April 7: The price of gold increased to an all-time high in the domestic market on Nepal on Sunday, rising by Rs 2,900 per tola (11.66…
April 7: The price of gold increased to an all-time high in the domestic market on Nepal on Sunday, rising by Rs 2,900 per tola (11.66…
April 7: The government has refused to deposit billions of rupees collected from workers under the title of social security tax for the past one decade in the Social Security…
April 7: A high-level taskforce has warned that political leaders are ignoring the growing danger of antimicrobial resistance, which could lead to an unprecedented health and economic catastrophe, the AFP…
April 7: The number of projects to be presented to attract investment in the Third Investment Summit to be held on April 29 and 29 has been…
April 7: China has taken the stance that the two countries must first sign electricity trade agreement for the construction of cross-border transmission…
April 7: The arrival of domestic and foreign tourists has increased in Parsa National Park, officials said.…
April 6: A joint team comprising members from Nepal and the Republic of Korea (South Korea) is set to climb the 6,591 metres tall Mt Jugal.…
April 5: The Commission for the Investigation of Abuse of Authority (CIAA) has filed a case against 32 individuals in the Special Court alleging that they were involved in corruption amounting to one and a half billion rupees in the purchase of a wide-body aircraft for the Nepal Airlines Corporation…
April 5: Bank deposits have been continuously rising due to the increase in inflow of remittances. However, loan disbursement is yet to increase compared to deposit…
April 5: The Investment Board Nepal (IBN) has approved investment commitments of Rs 99.20 billion for four energy…
April 5: Inflow of remittance into Nepal increased 21.0 percent to Rs 961.22 billion in the first eight months of the current fiscal year, according to the latest report of Nepal Rastra…
April 5: The current account of the government remained at a surplus of Rs 166.87 billion in the first eight months of the current fiscal year against a deficit of Rs 55.28 billion in the same period of the previous…
April 5: The year-on-year (y-o-y) consumer price inflation moderated to 4.82 percent in mid-March 2024 compared to 7.44 percent a year…
April 5: Nepal’s trade deficit has reached Rs 929.61 billion in the first eight months of the current fiscal year despite a 2.5 percent decline in the review period compared to the corresponding period of last fiscal…
April 5: Stakeholders have said it will cost Rs 4.50 billion to bring the Melamchi Water Supply Project into operation throughout the…
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It was traded at Rs 132,700 per tola on Friday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prior to this, the price of gold had set a new record last Thursday when it soared to Rs 134,000 per tola only to drop the next day.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, standard gold is being traded at Rs 134,950 per tola with an increase from Rs 132,050 per tola on Friday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Moreover, the price of silver has increased as well. The price of silver increased by Rs 55 per tola, reaching Rs 1,670 per tola on Sunday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The price of gold has been rising steadily in the past few weeks. The federation fixes the price of gold and silver based on the price in the international market.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The recent geopolitical tension due to the Israel’s offensive in Gaza and the Russia-Ukraine war have led to investors to invest in gold considering it as a safe haven in times of turmoil.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-07', 'modified' => '2024-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '20395', 'image' => '20240407074212_20240404123101_20240403013353_gold newwww.jpg', 'article_date' => '2024-04-07 19:41:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '20667', 'article_category_id' => '1', 'title' => 'Govt Reluctant to Deposit Rs 60 Billion Collected as Social Security Tax in SSF', 'sub_title' => '', 'summary' => 'April 7: The government has refused to deposit billions of rupees collected from workers under the title of social security tax for the past one decade in the Social Security Fund.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">April 7: The government has refused to deposit billions of rupees collected from workers under the title of social security tax for the past one decade in the Social Security Fund.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to the contribution-based Social Security Act, 2074, there is a provision that the Social Security Fund can mobilize even the amount collected from the Social Security Tax. Sub-section 2 (e) under section 26 of the Act has a provision that the amount collected so far and the amount to be collected in the future as social security tax shall be deposited in the Social Security Fund. However, the Ministry of Finance has not yet transferred the amount to the SSF.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">SSF officials say that the Ministry of Finance has not yet transferred any amount collected in the name of social security tax to the fund, contrary to the legal provision.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">At present, the SSF is running social security schemes only with the funds contributed by the private sector establishments affiliated to it and the workers working in those establishments. The SSF said that this amount has reached more than Rs 52 billion. The Auditor General's report has also raised questions about the Ministry of Finance not handing over the social security tax to the SSF.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">"In Section 26 (2) (e) of the Contribution-Based Social Security Act, 2074, there is a provision that the amount to be collected under social security tax shall be deposited in the fund," the 58th report of the Office of the Auditor General states, adding, "The social security tax was deposited in the state treasury instead of being deposited in the Social Security Fund and is being spent without being allocated to its specific area.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Since the social security tax is collected as revenue every year after tax deduction, the deducted amount should be directly deposited in the SSF and the SSF should use the amount according to its objectives, the OAG report added.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">SSF Spokesperson Bivek Panthi said that although they were coordinating with the Ministry of Finance to bring the amount to the SSF, the ministry did not cooperate. "Despite repeated requests, the Ministry of Finance has been reluctant to hand over the amount collected under social security tax," Panthi said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Officials of the Ministry of Finance admit that the social security tax is collected as revenue and say that this amount is being spent for the benefit of the people. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Finance Ministry spokesperson Uttar Kumar Khatri says the social security tax is like any other tax collected by the government. Although the contribution-based Social Security Act, 2074 states that the amount should be deposited in the SSF, Khatri insists that there is no need for the ministry to transfer the amount to the SSF as it is similar in nature to other taxes collected by the government. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">"The government will spend this amount according to its priorities," he told New Business Age.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Yogendra Kunwar, chairman of United Trade Union Coordination Center, says that the money collected from the workers should be spent for the safety and rights of the workers. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">"Since the government is collecting social security tax through the Social Security Act, that amount should be deposited in the Social Security Fund," he said. Kunwar is of the opinion that even if the government took the money by setting up other welfare funds in the name of the workers, it could not be spent effectively for the benefit of the workers.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">This tax was introduced with the aim of providing financial support to workers who had become unemployed due to political transition in the country and when the labour situation was not good.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Panthi said that if the government does not give the amount raised in the name of social security tax, the SSF will not be able to expand its social security schemes. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">For the past one decade, the government has been collecting funds in the name of social security tax at the rate of 1 percent from the wages of workers and employees working in organized institutions. The government has been collecting tax under this heading since Fiscal Year 2066/67. The government has collected Rs 57.53 billion as of the last fiscal year under the heading of social security tax. According to the Ministry of Finance, more than Rs 60 billion has been collected as of the first 8 months of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">A social security tax of 1 percent of taxable income was introduced from wage earners. The then Finance Minister Surendra Pandey initiated this tax after the industries started to shut down due to strikes. The fund was set up for the social security of workers who lost their jobs or were affected by disasters.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">However, the government has not shown any interest in depositing this amount in the Social Security Fund and spending it according to its specific purpose. Therefore, questions are being raised about the effectiveness of this tax being raised by the government.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-07', 'modified' => '2024-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '20394', 'image' => '20240407035126_20230816044108_SSF (1).jpg', 'article_date' => '2024-04-07 15:50:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '20666', 'article_category_id' => '1', 'title' => 'Study Highlights Urgent Action to Combat Antimicrobial Resistance', 'sub_title' => '', 'summary' => 'April 7: A high-level taskforce has warned that political leaders are ignoring the growing danger of antimicrobial resistance, which could lead to an unprecedented health and economic catastrophe, the AFP reported.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 7: A high-level taskforce has warned that political leaders are ignoring the growing danger of antimicrobial resistance, which could lead to an unprecedented health and economic catastrophe, the AFP reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The world now has a limited and critical window of opportunity to respond at the scale and with the urgency proportionate to the rapidly increasing threats posed by AMR," the French news agency cited a report published on Thursday by the Global Steering Group on Antimicrobial Resistance.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Resistance to antimicrobials (AMR) -- antibiotics, antifungals and antiparasitics -- is already wreaking havoc, and is the result of the massive use of these products to treat humans, animals and food.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Evidence is mounting that "changes occurring in the natural environment due to the climate crisis are increasing the spread of infectious disease, potentially including drug resistant infections", the report added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, the report is part of an effort to spur action by global leaders ahead of a meeting in New York on September 26.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Resistance </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Microbes that are not completely eradicated by a given substance can develop resistance to that product, gradually reducing the arsenal of drugs available to treat infections.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">AMR is already one of the world's leading causes of death, directly responsible for 1.27 million deaths a year, including one in five in children under five, mainly in low- and middle-income countries, the report said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">If left unchecked, AMR is expected to reduce life expectancy by an average of 1.8 years by 2035, leading to unprecedented healthcare costs and economic losses.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Within a decade, AMR is estimated to cost the world $412 billion a year in additional health costs and $443 billion a year in lost labour productivity, according to an economic impact study commissioned by the Global Steering Group.