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">April 18: One-third of investors and officials who have been invited by the Investment Board Nepal for the upcoming Third Investment Summit have confirmed their participation as of Wednesday. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">The board has sent invitations to 1,355 individuals to attend to the conference. Among them, 462 people have confirmed their participation but the list of attendees does not include any renowned businessmen.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">The government has left no stone unturned to invite rich and famous businessmen to the upcoming investment summit scheduled for April 28-29.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Former Finance Minister Dr Prakash Sharan Mahat had invited businessman Gautam Adani when he reached India's Gujarat, while the government has sent letters to world-famous businessman Elon Musk, India's richest man Mukesh Ambani, China's successful entrepreneur Jack Ma and others. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">An official of the Investment Board informed New Business Age that these businessmen have not confirmed their attendance for the conference as of Wednesday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">"There are no well-known celebrity businessmen in this list so far," said the official, "There are many businessmen from China in the list of those who have accepted Nepal's invitation.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Most of the businessmen who have confirmed their participation in the investment summit are from China followed by Indian investors.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">"We have done our job," said the official, adding, "Now, it is up to them. They can come here on their own or they can inform us a few days before coming.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">According to the Investment Board, those confirming their participation include heads of various delegations, officials of the Chamber of Commerce, deputies of international financial institutions and other officials. Investors and officials from 36 countries have confirmed their participation in the summit.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Most of the attendees are domestic businessmen of Nepal (161). Then there are notable investors from China, India, Germany and other countries which have confirmed their participation.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">According to the Investment Board, 2 to 5 representatives will come from Singapore, Malaysia, Russia, Finland, Colombia, Canada, Qatar, European Union (EU), Belgium, Bahrain, Austria. The board confirmed that one person each will come from Vietnam, Vanuatu, Turkey, Thailand, Switzerland, Sri Lanka, Saudi Arabia, Romania, Morocco, Mauritius, Cyprus.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20479', 'image' => '20240418124911_investment summit.jpg', 'article_date' => '2024-04-18 12:47:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20751', 'article_category_id' => '1', 'title' => 'Import of Grapes Increasing due to Lack of Commercial Production in Nepal', 'sub_title' => '', 'summary' => 'April 18: Due to lack of domestic production, grape imports are increasing, Nepalese consumed 10.5 billion worth of grapes in 5 years', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 18: Due to lack of domestic production, grape imports are increasing, Nepalese consumed 10.5 billion worth of grapes in 5 years</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal has imported grapes worth more than Rs 1 billion in the first eight months of the current fiscal year. According to the data of the Department of Customs, Nepal imported 1,30,82,426 kilograms of grapes worth Rs 1.22 billion from mid-July to mid-March.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the corresponding period last fiscal year, Nepal had imported 1,24,70, 085 kilograms of grapes worth Rs 938.9 million. The data shows that the import of grapes in the first eight months of the current fiscal year increased by 4 percent in quantity and 30 percent in price compared to the corresponding period of last fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal mainly imports grapes from China and India. In the review period, Nepal imported the maximum quantity of grapes from India. According to the department, Nepal imported 1,24,46, 094 kg of grapes worth Rs 1.08 billion from India alone. Similarly, it imported 636,332 kilograms of grapes worth Rs 133.63 million from China.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the data of the department, the country imported 210.71 million kilograms of grapes worth Rs 10.43 billion in the last five years. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Wine industries operating in Nepal also import grapes as raw materials.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The grapes found in the market of Nepal are mostly from India. The consumers in the country are forced to buy imported grapes due to lack of production in Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to businessmen, the production of grapes in Nepal is almost zero and therefore the country relies on imported grapes to meet the market demand.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Except for some people growing grapes for personal consumption, there is hardly any commercial farming of grapes done in Nepal. Since there is no production, we have to rely on imports," says Amar Baniya, president of the Nepal Fruit Wholesalers Association</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The prime season of grapes spans from January to March. Until March, all the grapes come from India and from April onward, the stored grapes come from China. As a result, its price also increases,” he added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Baniya, the wholesale price of grapes was Rs 110-120 per kg until a few days ago, but now it has reached Rs 150-160 per kg. Baniya said that the price will increase as the stored grapes from China arrive in the market from now onwards. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He further said that grapes are available in the market throughout the year as grapes are imported from different countries in different seasons.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20478', 'image' => '20240418121513_ggg.jpg', 'article_date' => '2024-04-18 12:13:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 133]file not found!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' => '20765', 'article_category_id' => '1', 'title' => '550,000 People Acquire Work Permits in Nine Months of Current Fiscal Year', 'sub_title' => '', 'summary' => 'April 19: Around 550,000 people have acquired work permits for overseas employment as of April 12 of the current fiscal year 2023/24. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">April 19: Around 550,000 people have acquired work permits for overseas employment as of April 12 of the current fiscal year 2023/24. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">Of them, 70,933 workers acquired work permits from March 14 to April 12. Among them, 64,241 are men and 6,692 are women, said Kabiraj Upreti, Director at the Department of Foreign Employment and Information Officer.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">Similarly, 55,575 people received work permit from July 17-August 17, 2023; 50,884 from August 18-September 17, 2023; 56,235 from September 18-October 17, 2023; 43,622 from October 18-November 16, 2023; 71,276 from November 17-December 16, 2023; 65,813 from December 17, 2023-January 14, 2024; 62,147 from January 15-February 12, 2024 and 65,658 from February 13-March 13, 2024, according to data of the department.