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Effective measures against the scourge are expected to cost an average of 46 billion dollars a year but will yield up to 13 dollars for every dollar spent by 2050, according to the impact study.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">From local to global</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"We have the tools to mitigate the AMR crisis and these data point to a devastating future if we don't take bolder action now," AFP quoted GLG President Mia Amor Mottley, who is also prime minister of Barbados, as saying.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Commitment to the fight against AMR must be personal, local, national and global."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The working group is making suggestions both in terms of mobilising funding -- particularly from international financial institutions -- and toward finding ways of overcoming the obstacles to researching and manufacturing effective new drugs, AFP added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It has established quantified targets for 2023, which it believes are the only way to effectively mobilise the various parties involved.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">These include reducing by 10 percent the number of deaths caused by bacterial AMR worldwide, and ensuring that "ACCESS group" antibiotics comprise at least 80 percent of all human antibiotic consumption.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The ACCESS group is made up of antibiotics used for the first- or second-line treatment of common infections with a low risk of contributing to the development and spread of antimicrobial resistance, according to the European Centre for Disease Prevention and Control.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Another objective is to reduce the quantity of antimicrobials used in the global agrifood system by 30-50 percent compared to current levels.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">More radically, the group proposes to eliminate by 2030 the use of medically important antimicrobials in human and animal medicine for non-veterinary medical purposes, and in plant production and agri-food systems for non-phytosanitary purposes. – AFP/RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-07', 'modified' => '2024-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '20393', 'image' => '20240407031524_20231127113116_20230707120641_skynews-antibiotics-drugs_5632415.jpg', 'article_date' => '2024-04-07 15:14:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '20665', 'article_category_id' => '1', 'title' => 'Govt Downsizes Number of Projects to be Presented in the Investment Summit', 'sub_title' => '', 'summary' => 'April 7: The number of projects to be presented to attract investment in the Third Investment Summit to be held on April 29 and 29 has been reduced.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">April 7: The number of projects to be presented to attract investment in the Third Investment Summit to be held on April 29 and 29 has been reduced.</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 prepared a list of </span><span style="font-family:"Arial Unicode MS","sans-serif"">132</span><span style="font-family:"ekmukta","serif""> projects received so far from the private sector, local level and federal ministries, departments, and industrial sector to present at 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"">Joint Secretary and Spokesperson for the Investment Board, Pradyumna Prasad Upadhyay informed that up to </span><span style="font-family:"Arial Unicode MS","sans-serif"">125</span><span style="font-family:"ekmukta","serif""> projects will be exhibited. The board has now made a list of projects in various stages.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">A meeting attended by Chief Secretary Dr Baikuntha Aryal and other officials on Saturday fixed the final date for submitting the projects. According to Upadhyaya, who also attended the meeting, the relevant ministries must submit the final list of proposed projects by upcoming Sunday. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Prime Minister Pushpa Kamal Dahal is scheduled to make a public address from the Office of the Prime Minister and Council of Ministers next Tuesday and the board is preparing to finalize the list of projects to be displayed during the summit ahead of the PM’s speech.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">On that day, the prime minister is scheduled to hold discussions with the resident ambassadors of diplomatic missions in Nepal as well as the representatives of the World Bank, the United Nations (UN) and other development partner organizations. The prime minister will inform them about the investment summit and request investors from related countries to invest through them.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">The chief secretary has instructed all the ministries to submit the final details of the projects to the Investment Board by Sunday evening. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Although there are many projects to be displayed at the summit, only </span><span style="font-family:"Arial Unicode MS","sans-serif"">27</span> <span style="font-family:"ekmukta","serif"">of them will seek Expression of Interest (IOE). Similarly, there are four projects that investors can directly enter into investment agreements with. </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 board, there are </span><span style="font-family:"Arial Unicode MS","sans-serif"">26</span><span style="font-family:"ekmukta","serif""> projects that will seek financing. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Likewise, most of the projects are in the ideation stage. The board has listed </span><span style="font-family:"Arial Unicode MS","sans-serif"">37</span><span style="font-family:"ekmukta","serif""> projects under this title. Similarly, there are seven projects of the private sector. Stalls will also be made available for the private sector. Private sector investors can directly present their projects at 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"">Investment Board Nepal, Ministry of Industry, Ministry of Energy, Ministry of Culture, Tourism and Civil Aviation, Ministry of Physical Infrastructure along with the Industrial Zones, Special Economic Zones, Department of Mining and other agencies have prepared a list of various projects. It includes projects ranging from highways, tunnels, hydropower, tourism, and cable cars.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-07', 'modified' => '2024-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '20392', 'image' => '20240407022732_investment summit.jpg', 'article_date' => '2024-04-07 14:26:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '20664', 'article_category_id' => '1', 'title' => 'China Insists on Power Trade Agreements before Building Cross-Border Transmission Lines', 'sub_title' => '', 'summary' => 'April 7: China has taken the stance that the two countries must first sign electricity trade agreement for the construction of cross-border transmission lines.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">April 7: China has taken the stance that the two countries must first sign electricity trade agreement for the construction of cross-border transmission lines. The Chinese team took such a stand during the discussion held in Beijing between the representatives of the two countries on March 27 and 28</span><span style="font-family:"Arial Unicode MS","sans-serif"">.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Prior to the meeting, a team led by Dirghayu Kumar Shrestha, head of the Transmission Line Directorate of Nepal Electricity Authority, had gone to China for discussion in this regard. The State Grid of China and the NEA team held a discussion on cross-border transmission line. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">However, the Chinese side argued that construction of cross-border transmission line would require electricity trade between the two countries and therefore took the stance that the two countries must first sign electricity trade agreement before starting the transmission line project.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">The Nepali side had proposed construction of the Geelong-Kerung-Rasuwagadhi-Chilime </span><span style="font-family:"Arial Unicode MS","sans-serif"">220 </span><span style="font-family:"ekmukta","serif"">kV transmission line. One of the members of the Nepali delegation who attended the discussion told New Business Age that the Nepali side returned empty handed due to the stance taken by the Chinese side.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-07', 'modified' => '2024-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '20391', 'image' => '20240407121959_20230413115757_1681304370.1654689332.prasaran line.jpg', 'article_date' => '2024-04-07 12:19:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '20663', 'article_category_id' => '1', 'title' => 'Arrival of Tourists up in Parsa National Park ', 'sub_title' => '', 'summary' => 'April 7: The arrival of domestic and foreign tourists has increased in Parsa National Park, officials said. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 7: The arrival of domestic and foreign tourists has increased in Parsa National Park, officials said. Information Officer of the National Park, Santosh Bhagat said that the number of Indians along with the domestic tourists has increased compared to the past. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the first eight months of the current fiscal year, the Parsa National Park witnessed the arrival of 613 tourists. During the same period in the last fiscal year, only 140 visitors had arrived at the Parsa National Park. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In order to ensure good hospitality services to the tourists there, a community homestay is run in the Sunakhari buffer zone area of the national park. The homestay offers local cuisines and delicacies to the tourists arriving at Parsa National Park. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Besides the presence of endangered wildlife, the national park boasts of religious and natural heritages including Kaminidaha (lake), Halkhoriyadaha and Laukidaha. Religious sites like Mayamandir and Dugdheshwor Mahadev temples are also there in the national park. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Availability of water sources in the national park, the number of Royal Bengal tiger and other animals has increased. As per the tiger census conducted in 2022, the number of tigers in the Parsa National Park has reached 41. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Parsa Wildlife Reserve was declared a national park in 2074 BS considering its potential for tourism and infrastructure development. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-04-07', 'modified' => '2024-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '20390', 'image' => '20240407113301_parsa.jpg', 'article_date' => '2024-04-07 11:32:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '20662', 'article_category_id' => '1', 'title' => 'Joint Team from Nepal and South Korea Set off for Maiden Ascent of Mt Jugal', 'sub_title' => '', 'summary' => 'April 6: A joint team comprising members from Nepal and the Republic of Korea (South Korea) is set to climb the 6,591 metres tall Mt Jugal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 6: A joint team comprising members from Nepal and the Republic of Korea (South Korea) is set to climb the 6,591 metres tall Mt Jugal. The team comprising three Nepalis and seven Koreans left for Sindhupalchok on Saturday for the mountaineering expedition, according to Nepal Mountaineering Association (NMA). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The maiden ascent of Mt Jugal is taking place to mark the completion of 50 years of the establishment of diplomatic relations between Nepal and South Korea. Jugal is the nearest peak from Kathmandu. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The team is undertaking the expedition at the initiatives of NMA, Nepal Tourism Board and the Jugal Rural Municipality of Sindhupalchok. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NMA general-secretary Mohan Lamsal expressed the confidence that the maiden ascent of Mt Jugal by the joint team will contribute towards promoting tourism in Nepal. He said this expedition is considered important also because it is linked with tourism diplomacy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government had on April 11, 2023 decided to open Mt Jugal for climbing. Five other peaks in the Jugal mountain range have also been opened for mountaineering. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Renowned Korean mountaineer and honorary Nepali citizen Aum Hong Gill will be leading the South Korean team while record-setter climber and NMA’s first vice-president Dawa Yangzum Sherpa will lead the Nepali team. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It is stated that 50 South Korean trekkers will also accompany the expedition team to the Mt Jugal region. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-04-06', 'modified' => '2024-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '20389', 'image' => '20240406094541_jugal.jpg', 'article_date' => '2024-04-06 21:45:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '20661', 'article_category_id' => '1', 'title' => 'CIAA Files Graft Case against 32 Alleging Corruption of Rs 1.5 Billion in Aircraft Purchase Deal', 'sub_title' => '', 'summary' => 'April 5: The Commission for the Investigation of Abuse of Authority (CIAA) has filed a case against 32 individuals in the Special Court alleging that they were involved in corruption amounting to one and a half billion rupees in the purchase of a wide-body aircraft for the Nepal Airlines Corporation (NAC).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">April 5: The Commission for the Investigation of Abuse of Authority (CIAA) has filed a case against 32 individuals in the Special Court alleging that they were involved in corruption amounting to one and a half billion rupees in the purchase of a wide-body aircraft for the Nepal Airlines Corporation (NAC).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The anti-graft body confirmed that a case has been filed against 32 people including former tourism minister Jeevan Bahadur Shahi, former secretary Shishir Kumar Dhungana and Shankar Adhikari, the then General Manager of NAC Sugat Ratna Kansakar.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Among those charged by the CIAA include 24 Nepalese and 8 foreign nationals. The CIAA has claimed an amount of Rs 1.47 billion from the defendants. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The then Minister for Tourism Shahi has been accused of signing an agreement that was detrimental to the national flag carrier of Nepal due to the acceptance of certain terms and conditions such as inflation and to purchase an aircraft of less carrying capacity by paying price of a higher carrying capacity aircraft.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to the CIAA, the carrying capacity of the aircraft was reduced from 242 tons to 230 tons when the technical requirements were made, but the payment was made for the aircraft with capacity of 242 tons. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The authority alleges that such work was done in collusion between the NAC employees and those who prepared the proposal. I</span></span><span style="font-family:"Segoe UI","sans-serif"">n the charge sheet, the CIAA stated that the proponent was permitted to make payments in dollars without providing a bank guarantee</span><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">. In this way, the corporation had to pay more than Rs 1.47 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The CIAA filed a case against Shahi, demanding recovery of the sum equal to the embezzled amount. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Former minister Shahi Karnali is also a member of parliament and former chief minister. Currently, he is the leader of the Nepali Congress parliamentary party in the Karnali Province Assembly. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">As soon as the case was registered according to the Corruption Control Act, he was suspended as a member of the Provincial Assembly. He became Tourism Minister from the Nepali Congress when Pushpa Kamal Dahal was the prime minister for the second time.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Sugat Ratna Kansakar, the then general manager and member of the board of directors of the NAC, has been accused of irregularities and mala fide intentions while preparing the tender documents.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">He had unnaturally increased the cost estimate and prepared the terms of the contract through negotiations. The CIAA accused him of unreasonably increasing the cost estimate by preparing a request for proposal contrary to the standard bidding document as stipulated by the Public Procurement Act, and accepting the condition of inflating the price as proposed by the supplier AAR Corp. The authority has also mentioned that procurement of goods through negotiations is not envisaged in the Public Procurement Act.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">As he was also a high-level government official at the time of the purchase of the aircraft, the authority has also demanded an additional three-year prison sentence under the Corruption Control Act.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Similarly, the then members of the NAC’s board of directors, Shishir Kumar Dhungana, Joint Secretary Buddhisagar Lamichhane of the Ministry of Tourism, Teknath Acharya, Nima Nuru Sherpa, and Muktiram Pandey are also accused of proceeding with the aircraft procurement process without amending the regulations. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Similar CIAA has demanded slapping fines against Joint Secretary Jeevan Prakash Sitaula and Achyutaraj Pahadi. The NAC’s commercial director Ramhari Sharma Sedhain, Janakraj Kalakheti and deputy director Prabash Kumar Karmacharya are accused of working in mala fide intention while in the procurement sub-committee and proposal evaluation sub-committee. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The director of the corporation Ganesh Bahadur Chand, the commercial director Karna Bahadur Thapa and the acting director and senior captain Subas Rijal are also accused of corruption by preparing false documents. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Deputy General Manager of the corporation Ramesh Bahadur Shah, Acting Director and Senior Captain Rabindra Kumar Sherchan, then Commercial Director Rabindra Shrestha, Upendra Paudel, Shravan Rijal, then Acting Deputy Director Paras Paudel, Umesh Paudel and Brihatman Tuladhar are accused of working maliciously while in the aircraft procurement sub-committee. They are accused of increasing the NAC’s financial obligations to pay additional amount by adding a condition later as there was no provision for price increase in the initial document.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">A corruption case has also been launched against British citizen Deepak Sharma. He is still the president of AAR Corporation of America. The company, which was chosen to supply wide-body aircraft for the NAC, later entered into a purchase agreement with two other companies. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Christian Nhulen, a German citizen, is associated with three companies involved in the wide-body aircraft sales process. The authority has also filed a corruption case against Romanian citizen Oleg Kalistru.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">This group established a company in Ireland called Hifly X with a capital of one dollar. It was found that the company was set up for the sale of aircraft. Established in 2073, the company purchased two wide-body aircraft from Airbus and sold them to Nepal Airlines Corporation for Rs 24 billion. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The CIAA has accused them of entering into a contract for the purchase of a wide-body aircraft causing loss to the Nepal Airlines Corporation and becoming a source of corruption by taking payment for it. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">A corruption case has also been filed against five companies and their representatives involved in the wide-body aircraft procurement case. The CIAA has initiated a case against AAR Corporation of America and its president and CEO John Holmes, who initially signed a contract with the NAC.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">A corruption case has also been filed against Germany-based German Aviation Capital and its managing director Ana Topa, Portugal's Hifly Transport Arrows and its president Paulo Mirpuri. The CIAA has also filed a case against Ireland's Highfly X, the company's directors, Gerald Thornton and Christian Nhulen. A case has also been initiated against Norton Rose of Fulbright Germany, who played a role in the wide-body aircraft purchase and sale business. The company's head of aviation, Marcus Radbruch, and senior consultant Ralph Springer have also been accused in the case.</span></span></span></span></p> <p><em><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">(Updated news with details)</span></span></span></span></em></p> <p> </p> ', 'published' => true, 'created' => '2024-04-05', 'modified' => '2024-04-05', 'keywords' => '', 'description' => '', 'sortorder' => '20388', 'image' => '20240405105438_NAC.jpg', 'article_date' => '2024-04-05 10:53:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '20660', 'article_category_id' => '1', 'title' => 'Credit Expansion of Banks Slumps due to Lack of Economic Activities', 'sub_title' => '', 'summary' => 'April 5: Bank deposits have been continuously rising due to the increase in inflow of remittances. However, loan disbursement is yet to increase compared to deposit collection.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">April 5: Bank deposits have been continuously rising due to the increase in inflow of remittances. However, loan disbursement is yet to increase compared to deposit collection. Banks have been reducing interest rates but have not been able to expand credit flow to the private sector due to the slump in economic activities.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">The Current Macroeconomic and Financial Situation Report based on eight months of data of the current fiscal year published by Nepal Rastra Bank on Thursday pointed out that the expansion of credit flow to the private sector has not increased despite the improvement in remittance inflow and the increase in bank deposits, primarily due to the lack of economic activities. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">As of mid-March of the current fiscal year, deposits of banks and financial institutions increased by Rs 435.87 billion (7.6 percent), while loans to the private sector increased by Rs 199.50 billion (4.2 percent). In a one month period from mid-February to mid-March, bank loans increased by only Rs 2 billion. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">Nepal Rastra Bank had announced the monetary policy with the target of expanding credit flow by 11.5 percent in the current fiscal year. However, even half of the target of credit expansion has not been met.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">On Monday, the National Statistics Office released data showing that the growth of the productive sector was negative even though the gross domestic product increased by 4 percent in the second quarter of the current fiscal year. Similarly, it is mentioned in the report that there has been only 0.5 percent increase in wholesale and retail trade.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">Sector-wise, wholesale and retail trade is the sector where banks and financial institutions provide the most loans. However, with the recent decline in market demand, there is a decline in import, export and industrial production. Bankers say that there is no demand for loans due to this reason.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">Sunil KC, president of Nepal Bankers Association, said that although the interest rate is decreasing with the increase in bank deposits, the demand for loans has not increased. "The banks’ interest rate has been decreasing for the past few months," he said, "But the demand for loans has not increased."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">According to Nepal Rastra Bank, the average interest rate of deposits has dropped to 6.74 percent in mid-February to mid-March. During the corresponding period of last fiscal year, this interest rate was 8.37 percent. Similarly, the base rate of banks, which was 10.64 percent in February of last fiscal year, has also dropped to 8.77 percent this February. With the decrease in the base rate, the average interest rate of loans has dropped to 10.78 percent in mid-February to mid-March. A year ago, the average interest rate on loans had reached 13.03 percent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">Banks have investable capital of more than Rs 650 due to the lack of expansion of loans compared to the increase in deposits.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">Even though the central bank has continuously mopped liquidity through standing deposit facilities and deposit collection tools, it has not been able to maintain the interbank interest rate within the target of the interest rate corridor.</span></span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">Steady growth in remittances</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The remittance inflow to Nepal has surpassed Rs 100 billion for the 16th consecutive month. According to the latest macroeconomic report from the Nepal Rastra Bank, Nepal received Rs 122.2 billion in remittances in the eighth month (Falgun) of the current fiscal year. According to the NRB, Nepal has received Rs 961.22 billion in remittances in the first eight months of the current fiscal year. The remittance inflow to the country has surged by 21 percent in this fiscal compared to a 25.3 percent increment during the same period of the last fiscal. The remittance inflow in US dollars stood at 7.24 billion, which is 18.8 percent more than the same period of the previous year.</span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">With the increase in remittances, the current account, balance of payments and foreign exchange reserves have become stronger. In February, the current account is in surplus of Rs 166.87 billion. The balance of payments is in a surplus of Rs 327.55 billion. Foreign exchange reserves reached Rs 1872.82 billion as of mid-March. According to Nepal Rastra Bank, consumer price inflation has moderated to 4.82 percent in mid-March.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-05', 'modified' => '2024-04-05', 'keywords' => '', 'description' => '', 'sortorder' => '20387', 'image' => '20240405105144_Banks - Copy.jpg', 'article_date' => '2024-04-05 10:50:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '20659', 'article_category_id' => '1', 'title' => 'IBN Approves Investment Commitment of Rs 99.20 Billion for Four Energy Projects ', 'sub_title' => '', 'summary' => 'April 5: The Investment Board Nepal (IBN) has approved investment commitments of Rs 99.20 billion for four energy projects. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 5: The Investment Board Nepal (IBN) has approved investment commitments of Rs 99.20 billion for four energy projects. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The 57th meeting of the Board held on Thursday under the chairmanship of Prime Minister Pushpa Kamal Dahal took a decision to this effect. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Those projects getting the investment approvals include the 166-megawatt Super Tamor Project (Rs 34.59 billion), the 42-megawatt Upper Modi-A Project (Rs 10.08 billion), the 250-megawatt Kohalpur and Banganga Solar Plant undertaken by Risen Energy Singapore (Rs 21.10 billion) and the 139.2-megawatt Lower Manang Marsyangdi Hydro Electricity Project (Rs 33.41 billion). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Board, the Solar Plant Project and the Lower Manang Marsyangdi Hydro Electricity Project are foreign investment projects. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the meeting decided to approve an additional investment of Rs 6.63 billion for the Huaxin Cement Narayani Project, the bsoard spokesperson Pradyumna Prasad Upadhyay told the state-owned RSS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The meeting constituted a talks team under the leadership of the Board's Chief Executive Officer to negotiate with proposed investors for signing of the Project Development Agreement (PDA) regarding the Upper Marsyangdi and Solar Plant projects. Spokesperson Upadhyay said the PDAs regarding these projects are likely during the upcoming Nepal Investment Summit scheduled for April 28-29. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the deadline for a license for a survey of Solar Plant (Kohalpur and Banganga) is to be extended till the end of the current fiscal year (July 15) as per the meeting’s decision. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the meeting approved the share purchase agreement of the Dang Cement Plant. The board endorses the reclaim of around Rs 620 million from the sale of the shares. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The meeting decided to give permission to a Malaysian company, ReNIKOLA, to submit bank guarantee for issuing study permit for the establishment of chemical fertilizer factory. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It also decided to extend the term of committee formed to study the Tamor Reservoir Hydropower Project and the committee formed to prepare a draft of Nijgadh international airport for project development and study regarding investment model till the end of the current fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Spokesperson Upadhyay said the board was familiarized about the issue of formation of a study committee under coordination of Chief of Revenue Management Division of the Finance Ministry to study the matter of price adjustment as per the SJVN Arun-III Power Development Company. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The board took the decision that the Investment Board would remain as security trustee of co-financed investment in direct agreement of the project. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, a report submitted by a committee formed to prepare the amendment draft of the Public Private Partnership and Investment Act, 2075 has been presented in the board. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The meeting also directed to initiate agreement process with NepWaste Pvt Ltd to forward the Integrated Waste Management Project (Package-1) of the Kathmandu Valley. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-04-05', 'modified' => '2024-04-05', 'keywords' => '', 'description' => '', 'sortorder' => '20386', 'image' => '20240405104921_20230306031824_Clipboard32.jpg', 'article_date' => '2024-04-05 10:48:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '20658', 'article_category_id' => '1', 'title' => 'Inflow of Remittance Increases to Rs 961 Billion', 'sub_title' => '', 'summary' => 'April 5: Inflow of remittance into Nepal increased 21.0 percent to Rs 961.22 billion in the first eight months of the current fiscal year, according to the latest report of Nepal Rastra Bank.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 5: Inflow of remittance into Nepal increased 21.0 percent to Rs 961.22 billion in the first eight months of the current fiscal year, according to the latest report of Nepal Rastra Bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Current Macroeconomic and Financial Situation Report unveiled by Nepal Rastra Bank on Thursday, remittance inflows had increased by 25.3 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the US dollar terms, inflow of remittance increased 18.8 percent to 7.24 billion in the review period compared to an increase of 14.8 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review period, the number of Nepali workers, both institutional and individual, taking first-time approval for foreign employment stood at 286,932 and those taking approval for renewal of work permits stood at 184,278, the NRB report stated. In the previous year, such numbers were 351,761 and 192,559 respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, the net transfer increased 18.9 percent to Rs 1041.96 billion in the review period. Such a transfer had increased 23.9 percent in the same period of the previous year.</span></span></p> ', 'published' => true, 'created' => '2024-04-05', 'modified' => '2024-04-05', 'keywords' => '', 'description' => '', 'sortorder' => '20385', 'image' => '20240405101745_20221117115804_Remittance.jpg', 'article_date' => '2024-04-05 10:17:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '20657', 'article_category_id' => '1', 'title' => 'Current Account and Balance of Payments in Surplus in Current Fiscal Year', 'sub_title' => '', 'summary' => 'April 5: The current account of the government remained at a surplus of Rs 166.87 billion in the first eight months of the current fiscal year against a deficit of Rs 55.28 billion in the same period of the previous year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 5: The current account of the government remained at a surplus of Rs 166.87 billion in the first eight months of the current fiscal year against a deficit of Rs 55.28 billion in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Current Macroeconomic and Financial Situation Report published by the Nepal Rastra Bank on Thursday, the current account in terms of the US dollar registered a surplus of 1.25 billion in the review period against a deficit of 429.3 million in the same period last year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review period, capital transfer decreased 30.2 percent to Rs 3.89 billion and net foreign direct investment (FDI) remained a positive of Rs 5.63 billion. In the same period of the previous year, capital transfer amounted to Rs 5.58 billion and net FDI amounted to Rs 1.17 billion, the report added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the NRB, the country’s Balance of Payments (BoP) remained at a surplus of Rs 327.55 billion in the review period against a surplus of Rs 142 billion in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In terms of the US dollar, the BoP remained at a surplus of 2.46 billion in the review period against a surplus of 1.08 billion in the same period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the gross foreign exchange reserves increased 21.7 percent to Rs 1872.82 billion in mid-March 2024 from Rs 1539.36 billion in mid-July 2023. In the US dollar terms, the gross foreign exchange reserves increased 20.8 percent to 14.14 billion in mid-March 2024 from 11.71 billion in mid-July 2023.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Of the total foreign exchange reserves, reserves held by NRB increased 22.2 percent to Rs 1644.06 billion in mid-March 2024 from Rs 1345.78 billion in mid-July 2023, the central bank’s report added. Meanwhile, the reserves held by banks and financial institutions (except NRB) increased 18.2 percent to Rs 228.76 billion in mid-March 2024 from Rs 193.59 billion in mid-July 2023. The share of Indian currency in total reserves stood at 22.1 percent in mid-March 2024.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Based on the imports of eight months of 2023/24, the foreign exchange reserves of the banking sector is sufficient to cover the prospective merchandise imports of 14.8 months, and merchandise and services imports of 12.4 months, the NRB stated. </span></span></p> ', 'published' => true, 'created' => '2024-04-05', 'modified' => '2024-04-05', 'keywords' => '', 'description' => '', 'sortorder' => '20384', 'image' => '20240405100519_20231001020926_20220123032134_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2024-04-05 10:04:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '20656', 'article_category_id' => '1', 'title' => 'Inflation Moderates to 4.82 Percent in mid-March', 'sub_title' => '', 'summary' => 'April 5: The year-on-year (y-o-y) consumer price inflation moderated to 4.82 percent in mid-March 2024 compared to 7.44 percent a year ago.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 5: The year-on-year (y-o-y) consumer price inflation moderated to 4.82 percent in mid-March 2024 compared to 7.44 percent a year ago. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Current Macroeconomic and Financial Situation Report of the Nepal Rastra Bank unveiled on Thursday, food and beverage category inflation stood at 5.94 percent whereas non-food and service category inflation stood at 3.95 percent in the review month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under the Food and Beverage Category, the y-o-y price index of spices sub-category increased 28.17 percent, vegetable 14.07 percent, pulses and legumes 11.22 percent, cereal grains and their products 7.35 percent and milk products and eggs 7.11 percent in the review month. The y-o-y price index of ghee and oil sub-category decreased 11.79 percent in the review month, the NRB report added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under the non-food and services category, the y-o-y price index of recreation and culture sub-category increased 12.61 percent, miscellaneous goods and services 10.67 percent and education 7.31 percent in the review month. The y-o-y price index of transportation sub-category decreased 1.15 percent in the review month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The y-o-y consumer price inflation in the Kathmandu Valley, Terai, Hill and Mountain region stood at 4.88 percent, 4.42 percent, 5.49 percent and 4.42 percent respectively in the review month. Such inflation in these regions was 7.95 percent, 7.50 percent, 6.67 percent and 8.07 percent respectively a year ago.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, the World Bank in its latest report had recently projected consumer price inflation in Nepal to remain high at 6.7 percent in 2024, close to the central bank's 6.5 percent ceiling, due to VAT exemptions removal, India's food export restrictions, and increase in minimum support prices of paddy.