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">A total of 17,818 people have gone for overseas employment in the UAE while 13,614 in Saudi Arabia, 11,204 in Qatar, 12,602 in Malaysia, 4,076 in Kuwait and 964 in Bahrain from March 14-April 12, 2024.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">Similarly, 2,299 people have gone for foreign employment in Romania, 960 in Croatia, 789 in Cyprus, 1,351 in Japan, 493 in the Maldives, 620 in Mauritius, and 657 in South Korea, shows the data.</span> -- RSS</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-19', 'modified' => '2024-04-19', 'keywords' => '', 'description' => '', 'sortorder' => '20492', 'image' => '20240419060836_20220814044404_postQueueImg_3-626bcca48a757.jpg', 'article_date' => '2024-04-19 18:08:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '20764', 'article_category_id' => '1', 'title' => 'Nawalpur Women Achieve Economic Independence by Operating Homestay ', 'sub_title' => '', 'summary' => 'April 19: Bal Kumari Mahato of Kawasoti in Nawalparasi (Bardaghat Susta Purba) district does not worry anymore how to run her household thanks to the income she makes from operating homestay. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 19: Bal Kumari Mahato of Kawasoti in Nawalparasi (Bardaghat Susta Purba) district does not worry anymore how to run her household thanks to the income she makes from operating homestay. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier dependent on agriculture, Mahato has found better source of income from operation of homestay for nearly five years thereby gaining economic independence. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Like Mahato, there are a handful of women in Chilaha village who are engaged in homestay. Resham Kumari Mahato of Kawasoti-10 shared, "Earlier we were involved in agriculture and earned scantly. After operating homestay, our earning has increased." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The entrepreneurial women admitted that they enjoy attending to the guests and entertain them with their cultural performances and delicacies besides enjoying financial freedom. The homestay initiative has further empowered them by developing leadership qualities in them and further harnessing their management skills. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Earlier we were too shy to talk to strangers but since we forayed into homestay enterprises, we have learned how to talk and run our enterprises confidently," said Resham Kumari. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The village where they operate homestay is predominantly a Tharu settlement and lies nearby a buffer zone. Most of the women running homestay at present were involved in agriculture in the past, which did not yield them good returns due to the menace of wild animals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Animal husbandry also failed them secure a good income for the wild animals would prey their domestic animals. In lack of good income, their living standard had gone down, admitted Mahato. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Following the homestay operation, our village is witnessing a socio-economic transformation and the living standards of fellow villagers have improved notably," she observed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">These entrepreneurial women have adequately secured support from their spouses and family in running their business. Since the introduction of homestay, the village has welcomed around 11,000 guests, both domestic and foreign, informed Prem Bahadur Mukhiya, a homestay manager. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Jeep safari is another attraction for the homestay guests, added Mukhiya. Besides savoring the Tharu delicacies, nature enthusiasts can enthrall themselves watching wild animals such as rhino, antelope, wild boar, peacock, crocodiles and various species of birds roaming around in the buffer zone, he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Ward chairperson of Kawasoti-10 Tek Narayan Mahato asserted that homestay had contributed in development and upliftment of the local community besides aiding in nature and culture conservation. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-04-19', 'modified' => '2024-04-19', 'keywords' => '', 'description' => '', 'sortorder' => '20491', 'image' => '20240419020716_449834462.jpg', 'article_date' => '2024-04-19 14:06:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '20763', 'article_category_id' => '1', 'title' => 'Auditors Emphasize on Sustainable Accounting Practices', 'sub_title' => '', 'summary' => 'April 19: An auditor is commonly known as a person who examines the accounts. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">April 19: An auditor is commonly known as a person who examines the accounts. An auditor has the right to verify the accounts prepared by the management in an organization or company. The auditor's role is not only limited to examining and commenting on the company's accounts. Auditors are becoming aware of the fact that they have to play a role for the sustainability of the audited company. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">As the International Federation of Accountants (IFAC), the international umbrella organization of accounting professionals, is lobbying for the implementation of 'Sustainability Standard 1 and 2', the debate has also started among accounting professionals 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"">The theme of the 3rd National Accounting Practitioner Conference organized by the Institute of Chartered Accountants of Nepal (ICAN), which is working to promote and regulate accounting in Nepal, is 'Sustainable Accounting Practice'. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Sujan Kumar Kafle, president of ICAN, said that the conference, which started on Thursday and will conclude on Friday, will focus on this topic and present and discuss papers in this regard.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">According to Kafle, the auditors should also look into environmental protection, social responsibility and good governance in addition to financial indicators to ensure the business to be sustainable. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">As a member country of IFAC, Nepal is also working with the Accounting and Auditing Board for sustainable accounting practices. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Deepak Pandey, president of Chartered Accountants Association of Nepal (ACAN), the umbrella organization of chartered accountants, says that audit in Nepal has not risen above financial indicators. "Worldwide, the practice has started that auditing should rise above the disclosure of financial indicators," he said, "Now non-financial indicators are more important than financial indicators."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">President of IFAC, Asmaa Resmouki, who came to Nepal to participate as a keynote speaker in the conference, pointed out the need to address issues of public interest for sustainable accounting practice. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Inaugurating the conference, Minister for Industry, Commerce and Supplies Damodar Bhandari said that accountants play an important role in the economic development and prosperity of the country. He said that compliance with the code of ethics is mandatory in the auditing profession. Nepal Rastra Bank’s Governor Maha Prasad Adhikari said auditors are playing an important role in the development of the country's economy.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">In Nepal, 1000 chartered accountants and 7000 registered auditors are involved in auditing more than 300,000 organizations annually. According to ICAN, Nepal Financial Reporting Standards (NFRS) are being implemented in Nepal according to the International Financial Reporting Standards (IFRS) to make the accounting and auditing system of international standards. Thousands of accountants from all over the country are participating in the conference.