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-05', 'modified' => '2024-04-05', 'keywords' => '', 'description' => '', 'sortorder' => '20383', 'image' => '20240405094749_20240403021336_inflationnnnnn.jpg', 'article_date' => '2024-04-05 09:46:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '20655', 'article_category_id' => '1', 'title' => 'Nepal’s Trade Deficit Stands at Rs 929 Billion', 'sub_title' => '', 'summary' => 'April 5: Nepal’s trade deficit has reached Rs 929.61 billion in the first eight months of the current fiscal year despite a 2.5 percent decline in the review period compared to the corresponding period of last fiscal year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 5: Nepal’s trade deficit has reached Rs 929.61 billion in the first eight months of the current fiscal year despite a 2.5 percent decline in the review period 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"">According to the latest report of Nepal Rastra Bank, such a deficit had decreased 17.9 percent in the corresponding period of the previous year. The Current Macroeconoic and Financial Situation Report released by the central bank on Thursday also revealed that the export-import ratio decreased to 9.8 percent in the review period from 9.9 percent in the corresponding period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the review period, Nepal’s merchandise exports decreased 4.0 percent to Rs 100.62 billion compared to a decrease of 29.1 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, exports to India decreased 7.7 percent whereas exports to China and other countries increased 275.5 percent and 0.3 percent respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Exports of zinc sheet, particle board, juice, readymade garments, polyester and thread among others increased whereas exports of palm oil, soybean oil, cardamom, woolen carpet, bran among others decreased.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review period, merchandise imports decreased 2.7 percent to Rs 1030.22 billion compared to a decrease of 19.1 percent a year ago. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, imports from India and other countries decreased 2.8 percent and 22.9 percent respectively while imports from China increased 33.7 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Imports of readymade garments, transport equipment, vehicle and other vehicle spare parts, aircraft spare parts, electrical equipment, textiles among others increased whereas imports of crude soybean oil, gold, petroleum products, crude palm oil, rice/paddy among others decreased. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-05', 'modified' => '2024-04-05', 'keywords' => '', 'description' => '', 'sortorder' => '20382', 'image' => '20240405090457_20240122013031_How-to-start-an-import-export-business.jpg', 'article_date' => '2024-04-05 09:04:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20654', 'article_category_id' => '1', 'title' => 'Regular Operation of Melamchi Water Supply Project Requires Rs 4.50 Billion', 'sub_title' => '', 'summary' => 'April 5: Stakeholders have said it will cost Rs 4.50 billion to bring the Melamchi Water Supply Project into operation throughout the year.', 'content' => '<p><span style="font-size:18px">April 5: Stakeholders have said it will cost Rs 4.50 billion to bring the Melamchi Water Supply Project into operation throughout the year.</span></p> <p><span style="font-size:18px">Speaking at an interaction related to the long-term management of the Melamchi Water Supply Project organized at Singha Durbar on Thursday, the Executive Director of Melamchi Water Supply Development Committee, Zakki Ahmed Ansari, said it would cost Rs 4.50 billion for the improvement of the project.</span></p> <p><span style="font-size:18px">Preparation is underway to bring water from the Melamchi River in Helambu of Sindhupalchok district to Kathmandu Valley in all 12 months by improving the project, he shared, adding it would cost Rs 4.50 billion to construct permanent structures for long-term solution to the problems faced by the project.</span></p> <p><span style="font-size:18px">Ansari mentioned that it would be appropriate to shift the headworks of the project one kilometer beyond the present intake site for long-term improvement of the project. The water supply of the Melamchi project has been stopped after floods occurred on August 1 and 14, 2023, damaging temporary structures constructed earlier. Preparation is underway to shift the headworks for the regular operation of the project, according to the committee.</span></p> <p><span style="font-size:18px">Chairperson of the Parliament's Public Accounts Committee, Rishi Pokharel, suggested forwarding the improvement plans only after carrying out a study of the cost and managing resources to make the project's activities effective.</span></p> <p><span style="font-size:18px"><strong>Melamchi will not materialize until local people's demands are met</strong></span></p> <p><span style="font-size:18px">Nima Gyaljen Hyolmo, Chairman of the Helambu Rural Municipality, Sindhupalchok, said Kathmandu Valley will not be getting the supply of drinking water from Melamchi next year until the demands of the people of Helambu are met.</span></p> <p><span style="font-size:18px">Speaking in the interaction program entitled 'Sustainable Management of the Melamchi Water Supply Project' organized in Singha Durbar on Thursday, he said they will not allow diverting water from the Melamchi River if their demands are not fulfilled.</span></p> <p><span style="font-size:18px">Among the demands of the Melamchi Project and flood-affected people include the construction of embankments for river control, protection of at-risk settlements, and waiver of loans taken before the massive flooding incident in the Melamchi River from banks and financial institutions for construction of homes and starting business in the Melamchi corridor.</span></p> <p><span style="font-size:18px">Similarly, providing compensation of Rs one million as compensation to the family of each person killed in the flooding, making available the drinking water levy through the local government, and issuing grant of Rs two million for the construction of new houses are among the demands of the 17-point charter of demands put forth by the Project and flood-affected locals.</span></p> <p><span style="font-size:18px">Stating that the federal government has not shown any concern so far towards fulfilling these demands, Hyolmo, the Rural Municipality Chair, warned of shutting down of the Melamchi Project if the demands are not met.</span></p> <p><span style="font-size:18px">"The demands of the local people have not been fulfilled even after our repeated request for the same. If the demands are not addressed even now, be assured, water will not be available from Melamchi next year. If you want to drink water from Melamchi, come there along with your pitchers," he said.</span></p> <p><span style="font-size:18px">According to him, although the Ministry of Water Supply and Sanitation is preparing to shift the project's headworks for the round-the-year supply of water through sustainable management of the project, the proposed site is also not safe. -- RSS</span></p> ', 'published' => true, 'created' => '2024-04-05', 'modified' => '2024-04-05', 'keywords' => '', 'description' => '', 'sortorder' => '20381', 'image' => '20240405083612_20240404090025_melamchi.jpg', 'article_date' => '2024-04-05 08:34:49', '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' => '20670', 'article_category_id' => '1', 'title' => 'Price of Gold Hits Another Record as it Soars to Rs 135,600 per Tola', 'sub_title' => '', 'summary' => 'April 7: The price of gold increased to an all-time high in the domestic market on Nepal on Sunday, rising by Rs 2,900 per tola (11.66 grams).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 7: The price of gold increased to an all-time high in the domestic market on Nepal on Sunday, rising by Rs 2,900 per tola (11.66 grams).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Federation of Nepal Gold and Silver Dealers Association, the price of fine (hallmark) gold has been fixed at Rs 135,600 per tola on Sunday. It was traded at Rs 132,700 per tola on Friday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prior to this, the price of gold had set a new record last Thursday when it soared to Rs 134,000 per tola only to drop the next day.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, standard gold is being traded at Rs 134,950 per tola with an increase from Rs 132,050 per tola on Friday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Moreover, the price of silver has increased as well. The price of silver increased by Rs 55 per tola, reaching Rs 1,670 per tola on Sunday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The price of gold has been rising steadily in the past few weeks. The federation fixes the price of gold and silver based on the price in the international market.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The recent geopolitical tension due to the Israel’s offensive in Gaza and the Russia-Ukraine war have led to investors to invest in gold considering it as a safe haven in times of turmoil.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-07', 'modified' => '2024-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '20395', 'image' => '20240407074212_20240404123101_20240403013353_gold newwww.jpg', 'article_date' => '2024-04-07 19:41:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '20667', 'article_category_id' => '1', 'title' => 'Govt Reluctant to Deposit Rs 60 Billion Collected as Social Security Tax in SSF', 'sub_title' => '', 'summary' => 'April 7: The government has refused to deposit billions of rupees collected from workers under the title of social security tax for the past one decade in the Social Security Fund.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">April 7: The government has refused to deposit billions of rupees collected from workers under the title of social security tax for the past one decade in the Social Security Fund.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to the contribution-based Social Security Act, 2074, there is a provision that the Social Security Fund can mobilize even the amount collected from the Social Security Tax. Sub-section 2 (e) under section 26 of the Act has a provision that the amount collected so far and the amount to be collected in the future as social security tax shall be deposited in the Social Security Fund. However, the Ministry of Finance has not yet transferred the amount to the SSF.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">SSF officials say that the Ministry of Finance has not yet transferred any amount collected in the name of social security tax to the fund, contrary to the legal provision.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">At present, the SSF is running social security schemes only with the funds contributed by the private sector establishments affiliated to it and the workers working in those establishments. The SSF said that this amount has reached more than Rs 52 billion. The Auditor General's report has also raised questions about the Ministry of Finance not handing over the social security tax to the SSF.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">"In Section 26 (2) (e) of the Contribution-Based Social Security Act, 2074, there is a provision that the amount to be collected under social security tax shall be deposited in the fund," the 58th report of the Office of the Auditor General states, adding, "The social security tax was deposited in the state treasury instead of being deposited in the Social Security Fund and is being spent without being allocated to its specific area.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Since the social security tax is collected as revenue every year after tax deduction, the deducted amount should be directly deposited in the SSF and the SSF should use the amount according to its objectives, the OAG report added.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">SSF Spokesperson Bivek Panthi said that although they were coordinating with the Ministry of Finance to bring the amount to the SSF, the ministry did not cooperate. "Despite repeated requests, the Ministry of Finance has been reluctant to hand over the amount collected under social security tax," Panthi said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Officials of the Ministry of Finance admit that the social security tax is collected as revenue and say that this amount is being spent for the benefit of the people. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Finance Ministry spokesperson Uttar Kumar Khatri says the social security tax is like any other tax collected by the government. Although the contribution-based Social Security Act, 2074 states that the amount should be deposited in the SSF, Khatri insists that there is no need for the ministry to transfer the amount to the SSF as it is similar in nature to other taxes collected by the government. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">"The government will spend this amount according to its priorities," he told New Business Age.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Yogendra Kunwar, chairman of United Trade Union Coordination Center, says that the money collected from the workers should be spent for the safety and rights of the workers. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">"Since the government is collecting social security tax through the Social Security Act, that amount should be deposited in the Social Security Fund," he said. Kunwar is of the opinion that even if the government took the money by setting up other welfare funds in the name of the workers, it could not be spent effectively for the benefit of the workers.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">This tax was introduced with the aim of providing financial support to workers who had become unemployed due to political transition in the country and when the labour situation was not good.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Panthi said that if the government does not give the amount raised in the name of social security tax, the SSF will not be able to expand its social security schemes. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">For the past one decade, the government has been collecting funds in the name of social security tax at the rate of 1 percent from the wages of workers and employees working in organized institutions. The government has been collecting tax under this heading since Fiscal Year 2066/67. The government has collected Rs 57.53 billion as of the last fiscal year under the heading of social security tax. According to the Ministry of Finance, more than Rs 60 billion has been collected as of the first 8 months of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">A social security tax of 1 percent of taxable income was introduced from wage earners. The then Finance Minister Surendra Pandey initiated this tax after the industries started to shut down due to strikes. The fund was set up for the social security of workers who lost their jobs or were affected by disasters.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">However, the government has not shown any interest in depositing this amount in the Social Security Fund and spending it according to its specific purpose. Therefore, questions are being raised about the effectiveness of this tax being raised by the government.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-07', 'modified' => '2024-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '20394', 'image' => '20240407035126_20230816044108_SSF (1).jpg', 'article_date' => '2024-04-07 15:50:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '20666', 'article_category_id' => '1', 'title' => 'Study Highlights Urgent Action to Combat Antimicrobial Resistance', 'sub_title' => '', 'summary' => 'April 7: A high-level taskforce has warned that political leaders are ignoring the growing danger of antimicrobial resistance, which could lead to an unprecedented health and economic catastrophe, the AFP reported.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 7: A high-level taskforce has warned that political leaders are ignoring the growing danger of antimicrobial resistance, which could lead to an unprecedented health and economic catastrophe, the AFP reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The world now has a limited and critical window of opportunity to respond at the scale and with the urgency proportionate to the rapidly increasing threats posed by AMR," the French news agency cited a report published on Thursday by the Global Steering Group on Antimicrobial Resistance.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Resistance to antimicrobials (AMR) -- antibiotics, antifungals and antiparasitics -- is already wreaking havoc, and is the result of the massive use of these products to treat humans, animals and food.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Evidence is mounting that "changes occurring in the natural environment due to the climate crisis are increasing the spread of infectious disease, potentially including drug resistant infections", the report added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, the report is part of an effort to spur action by global leaders ahead of a meeting in New York on September 26.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Resistance </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Microbes that are not completely eradicated by a given substance can develop resistance to that product, gradually reducing the arsenal of drugs available to treat infections.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">AMR is already one of the world's leading causes of death, directly responsible for 1.27 million deaths a year, including one in five in children under five, mainly in low- and middle-income countries, the report said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">If left unchecked, AMR is expected to reduce life expectancy by an average of 1.8 years by 2035, leading to unprecedented healthcare costs and economic losses.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Within a decade, AMR is estimated to cost the world $412 billion a year in additional health costs and $443 billion a year in lost labour productivity, according to an economic impact study commissioned by the Global Steering Group.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Effective measures against the scourge are expected to cost an average of 46 billion dollars a year but will yield up to 13 dollars for every dollar spent by 2050, according to the impact study.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">From local to global</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"We have the tools to mitigate the AMR crisis and these data point to a devastating future if we don't take bolder action now," AFP quoted GLG President Mia Amor Mottley, who is also prime minister of Barbados, as saying.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Commitment to the fight against AMR must be personal, local, national and global."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The working group is making suggestions both in terms of mobilising funding -- particularly from international financial institutions -- and toward finding ways of overcoming the obstacles to researching and manufacturing effective new drugs, AFP added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It has established quantified targets for 2023, which it believes are the only way to effectively mobilise the various parties involved.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">These include reducing by 10 percent the number of deaths caused by bacterial AMR worldwide, and ensuring that "ACCESS group" antibiotics comprise at least 80 percent of all human antibiotic consumption.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The ACCESS group is made up of antibiotics used for the first- or second-line treatment of common infections with a low risk of contributing to the development and spread of antimicrobial resistance, according to the European Centre for Disease Prevention and Control.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Another objective is to reduce the quantity of antimicrobials used in the global agrifood system by 30-50 percent compared to current levels.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">More radically, the group proposes to eliminate by 2030 the use of medically important antimicrobials in human and animal medicine for non-veterinary medical purposes, and in plant production and agri-food systems for non-phytosanitary purposes. – AFP/RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-07', 'modified' => '2024-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '20393', 'image' => '20240407031524_20231127113116_20230707120641_skynews-antibiotics-drugs_5632415.jpg', 'article_date' => '2024-04-07 15:14:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '20665', 'article_category_id' => '1', 'title' => 'Govt Downsizes Number of Projects to be Presented in the Investment Summit', 'sub_title' => '', 'summary' => 'April 7: The number of projects to be presented to attract investment in the Third Investment Summit to be held on April 29 and 29 has been reduced.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">April 7: The number of projects to be presented to attract investment in the Third Investment Summit to be held on April 29 and 29 has been reduced.</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 prepared a list of </span><span style="font-family:"Arial Unicode MS","sans-serif"">132</span><span style="font-family:"ekmukta","serif""> projects received so far from the private sector, local level and federal ministries, departments, and industrial sector to present at 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"">Joint Secretary and Spokesperson for the Investment Board, Pradyumna Prasad Upadhyay informed that up to </span><span style="font-family:"Arial Unicode MS","sans-serif"">125</span><span style="font-family:"ekmukta","serif""> projects will be exhibited. The board has now made a list of projects in various stages.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">A meeting attended by Chief Secretary Dr Baikuntha Aryal and other officials on Saturday fixed the final date for submitting the projects. According to Upadhyaya, who also attended the meeting, the relevant ministries must submit the final list of proposed projects by upcoming Sunday. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Prime Minister Pushpa Kamal Dahal is scheduled to make a public address from the Office of the Prime Minister and Council of Ministers next Tuesday and the board is preparing to finalize the list of projects to be displayed during the summit ahead of the PM’s speech.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">On that day, the prime minister is scheduled to hold discussions with the resident ambassadors of diplomatic missions in Nepal as well as the representatives of the World Bank, the United Nations (UN) and other development partner organizations. The prime minister will inform them about the investment summit and request investors from related countries to invest through them.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">The chief secretary has instructed all the ministries to submit the final details of the projects to the Investment Board by Sunday evening. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Although there are many projects to be displayed at the summit, only </span><span style="font-family:"Arial Unicode MS","sans-serif"">27</span> <span style="font-family:"ekmukta","serif"">of them will seek Expression of Interest (IOE). Similarly, there are four projects that investors can directly enter into investment agreements with. </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 board, there are </span><span style="font-family:"Arial Unicode MS","sans-serif"">26</span><span style="font-family:"ekmukta","serif""> projects that will seek financing. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Likewise, most of the projects are in the ideation stage. The board has listed </span><span style="font-family:"Arial Unicode MS","sans-serif"">37</span><span style="font-family:"ekmukta","serif""> projects under this title. Similarly, there are seven projects of the private sector. Stalls will also be made available for the private sector. Private sector investors can directly present their projects at 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"">Investment Board Nepal, Ministry of Industry, Ministry of Energy, Ministry of Culture, Tourism and Civil Aviation, Ministry of Physical Infrastructure along with the Industrial Zones, Special Economic Zones, Department of Mining and other agencies have prepared a list of various projects. It includes projects ranging from highways, tunnels, hydropower, tourism, and cable cars.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-07', 'modified' => '2024-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '20392', 'image' => '20240407022732_investment summit.jpg', 'article_date' => '2024-04-07 14:26:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '20664', 'article_category_id' => '1', 'title' => 'China Insists on Power Trade Agreements before Building Cross-Border Transmission Lines', 'sub_title' => '', 'summary' => 'April 7: China has taken the stance that the two countries must first sign electricity trade agreement for the construction of cross-border transmission lines.