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-19', 'modified' => '2024-04-19', 'keywords' => '', 'description' => '', 'sortorder' => '20490', 'image' => '20240419020557_903c25db.jpeg', 'article_date' => '2024-04-19 14:05:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '20762', 'article_category_id' => '1', 'title' => 'Malaysia's Policy not to Hire Foreign Workers to Impact Nepal', 'sub_title' => '', 'summary' => 'April 19: Malaysia's policy to stop hiring foreign workers in the formal sector from June 1 is a setback for the growing labor force of Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 19: Malaysia's policy to stop hiring foreign workers in the formal sector from June 1 is a major setback for the growing labor force of Nepal. The Malaysian government announced in March 2023 that foreign workers will be allowed to enter Malaysia only until the end of May. The time to get visa was fixed till April 21.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Malaysia employs foreign workers from 15 countries including Nepal. A large number of Nepalis have been working in Malaysia. According to government data, most of the Nepalis who took labour permits to work abroad in the last fiscal year went to Malaysia for work.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Department of Foreign Employment, a total of 259,596 Nepali workers were issued labour permits to work in Malaysia last year. The figure includes new workers as well as those who renewed their work permits.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the current fiscal year, the number of Nepalis visiting to Malaysia for work has declined compared to last fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As of mid-March this year, 63,976 Nepalis have traveled to Malaysiafor work. Malaysia has long been an important labour destination for Nepali workers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Foreign employment experts say that the new policy adopted by the Malaysian government regarding migrant workers may have a direct impact on Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Foreign employment expert Ganesh Gurung says that Nepali workers will lose work opportunities in a major labour destination due to Malaysia's new policy. He pointed out that there is a danger that the number of people going to Malaysia illegally may increase while it may cause unemployment rate to rise in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Banning foreign workers does not mean that companies in that country do not need foreign workers. It will increase the number of people going to Malaysia illegally," said Gurung.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to government estimates, more than 500,000 new labor force enters the labor market in Nepal every year. Almost all the labor force that is added every year in the market goes abroad. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Department of Foreign Employment, 497,704 new Nepali workers went abroad for work last year. The number of people who came to Nepal on vacation from abroad and returned for work stood at 277,272. The figure shows that about 800,000 Nepalis went abroad for work last year. The number of students who go abroad is also large.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The country lacks job opportunities due to the poor condition of the economy. According to a recent report of the World Bank entitled 'South Asia Development Update', the employment ratio (employment in percent of working-age population) in Nepal has decreased by 11 percent in the last 23 years. As the working-age population is increasing, the trend of people going abroad in search of work has increased due to the inability to create jobs in the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">If Malaysia stops hiring foreign workers, remittances from there will also decrease in the future. Remittances have been an important pillar of the Nepalese economy for many years. According to the World Bank, among the South Asian countries, Nepal receives the most remittances compared to the country's gross domestic product. In the last fiscal year, Nepal received remittances of Rs 1220.56 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“If the number of workers going to Malaysia decreases, remittances from that country will obviously decrease. It may affect the Nepalese economy," said Dr Gurung said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Dilliram Pokharel, deputy spokesperson and information officer of Nepal Rastra Bank, said that although it is not possible to say exactly how much remittance comes from Malaysia, it can be estimated that a large amount of money comec from there as there are a large number of Nepali workers in Malaysia. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rajendra Bhandari, president of Nepal Foreign Employment Professionals Association, says that Malaysia's policy of not hiring foreign workers has caused a big crisis in foreign employment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He said that the demand for workers is low even in the Gulf countries, and its impact is being seen in Nepal. Bhandari says that it is time for the government to facilitate sending workers to other countries including Europe. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"After the closure of Malaysia, the government should facilitate the sending of workers to other countries, including Europe, where Nepali workers are in demand," he said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Workers who go to the Gulf and Malaysia send remittances and return back and work within the country. But those who go to developed countries usually do not return and tend to take as much property as possible from the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Therefore, employment in the Gulf and Malaysia is important for Nepal, Gurung said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to labor expert Gurung, the government should now create conditions for employment within the country. It is important to do homework about how many jobs are to be created and when. However, the country has not been able to create job opportunities due to political instability and poor investment environment in the country. Due to this, there is a trend among youths to travel abroad for work.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Stakeholders say that the closure of regular destination countries of Nepali workers will force them to go to work in risky places. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"At present, the trend of going to different countries illegally has increased," said Bhandari, adding, "Nepalis are ready go to Russia and Ukraine and die."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Joint Secretary of the Ministry of Labor Govinda Prasad Rijal said that although the government has not received any official information from Malaysia about the decision not to hire workers, the ministry is preparing to get information through diplomatic channels. "The ministry will take necessary decisions accordingly," he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Department of Foreign Employment estimates that there are more than 500,000 Nepali workers in Malaysia. This number is of those who legally went to Malaysia by taking work permits from the government. The number of people working illegally in Malaysia is believed to be equally high. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A senior official of the Department of Foreign Employment informed that 44 percent of the Nepali workers who went for foreign employment in the last fiscal year went to Malaysia. Malaysia stopped hiring foreign workers for two years during the Covid-19 pandemic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Last May, the government declared some organizations involved in the process of sending Nepali workers to Malaysia to be illegal and shut down their operations. This made it further difficult for Nepali workers to go to Malaysia.</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-19', 'modified' => '2024-04-19', 'keywords' => '', 'description' => '', 'sortorder' => '20489', 'image' => '20240419013937_20240118121412_20220329081003_labour.jpg', 'article_date' => '2024-04-19 13:38:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '20761', 'article_category_id' => '1', 'title' => 'Average Length of Stay and Expenditure of Tourists Increase Marginally', 'sub_title' => '', 'summary' => 'April 19: The average stay and expenditure of foreign tourists in Nepal has seen a slight improvement in 2023. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 19: The average stay and expenditure of foreign tourists in Nepal has seen a slight improvement in 2023. The Ministry of Culture, Tourism and Civil Aviation announced that the average length of stay of tourists in 2023 increased by 0.8 percent to 13.2 days compared to 13.1 days in 2022.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Their daily expenses have also increased to USD 41, according to the 'Nepal Tourism Statistics 2023' recently released by the ministry. According to the report, the average daily expenditure of tourists was $40.50 in 2022.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the two-year period of the COVID-19 pandemic (in 2020 and 2021), the length of stay of tourists in Nepal was 15.1 and 15.5 days respectively. The stay of tourists increased in those years due to the lockdown and quarantine measures during the pandemic period. As the length of stay increased, the average expenditure incurred by the tourists also increased. In 2020, the daily expenditure of tourists was USD 65. In 2021, such expenses decreased to USD 48.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Binayak Shah, president of the Hotel Association Nepal (HAN), disputed the tourists’ expenditure figures published by the government, arguing that they significantly underestimate actual spending.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He claims that tourists must have spent at least twice the amount mentioned by the government. He argues that the data fails to capture expenditures accurately.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to government data, the contribution of the tourism sector to the Gross Domestic Product (GDP) is 3.2 percent. “The data of the World Bank indicates that it is much higher than that," he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Shah says that the real contribution of the tourism sector is not known due to the lack of uniformity in the data of the government, tourism entrepreneurs and other organizations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"For this, the government should implement satellite accounting (an integrated information collection system that records the transactions made by tourists) at the earliest," he said, adding, “It helps to provide more precise insights into tourist spending habits.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Shah's concerns echo those of tourism professionals who emphasize the need to expand tourist services and destinations beyond Kathmandu, Pokhara, and Chitwan to prolong tourists' stays in Nepal. However, challenges such as poor road conditions and limited operational airports hinder intra-country travel, making it difficult for tourists to extend their visits.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-19', 'modified' => '2024-04-19', 'keywords' => '', 'description' => '', 'sortorder' => '20488', 'image' => '20240419124501_20220509072726_Clipboard96.jpg', 'article_date' => '2024-04-19 12:42:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '20760', 'article_category_id' => '1', 'title' => 'United Arab Emirates Struggles to Recover after Heaviest Recorded Rainfall Ever Hits Desert Nation ', 'sub_title' => '', 'summary' => 'April 19: The United Arab Emirates struggled Thursday to recover from the heaviest recorded rainfall ever to hit the desert nation, as its main airport worked to restore normal operations even as floodwater still covered portions of major highways and roads. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 19: The United Arab Emirates struggled Thursday to recover from the heaviest recorded rainfall ever to hit the desert nation, as its main airport worked to restore normal operations even as floodwater still covered portions of major highways and roads. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Dubai International Airport, the world's busiest for international travel, allowed global carriers on Thursday morning to again fly into Terminal 1 at the airfield. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“Flights continue to be delayed and disrupted, so we urge you to only come to Terminal 1 if you have a confirmed booking,” the airport said on the social platform X. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The long-haul carrier Emirates, whose operations had been struggling since the storm Tuesday, had stopped travelers flying out of the UAE from checking into their flights as they tried to move out connecting passengers. Pilots and flight crews had been struggling to reach the airport given the water on roadways. But on Thursday, they lifted that order to allow customers into the airport. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Others who arrived at the airport described hourslong waits to get their baggage, with some just giving up to head home or to whatever hotel would have them. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The UAE, a hereditarily ruled, autocratic nation on the Arabian Peninsula, typically sees little rainfall in its arid desert climate. However, a massive storm forecasters had been warning about for days blew through the country's seven sheikhdoms. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">By the end of Tuesday, more than 142 millimeters (5.59 inches) of rainfall had soaked Dubai over 24 hours. An average year sees 94.7 millimeters (3.73 inches) of rain at Dubai International Airport. Other areas of the country saw even more precipitation. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The UAE's drainage systems quickly became overwhelmed, flooding out neighborhoods, business districts and even portions of the 12-lane Sheikh Zayed Road highway running through Dubai. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The state-run WAM news agency called the rain “a historic weather event” that surpassed “anything documented since the start of data collection in 1949.” </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In a message to the nation late Wednesday, Emirati leader Sheikh Mohammed bin Zayed Al Nahyan, the ruler of Abu Dhabi, said authorities would “quickly work on studying the condition of infrastructure throughout the UAE and to limit the damage caused.” </span><br /> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On Thursday, people waded through oil-slicked floodwater to reach cars earlier abandoned, checking to see if their engines still ran. Tanker trucks with vacuums began reaching some areas outside of Dubai's downtown core for the first time as well. Schools remain closed until next week. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Authorities have offered no overall damage or injury information from the floods, which killed at least one person. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“Crises reveal the strength of countries and societies,” Dubai's ruler, Sheikh Mohammed bin Rashid Al Maktoum, wrote on X. “The natural climate crisis that we experienced showed the great care, awareness, cohesion and love for every corner of the country from all its citizens and residents.” </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The flooding sparked speculation that the UAE's aggressive campaign of cloud seeding — flying small planes through clouds dispersing chemicals aimed at getting rain to fall — may have contributed to the deluge. But experts said the storm systems that produced the rain were forecast well in advance and that cloud seeding alone would not have caused such flooding. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Jeff Masters, a meteorologist for Yale Climate Connections, said the flooding in Dubai was caused by an unusually strong low pressure system that drove many rounds of heavy thunderstorms. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Scientists also say climate change is responsible for more intense and more frequent extreme storms, droughts, floods and wildfires around the world. Dubai hosted the United Nations’ COP28 climate talks just last year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Abu Dhabi’s state-linked newspaper The National in an editorial Thursday described the heavy rains as a warning to countries in the wider Persian Gulf region to “climate-proof their futures.” </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“The scale of this task is more daunting that it appears even at first glance, because such changes involve changing the urban environment of a region that for as long as it has been inhabited, has experienced little but heat and sand,” the newspaper said. – AP/RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-04-19', 'modified' => '2024-04-19', 'keywords' => '', 'description' => '', 'sortorder' => '20487', 'image' => '20240419113333_370910-01-02.jpg', 'article_date' => '2024-04-19 11:32:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '20758', 'article_category_id' => '1', 'title' => 'Tatopani Customs Surpasses Revenue Collection Target', 'sub_title' => '', 'summary' => 'April 19: The Tatopani Customs Office has collected revenue exceeding the target set for the first nine months of the current fiscal year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 19: The Tatopani Customs Office has collected revenue exceeding the target set for the first nine months of the current fiscal year. </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 office collected Rs 8.56 billion in revenue against the target of Rs 5.59 billion, Customs Chief Dayananda KC told RSS. </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 KC, trade from the Tatopani Customs Point has increased after the resumption of the Nepal-China border. </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 Chinese government agreed to resume the two-way trade via Tatopani-Khasa route during a bilateral meeting of Nepal-China Coordination Mechanism on Border Trade and Cooperation held in Lhasa in March last year.</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"">As per the agreement, the Tatopani transit point was opened for full-fledged operation on May 1 last year, raising high hopes of increased trade. The transit point was opened more than three years after it was initially closed to control the COVID-19 outbreak in March 2020. Nepal’s export through the Tatopani-Khasa border had been almost nil since the 2015 earthquake.</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"">Prior to the earthquake, the trade volume through this transit point used to be more than Rs 150 billion annually. </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 revenue collected in the first nine months of this year is more than the revenue collected during the entire last fiscal year. </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 government had set a target of collecting Rs 4.62 billion in revenue in the last fiscal year from this customs point, but it collected only Rs 2.20 billion in the corresponding period of that year. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2024-04-19', 'modified' => '2024-04-19', 'keywords' => '', 'description' => '', 'sortorder' => '20486', 'image' => '20240419105835_20230512122723_20211109014016_20210518054607_20190510014655_Clipboard04-2.jpg', 'article_date' => '2024-04-19 10:57:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '20759', 'article_category_id' => '1', 'title' => 'Tara Manandhar Appointed as CEO of Dish Media Network Ltd', 'sub_title' => '', 'summary' => 'April 19: Tara Manandhar has been appointed as the Chief Executive Officer (CEO) of Dish Media Network Ltd.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">April 19: Tara Manandhar has been appointed as the Chief Executive Officer (CEO) of Dish Media Network Ltd. According to the company, Manandhar, who has played a leadership role in the banking sector for more than 25 years, has assumed the position from April 15.</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 company, he previously worked in leadership roles at Mashreq Bank, Prabhu Bank, Standard Chartered Bank, etc.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The company expressed confidence in Manandhar's ability to enhance the quality of services provided by strengthening management.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">DishHome, known for its quality services and diverse channel offerings, has expanded its reach in recent years. With approval from the Nepal Telecommunication Authority for fiber internet distribution three years ago, DishHome has now emerged as the second-largest internet service provider in Nepal.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-19', 'modified' => '2024-04-19', 'keywords' => '', 'description' => '', 'sortorder' => '20485', 'image' => '20240419112059_CEO.jpg', 'article_date' => '2024-04-19 11:20:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '20757', 'article_category_id' => '1', 'title' => 'NEPSE Dips 19.56 Points, Closing at 1972.14', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a decline of 19.56 points or 0.98%, closing at 1972.14 on Thursday, the last trading day of the week.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">April 18: The Nepal Stock Exchange (NEPSE) Index experienced a decline of 19.56 points or 0.98%, closing at 1972.14 on Thursday, the last trading day of the week.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">During today’s trading session, 315 scrips were traded in 40,912 transactions, with a total of 5,344,613 shares changing hands, resulting in a total turnover of Rs 2.9 billion.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">Gurkhas Finance Limited (GUFL) led the turnover amount with a total transaction value of Rs 17 crores. Khanikhola Hydropower Company Limited (KKHC) recorded the highest gain of 7.94%.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">Conversely, Ru Ru Jalbidhyut Pariyojana Limited (RURU) suffered the maximum loss at 9.99%, closing at a market price of Rs 504 per share.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:17.0pt">In terms of sector indices, all sectors closed in the red. The Microfinance Index experienced the highest loss of 1.72%, while the Mutual Fund sector saw the least loss at 0.22%.</span></span></span></p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20484', 'image' => '20240418032246_collage (59).jpg', 'article_date' => '2024-04-18 15:21:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '20756', 'article_category_id' => '1', 'title' => '16 Hydel Projects under Construction in Tamor River ', 'sub_title' => '', 'summary' => 'April 18: Taplejung district has received a huge investment in hydropower projects in Tamor river, the main river in the district, and other rivers. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 18: Taplejung district has received a huge investment in hydropower projects in Tamor river, the main river in the district, and other rivers. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Officials shared that 16 hydroelectricity projects are under construction in Tamor river and as high as 1,654.51 megawatt of power is expected to be generated. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Department of Electricity Development, 14 hydropower projects in the river are exclusively based in Phaktanglung Rural Municipality and two other projects fall under other local levels. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, four hydropower projects are being constructed in Mewakhola (river) that flows through Mewakhola Rural Municipality. The projects in Mewakhola are expected to produce 178.42 megawatts of electricity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department said four projects are under development in Kabeli river and the projects there would generate 95.43 megawatts of electricity. </span><br /> </span></span></p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20483', 'image' => '20240418020511_hydro.jpg', 'article_date' => '2024-04-18 14:04:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '20755', 'article_category_id' => '1', 'title' => 'IMF says Global Debt Levels Face 'Great Election Year' Risk', 'sub_title' => '', 'summary' => 'April 18: The path towards sustainable government debt levels around the world is under threat this year from the sheer number of elections taking place, AFP reported citing the IMF’s new report on Wednesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 18: The path towards sustainable government debt levels around the world is under threat this year from the sheer number of elections taking place, AFP reported citing the IMF’s new report on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"History suggests, and empirical evidence confirms, that governments tend to spend more and or tax less in election year," Vitor Gaspar, the head of the International Monetary Fund's Fiscal Affairs told AFP, ahead of the publication of the Fiscal Monitor report.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He added that the situation this year is particularly complicated because, "the political discourse is dominated by references to fiscal expansion and calls for fiscal support or public spending -- or both."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, the Fiscal Monitor report found that global public debt "edged up again" last year, reversing a couple of years of decline, due largely to a fall in revenues "as windfall revenues from inflation waned."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Fiscal tightening is projected for 2024, but it is subject to considerable uncertainty," the IMF report continued.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Much of this uncertainty, the IMF said, is down to the fact that 2024 is the "Great Election Year," when 88 economies or economic areas representing more than half of the world's population have held, or are due to hold, elections.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Clearly, given the stronger link between fiscal policy and politics, it is perfectly reasonable to think that political factors and political discourse will play an added role right now," Gaspar told AFP.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The IMF predicts that current spending and taxation levels have put global public debt on track to rise from just over 93 percent of economic output last year to 99 percent by 2029.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This trend is "driven by the world's two largest economies, China and the United States, where under current policies public debt is projected to continue increasing beyond historical highs," the IMF report said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The US experienced "remarkably large fiscal slippages," last year, the IMF said, citing a steep decline in income tax revenues due to lower capital gains taxes and "delayed tax payment deadlines."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Like the US, China's fiscal deficit is projected to remain at elevated levels over the next five years, rising from more than seven percent of GDP last year to around eight percent by 2029.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"China stands out as a country where the deficit has stayed elevated throughout," Gaspar said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, "China, as the United States, has policy room to correct the situation and can do it from a public finance viewpoint," he continued, adding: "China does have room to maneuver."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Given China's role as a leading bilateral lender to many of the world's developing economies, its fiscal position carries consequences for countries around the world.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, the Fiscal Monitor report called for countries to make a "renewed push" toward consolidating their fiscal positions -- especially given the expected loosening of tight monetary policy in many places through interest rate cuts later this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">To do this, the IMF recommended that countries should start by "immediately" phasing out pandemic-era support measures, scaling back fuel and energy subsidies, and enacting entitlement reforms in advanced economies with ageing populations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In emerging market and developing economies, governments should "renew efforts to rationalize large government wage bills, and reform social safety nets," the IMF said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the context of Nepal, the share of public debt has been increasing compared to the gross domestic product (GDP). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the latest data, Nepal's public debt has soared to 43.80 percent of the total GDP. This figure is based on the loans taken by the government as of mid-November of the current fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the government data, Nepal’s public debt has increased to Rs 2357 billion mainly due to the rise in government’s tendency to raise debt to meet its current expenses.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government’s internal debt stood at Rs 1183 billion and external debt is Rs 1173 billion as of mid-November 2023.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The country’s public debt was Rs 2221.67 billion in mid-July at the beginning of the current fiscal year. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20482', 'image' => '20240418020330_20231201023735_public debt.jpg', 'article_date' => '2024-04-18 14:02:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '20753', 'article_category_id' => '1', 'title' => 'Nepal urges Bangladesh to Remove ‘Additional Customs Duty’ on Nepalese Goods', 'sub_title' => '', 'summary' => 'April 18: The government authorities of Nepal have requested Bangladesh to remove the customs duty imposed by Bangladesh on the import of Nepali goods, saying that the export of Nepal has been affected due to the additional customs duty imposed by Bangladesh.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 18: The government authorities of Nepal have requested Bangladesh to remove the customs duty imposed by Bangladesh on the import of Nepali goods, saying that the export of Nepal has been affected due to the additional customs duty imposed by Bangladesh.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">While Nepal’s trade with Bangladesh was profitable in the past, it has faced a continuous trade deficit in recent years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepali officials assert that Bangladesh's additional customs duty is contributing to the expanding trade deficit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry of Foreign Affairs informed through a press statement that Nepal raised this matter at the third Foreign Office Consultation meeting between Nepal and Bangladesh held in Kathmandu on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the ministry, Foreign Secretary Sewa Lamsal requested her Bangladeshi counterpart, Masood Bin Momen, to completely remove the additional customs duty on Nepali goods.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Amrit Bahadur Rai, Joint Secretary and Spokesperson for the Ministry of Foreign Affairs, informed New Business Age that the government is actively working to eliminate trade barriers caused by Bangladesh's customs tariffs.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Ram Chandra Tiwari, joint secretary of the Ministry of Industry, Commerce and Supplies, said that Nepal is preparing to raise this issue in the commerce secretary-level meeting to be held in Kathmandu from Friday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We are also addressing the non-implementation of the previous agreement regarding customs exemption for Nepalese goods. The meeting will focus on promoting trade between the two countries,” he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal mostly exports agricultural products like wheat, lentils, herbs, ginger, broom grass, yarn among others to Bangladesh. According to the government officials, Nepal’s exports have declined due to the imposition of 'high customs duty' by the Bangladesh.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bangladesh has been providing duty-free facilities for 108 items including agricultural products of Nepal. Nepal has been asking for duty-free facilities for tea, black lentil, coffee, cardamom, broom grass, fruits, pashmina and more.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to officials of the Ministry of Commerce, Nepal has the potential to export products such as spices, cabbage, tomatoes, avocado, pickles, carpets and dairy products to Bangladesh.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Bangladesh is also seeking duty-free facility on 64 items. Bangladesh has been asking for duty-free facilities especially for fish, medicine, juice, soft drinks, raw jute etc.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Tiwari, there will be an in-depth discussion on customs-free facilities, market access, transportation and other issues between the two countries in the commerce secretary-level meeting.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Most of the goods exported to Bangladesh are sent through the eastern border of Nepal through Phulbari in India and Chittagong port in Bangladesh. Tiwari informed that since transporting goods through this route takes 4 to 5 days due to customs clearance at the, it raises the expenses. This issue will also be discussed during the commerce secretary-level meeting, said Tiwari.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bangladesh, which is 30 kilometers away from the Nepalese border, has been making leaps in economic development for the past few years. As a result, its per capita income is much higher than that of Nepal. Due to its large population, Bangladesh has emerged as an attractive market for the world. However, Nepal has not been able to take advantage of it.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to a study conducted by South Asia Watch on Trade, Economics and Environment (SAWTEE), Nepal exported more goods to Bangladesh that it imported from the neighbouring country between the fiscal year 2061/62 to 2069/70. Since then, exports from Nepal have decreased and imports from Bangladesh have continued to rise.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Department of Customs, Nepal exported goods worth Rs 57 million to Bangladesh while it imported goods worth Rs 6 billion in the last fiscal year 2079/80. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, in the foreign secretary-level meeting held on Wednesday, the secretaries of both countries emphasized on the speedy implementation of the BBIN Motor Vehicle Agreement between Bangladesh, Bhutan, India and Nepal to enable the means of transportation between the member states without interruption, the Ministry of Foreign Affairs informed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Foreign Affairs Ministry Spokesperson Rai, the two countries also discussed the issue of electricity export to Bangladesh.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20481', 'image' => '20240418014609_GLWbN53bkAARwPq.jpg', 'article_date' => '2024-04-18 13:45:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '20754', 'article_category_id' => '1', 'title' => 'President Appoints Raya as Auditor General ', 'sub_title' => '', 'summary' => 'April 18: President Ram Chandra Paudel on Thursday appointed Toyam Raya as the Auditor General of Nepal upon the recommendation of Constitutional Council. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 18: President Ram Chandra Paudel on Thursday appointed Toyam Raya as the Auditor General of Nepal upon the recommendation of Constitutional Council. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">President Paudel appointed Raya to the post of Auditor General in accordance with Article 240 (2) of the Constitution of Nepal, reads a press release issued by Spokesperson for the Office of the Presidnet, Shailaja Regmi Bhattarai.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The post of auditor general had remained vacant ever since the then Auditor General Tankamani Sharma Dangal retired after completing his term on May 22 last year. After Sharma's retirement, the then Deputy Auditor General Rammaya Kunwar was given the responsibility of acting auditor general for one and a half months. After Kunwar went on compulsory retirement on August 7, Maheshwar Kafle got the responsibility.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bamdev Sharma was given the responsibility of acting auditor general after Kafle went on mandatory retirement in late January due to the age limit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The office was run by acting auditor general for around eleven months due to the delay in appointing an auditor general.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Due to the lack of leadership, the Office of the Auditor General has not been able to move forward with the strategic plan.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Office of the Auditor General audits all federal and state government offices including the Office of the President and Vice President, Supreme Court, Federal Parliament, Provincial Assembly, Provincial Government, Local Level, Constitutional Bodies and Offices, Courts, Attorney General's Office, Nepal Army, Nepal Police and Armed Police Force. The purpose of the audit is to protect the public resources of the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Office of the Auditor General also gives necessary suggestions and recommendations based on the effectiveness of government income and expenditure. The office submits and publishes the annual report of all government agencies to the President. The Office of the Auditor General has the right to see the accounting documents at any time to audit various agencies of the Central and State Governments. However, the lack of leadership has made the Office of the Auditor General weak in its role.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A meeting of the Constitutional Council held on March 31 had decided to recommend Raya, who was then the secretary of the National Statistics Office, for appointment to the post of Auditor General. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Some stakeholders criticized his appointment to the post due to a conflict of interest. As the secretary also has to audit the work done by himself, there will be a conflict of interest, say Transparency International and other organizations involved in anti-corruption watch. Transparency International has warned that this could disrupt good governance.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, the MPs ignored this argument and approved Raya's recommendation. The previous Auditor General Tankamani Sharma was also appointed to the post after resigning from the post of Secretary. Raya, who is considered to be close to the ruling CPN-UML, has been appointed for a 6-year term with just 5 months left for his retirement.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20480', 'image' => '20240418015718_20240417025206_oag-building.jpg', 'article_date' => '2024-04-18 13:56:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '20752', 'article_category_id' => '1', 'title' => '462 Investors out of 1,355 Invitees Confirm their Participation for Investment Summit', 'sub_title' => '', 'summary' => 'April 18: One-third of investors and officials who have been invited by the Investment Board Nepal for the upcoming Third Investment Summit have confirmed their participation as of Wednesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">April 18: One-third of investors and officials who have been invited by the Investment Board Nepal for the upcoming Third Investment Summit have confirmed their participation as of Wednesday. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">The board has sent invitations to 1,355 individuals to attend to the conference. Among them, 462 people have confirmed their participation but the list of attendees does not include any renowned businessmen.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">The government has left no stone unturned to invite rich and famous businessmen to the upcoming investment summit scheduled for April 28-29.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Former Finance Minister Dr Prakash Sharan Mahat had invited businessman Gautam Adani when he reached India's Gujarat, while the government has sent letters to world-famous businessman Elon Musk, India's richest man Mukesh Ambani, China's successful entrepreneur Jack Ma and others. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">An official of the Investment Board informed New Business Age that these businessmen have not confirmed their attendance for the conference as of Wednesday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">"There are no well-known celebrity businessmen in this list so far," said the official, "There are many businessmen from China in the list of those who have accepted Nepal's invitation.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Most of the businessmen who have confirmed their participation in the investment summit are from China followed by Indian investors.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">"We have done our job," said the official, adding, "Now, it is up to them. They can come here on their own or they can inform us a few days before coming.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">According to the Investment Board, those confirming their participation include heads of various delegations, officials of the Chamber of Commerce, deputies of international financial institutions and other officials. Investors and officials from 36 countries have confirmed their participation in the summit.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Most of the attendees are domestic businessmen of Nepal (161). Then there are notable investors from China, India, Germany and other countries which have confirmed their participation.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">According to the Investment Board, 2 to 5 representatives will come from Singapore, Malaysia, Russia, Finland, Colombia, Canada, Qatar, European Union (EU), Belgium, Bahrain, Austria. The board confirmed that one person each will come from Vietnam, Vanuatu, Turkey, Thailand, Switzerland, Sri Lanka, Saudi Arabia, Romania, Morocco, Mauritius, Cyprus.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20479', 'image' => '20240418124911_investment summit.jpg', 'article_date' => '2024-04-18 12:47:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20751', 'article_category_id' => '1', 'title' => 'Import of Grapes Increasing due to Lack of Commercial Production in Nepal', 'sub_title' => '', 'summary' => 'April 18: Due to lack of domestic production, grape imports are increasing, Nepalese consumed 10.5 billion worth of grapes in 5 years', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 18: Due to lack of domestic production, grape imports are increasing, Nepalese consumed 10.5 billion worth of grapes in 5 years</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal has imported grapes worth more than Rs 1 billion in the first eight months of the current fiscal year. According to the data of the Department of Customs, Nepal imported 1,30,82,426 kilograms of grapes worth Rs 1.22 billion from mid-July to mid-March.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the corresponding period last fiscal year, Nepal had imported 1,24,70, 085 kilograms of grapes worth Rs 938.9 million. The data shows that the import of grapes in the first eight months of the current fiscal year increased by 4 percent in quantity and 30 percent in price compared to the corresponding period of last fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal mainly imports grapes from China and India. In the review period, Nepal imported the maximum quantity of grapes from India. According to the department, Nepal imported 1,24,46, 094 kg of grapes worth Rs 1.08 billion from India alone. Similarly, it imported 636,332 kilograms of grapes worth Rs 133.63 million from China.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the data of the department, the country imported 210.71 million kilograms of grapes worth Rs 10.43 billion in the last five years. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Wine industries operating in Nepal also import grapes as raw materials.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The grapes found in the market of Nepal are mostly from India. The consumers in the country are forced to buy imported grapes due to lack of production in Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to businessmen, the production of grapes in Nepal is almost zero and therefore the country relies on imported grapes to meet the market demand.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Except for some people growing grapes for personal consumption, there is hardly any commercial farming of grapes done in Nepal. Since there is no production, we have to rely on imports," says Amar Baniya, president of the Nepal Fruit Wholesalers Association</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The prime season of grapes spans from January to March. Until March, all the grapes come from India and from April onward, the stored grapes come from China. As a result, its price also increases,” he added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Baniya, the wholesale price of grapes was Rs 110-120 per kg until a few days ago, but now it has reached Rs 150-160 per kg. Baniya said that the price will increase as the stored grapes from China arrive in the market from now onwards. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He further said that grapes are available in the market throughout the year as grapes are imported from different countries in different seasons.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-18', 'modified' => '2024-04-18', 'keywords' => '', 'description' => '', 'sortorder' => '20478', 'image' => '20240418121513_ggg.jpg', 'article_date' => '2024-04-18 12:13:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