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">April 7: China has taken the stance that the two countries must first sign electricity trade agreement for the construction of cross-border transmission lines. The Chinese team took such a stand during the discussion held in Beijing between the representatives of the two countries on March 27 and 28</span><span style="font-family:"Arial Unicode MS","sans-serif"">.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Prior to the meeting, a team led by Dirghayu Kumar Shrestha, head of the Transmission Line Directorate of Nepal Electricity Authority, had gone to China for discussion in this regard. The State Grid of China and the NEA team held a discussion on cross-border transmission line. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">However, the Chinese side argued that construction of cross-border transmission line would require electricity trade between the two countries and therefore took the stance that the two countries must first sign electricity trade agreement before starting the transmission line project.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">The Nepali side had proposed construction of the Geelong-Kerung-Rasuwagadhi-Chilime </span><span style="font-family:"Arial Unicode MS","sans-serif"">220 </span><span style="font-family:"ekmukta","serif"">kV transmission line. One of the members of the Nepali delegation who attended the discussion told New Business Age that the Nepali side returned empty handed due to the stance taken by the Chinese side.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-07', 'modified' => '2024-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '20391', 'image' => '20240407121959_20230413115757_1681304370.1654689332.prasaran line.jpg', 'article_date' => '2024-04-07 12:19:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '20663', 'article_category_id' => '1', 'title' => 'Arrival of Tourists up in Parsa National Park ', 'sub_title' => '', 'summary' => 'April 7: The arrival of domestic and foreign tourists has increased in Parsa National Park, officials said. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 7: The arrival of domestic and foreign tourists has increased in Parsa National Park, officials said. Information Officer of the National Park, Santosh Bhagat said that the number of Indians along with the domestic tourists has increased compared to the past. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the first eight months of the current fiscal year, the Parsa National Park witnessed the arrival of 613 tourists. During the same period in the last fiscal year, only 140 visitors had arrived at the Parsa National Park. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In order to ensure good hospitality services to the tourists there, a community homestay is run in the Sunakhari buffer zone area of the national park. The homestay offers local cuisines and delicacies to the tourists arriving at Parsa National Park. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Besides the presence of endangered wildlife, the national park boasts of religious and natural heritages including Kaminidaha (lake), Halkhoriyadaha and Laukidaha. Religious sites like Mayamandir and Dugdheshwor Mahadev temples are also there in the national park. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Availability of water sources in the national park, the number of Royal Bengal tiger and other animals has increased. As per the tiger census conducted in 2022, the number of tigers in the Parsa National Park has reached 41. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Parsa Wildlife Reserve was declared a national park in 2074 BS considering its potential for tourism and infrastructure development. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-04-07', 'modified' => '2024-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '20390', 'image' => '20240407113301_parsa.jpg', 'article_date' => '2024-04-07 11:32:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '20662', 'article_category_id' => '1', 'title' => 'Joint Team from Nepal and South Korea Set off for Maiden Ascent of Mt Jugal', 'sub_title' => '', 'summary' => 'April 6: A joint team comprising members from Nepal and the Republic of Korea (South Korea) is set to climb the 6,591 metres tall Mt Jugal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 6: A joint team comprising members from Nepal and the Republic of Korea (South Korea) is set to climb the 6,591 metres tall Mt Jugal. The team comprising three Nepalis and seven Koreans left for Sindhupalchok on Saturday for the mountaineering expedition, according to Nepal Mountaineering Association (NMA). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The maiden ascent of Mt Jugal is taking place to mark the completion of 50 years of the establishment of diplomatic relations between Nepal and South Korea. Jugal is the nearest peak from Kathmandu. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The team is undertaking the expedition at the initiatives of NMA, Nepal Tourism Board and the Jugal Rural Municipality of Sindhupalchok. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NMA general-secretary Mohan Lamsal expressed the confidence that the maiden ascent of Mt Jugal by the joint team will contribute towards promoting tourism in Nepal. He said this expedition is considered important also because it is linked with tourism diplomacy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government had on April 11, 2023 decided to open Mt Jugal for climbing. Five other peaks in the Jugal mountain range have also been opened for mountaineering. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Renowned Korean mountaineer and honorary Nepali citizen Aum Hong Gill will be leading the South Korean team while record-setter climber and NMA’s first vice-president Dawa Yangzum Sherpa will lead the Nepali team. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It is stated that 50 South Korean trekkers will also accompany the expedition team to the Mt Jugal region. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-04-06', 'modified' => '2024-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '20389', 'image' => '20240406094541_jugal.jpg', 'article_date' => '2024-04-06 21:45:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '20661', 'article_category_id' => '1', 'title' => 'CIAA Files Graft Case against 32 Alleging Corruption of Rs 1.5 Billion in Aircraft Purchase Deal', 'sub_title' => '', 'summary' => 'April 5: The Commission for the Investigation of Abuse of Authority (CIAA) has filed a case against 32 individuals in the Special Court alleging that they were involved in corruption amounting to one and a half billion rupees in the purchase of a wide-body aircraft for the Nepal Airlines Corporation (NAC).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">April 5: The Commission for the Investigation of Abuse of Authority (CIAA) has filed a case against 32 individuals in the Special Court alleging that they were involved in corruption amounting to one and a half billion rupees in the purchase of a wide-body aircraft for the Nepal Airlines Corporation (NAC).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The anti-graft body confirmed that a case has been filed against 32 people including former tourism minister Jeevan Bahadur Shahi, former secretary Shishir Kumar Dhungana and Shankar Adhikari, the then General Manager of NAC Sugat Ratna Kansakar.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Among those charged by the CIAA include 24 Nepalese and 8 foreign nationals. The CIAA has claimed an amount of Rs 1.47 billion from the defendants. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The then Minister for Tourism Shahi has been accused of signing an agreement that was detrimental to the national flag carrier of Nepal due to the acceptance of certain terms and conditions such as inflation and to purchase an aircraft of less carrying capacity by paying price of a higher carrying capacity aircraft.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to the CIAA, the carrying capacity of the aircraft was reduced from 242 tons to 230 tons when the technical requirements were made, but the payment was made for the aircraft with capacity of 242 tons. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The authority alleges that such work was done in collusion between the NAC employees and those who prepared the proposal. I</span></span><span style="font-family:"Segoe UI","sans-serif"">n the charge sheet, the CIAA stated that the proponent was permitted to make payments in dollars without providing a bank guarantee</span><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">. In this way, the corporation had to pay more than Rs 1.47 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The CIAA filed a case against Shahi, demanding recovery of the sum equal to the embezzled amount. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Former minister Shahi Karnali is also a member of parliament and former chief minister. Currently, he is the leader of the Nepali Congress parliamentary party in the Karnali Province Assembly. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">As soon as the case was registered according to the Corruption Control Act, he was suspended as a member of the Provincial Assembly. He became Tourism Minister from the Nepali Congress when Pushpa Kamal Dahal was the prime minister for the second time.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Sugat Ratna Kansakar, the then general manager and member of the board of directors of the NAC, has been accused of irregularities and mala fide intentions while preparing the tender documents.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">He had unnaturally increased the cost estimate and prepared the terms of the contract through negotiations. The CIAA accused him of unreasonably increasing the cost estimate by preparing a request for proposal contrary to the standard bidding document as stipulated by the Public Procurement Act, and accepting the condition of inflating the price as proposed by the supplier AAR Corp. The authority has also mentioned that procurement of goods through negotiations is not envisaged in the Public Procurement Act.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">As he was also a high-level government official at the time of the purchase of the aircraft, the authority has also demanded an additional three-year prison sentence under the Corruption Control Act.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Similarly, the then members of the NAC’s board of directors, Shishir Kumar Dhungana, Joint Secretary Buddhisagar Lamichhane of the Ministry of Tourism, Teknath Acharya, Nima Nuru Sherpa, and Muktiram Pandey are also accused of proceeding with the aircraft procurement process without amending the regulations. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Similar CIAA has demanded slapping fines against Joint Secretary Jeevan Prakash Sitaula and Achyutaraj Pahadi. The NAC’s commercial director Ramhari Sharma Sedhain, Janakraj Kalakheti and deputy director Prabash Kumar Karmacharya are accused of working in mala fide intention while in the procurement sub-committee and proposal evaluation sub-committee. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The director of the corporation Ganesh Bahadur Chand, the commercial director Karna Bahadur Thapa and the acting director and senior captain Subas Rijal are also accused of corruption by preparing false documents. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Deputy General Manager of the corporation Ramesh Bahadur Shah, Acting Director and Senior Captain Rabindra Kumar Sherchan, then Commercial Director Rabindra Shrestha, Upendra Paudel, Shravan Rijal, then Acting Deputy Director Paras Paudel, Umesh Paudel and Brihatman Tuladhar are accused of working maliciously while in the aircraft procurement sub-committee. They are accused of increasing the NAC’s financial obligations to pay additional amount by adding a condition later as there was no provision for price increase in the initial document.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">A corruption case has also been launched against British citizen Deepak Sharma. He is still the president of AAR Corporation of America. The company, which was chosen to supply wide-body aircraft for the NAC, later entered into a purchase agreement with two other companies. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Christian Nhulen, a German citizen, is associated with three companies involved in the wide-body aircraft sales process. The authority has also filed a corruption case against Romanian citizen Oleg Kalistru.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">This group established a company in Ireland called Hifly X with a capital of one dollar. It was found that the company was set up for the sale of aircraft. Established in 2073, the company purchased two wide-body aircraft from Airbus and sold them to Nepal Airlines Corporation for Rs 24 billion. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The CIAA has accused them of entering into a contract for the purchase of a wide-body aircraft causing loss to the Nepal Airlines Corporation and becoming a source of corruption by taking payment for it. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">A corruption case has also been filed against five companies and their representatives involved in the wide-body aircraft procurement case. The CIAA has initiated a case against AAR Corporation of America and its president and CEO John Holmes, who initially signed a contract with the NAC.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">A corruption case has also been filed against Germany-based German Aviation Capital and its managing director Ana Topa, Portugal's Hifly Transport Arrows and its president Paulo Mirpuri. The CIAA has also filed a case against Ireland's Highfly X, the company's directors, Gerald Thornton and Christian Nhulen. A case has also been initiated against Norton Rose of Fulbright Germany, who played a role in the wide-body aircraft purchase and sale business. The company's head of aviation, Marcus Radbruch, and senior consultant Ralph Springer have also been accused in the case.</span></span></span></span></p> <p><em><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">(Updated news with details)</span></span></span></span></em></p> <p> </p> ', 'published' => true, 'created' => '2024-04-05', 'modified' => '2024-04-05', 'keywords' => '', 'description' => '', 'sortorder' => '20388', 'image' => '20240405105438_NAC.jpg', 'article_date' => '2024-04-05 10:53:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '20660', 'article_category_id' => '1', 'title' => 'Credit Expansion of Banks Slumps due to Lack of Economic Activities', 'sub_title' => '', 'summary' => 'April 5: Bank deposits have been continuously rising due to the increase in inflow of remittances. However, loan disbursement is yet to increase compared to deposit collection.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">April 5: Bank deposits have been continuously rising due to the increase in inflow of remittances. However, loan disbursement is yet to increase compared to deposit collection. Banks have been reducing interest rates but have not been able to expand credit flow to the private sector due to the slump in economic activities.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">The Current Macroeconomic and Financial Situation Report based on eight months of data of the current fiscal year published by Nepal Rastra Bank on Thursday pointed out that the expansion of credit flow to the private sector has not increased despite the improvement in remittance inflow and the increase in bank deposits, primarily due to the lack of economic activities. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">As of mid-March of the current fiscal year, deposits of banks and financial institutions increased by Rs 435.87 billion (7.6 percent), while loans to the private sector increased by Rs 199.50 billion (4.2 percent). In a one month period from mid-February to mid-March, bank loans increased by only Rs 2 billion. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">Nepal Rastra Bank had announced the monetary policy with the target of expanding credit flow by 11.5 percent in the current fiscal year. However, even half of the target of credit expansion has not been met.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">On Monday, the National Statistics Office released data showing that the growth of the productive sector was negative even though the gross domestic product increased by 4 percent in the second quarter of the current fiscal year. Similarly, it is mentioned in the report that there has been only 0.5 percent increase in wholesale and retail trade.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">Sector-wise, wholesale and retail trade is the sector where banks and financial institutions provide the most loans. However, with the recent decline in market demand, there is a decline in import, export and industrial production. Bankers say that there is no demand for loans due to this reason.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">Sunil KC, president of Nepal Bankers Association, said that although the interest rate is decreasing with the increase in bank deposits, the demand for loans has not increased. "The banks’ interest rate has been decreasing for the past few months," he said, "But the demand for loans has not increased."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">According to Nepal Rastra Bank, the average interest rate of deposits has dropped to 6.74 percent in mid-February to mid-March. During the corresponding period of last fiscal year, this interest rate was 8.37 percent. Similarly, the base rate of banks, which was 10.64 percent in February of last fiscal year, has also dropped to 8.77 percent this February. With the decrease in the base rate, the average interest rate of loans has dropped to 10.78 percent in mid-February to mid-March. A year ago, the average interest rate on loans had reached 13.03 percent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">Banks have investable capital of more than Rs 650 due to the lack of expansion of loans compared to the increase in deposits.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">Even though the central bank has continuously mopped liquidity through standing deposit facilities and deposit collection tools, it has not been able to maintain the interbank interest rate within the target of the interest rate corridor.</span></span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">Steady growth in remittances</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The remittance inflow to Nepal has surpassed Rs 100 billion for the 16th consecutive month. According to the latest macroeconomic report from the Nepal Rastra Bank, Nepal received Rs 122.2 billion in remittances in the eighth month (Falgun) of the current fiscal year. According to the NRB, Nepal has received Rs 961.22 billion in remittances in the first eight months of the current fiscal year. The remittance inflow to the country has surged by 21 percent in this fiscal compared to a 25.3 percent increment during the same period of the last fiscal. The remittance inflow in US dollars stood at 7.24 billion, which is 18.8 percent more than the same period of the previous year.</span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">With the increase in remittances, the current account, balance of payments and foreign exchange reserves have become stronger. In February, the current account is in surplus of Rs 166.87 billion. The balance of payments is in a surplus of Rs 327.55 billion. Foreign exchange reserves reached Rs 1872.82 billion as of mid-March. According to Nepal Rastra Bank, consumer price inflation has moderated to 4.82 percent in mid-March.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-05', 'modified' => '2024-04-05', 'keywords' => '', 'description' => '', 'sortorder' => '20387', 'image' => '20240405105144_Banks - Copy.jpg', 'article_date' => '2024-04-05 10:50:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '20659', 'article_category_id' => '1', 'title' => 'IBN Approves Investment Commitment of Rs 99.20 Billion for Four Energy Projects ', 'sub_title' => '', 'summary' => 'April 5: The Investment Board Nepal (IBN) has approved investment commitments of Rs 99.20 billion for four energy projects. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 5: The Investment Board Nepal (IBN) has approved investment commitments of Rs 99.20 billion for four energy projects. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The 57th meeting of the Board held on Thursday under the chairmanship of Prime Minister Pushpa Kamal Dahal took a decision to this effect. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Those projects getting the investment approvals include the 166-megawatt Super Tamor Project (Rs 34.59 billion), the 42-megawatt Upper Modi-A Project (Rs 10.08 billion), the 250-megawatt Kohalpur and Banganga Solar Plant undertaken by Risen Energy Singapore (Rs 21.10 billion) and the 139.2-megawatt Lower Manang Marsyangdi Hydro Electricity Project (Rs 33.41 billion). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Board, the Solar Plant Project and the Lower Manang Marsyangdi Hydro Electricity Project are foreign investment projects. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the meeting decided to approve an additional investment of Rs 6.63 billion for the Huaxin Cement Narayani Project, the bsoard spokesperson Pradyumna Prasad Upadhyay told the state-owned RSS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The meeting constituted a talks team under the leadership of the Board's Chief Executive Officer to negotiate with proposed investors for signing of the Project Development Agreement (PDA) regarding the Upper Marsyangdi and Solar Plant projects. Spokesperson Upadhyay said the PDAs regarding these projects are likely during the upcoming Nepal Investment Summit scheduled for April 28-29. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the deadline for a license for a survey of Solar Plant (Kohalpur and Banganga) is to be extended till the end of the current fiscal year (July 15) as per the meeting’s decision. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the meeting approved the share purchase agreement of the Dang Cement Plant. The board endorses the reclaim of around Rs 620 million from the sale of the shares. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The meeting decided to give permission to a Malaysian company, ReNIKOLA, to submit bank guarantee for issuing study permit for the establishment of chemical fertilizer factory. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It also decided to extend the term of committee formed to study the Tamor Reservoir Hydropower Project and the committee formed to prepare a draft of Nijgadh international airport for project development and study regarding investment model till the end of the current fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Spokesperson Upadhyay said the board was familiarized about the issue of formation of a study committee under coordination of Chief of Revenue Management Division of the Finance Ministry to study the matter of price adjustment as per the SJVN Arun-III Power Development Company. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The board took the decision that the Investment Board would remain as security trustee of co-financed investment in direct agreement of the project. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, a report submitted by a committee formed to prepare the amendment draft of the Public Private Partnership and Investment Act, 2075 has been presented in the board. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The meeting also directed to initiate agreement process with NepWaste Pvt Ltd to forward the Integrated Waste Management Project (Package-1) of the Kathmandu Valley. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-04-05', 'modified' => '2024-04-05', 'keywords' => '', 'description' => '', 'sortorder' => '20386', 'image' => '20240405104921_20230306031824_Clipboard32.jpg', 'article_date' => '2024-04-05 10:48:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '20658', 'article_category_id' => '1', 'title' => 'Inflow of Remittance Increases to Rs 961 Billion', 'sub_title' => '', 'summary' => 'April 5: Inflow of remittance into Nepal increased 21.0 percent to Rs 961.22 billion in the first eight months of the current fiscal year, according to the latest report of Nepal Rastra Bank.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 5: Inflow of remittance into Nepal increased 21.0 percent to Rs 961.22 billion in the first eight months of the current fiscal year, according to the latest report of Nepal Rastra Bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Current Macroeconomic and Financial Situation Report unveiled by Nepal Rastra Bank on Thursday, remittance inflows had increased by 25.3 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the US dollar terms, inflow of remittance increased 18.8 percent to 7.24 billion in the review period compared to an increase of 14.8 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review period, the number of Nepali workers, both institutional and individual, taking first-time approval for foreign employment stood at 286,932 and those taking approval for renewal of work permits stood at 184,278, the NRB report stated. In the previous year, such numbers were 351,761 and 192,559 respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, the net transfer increased 18.9 percent to Rs 1041.96 billion in the review period. Such a transfer had increased 23.9 percent in the same period of the previous year.</span></span></p> ', 'published' => true, 'created' => '2024-04-05', 'modified' => '2024-04-05', 'keywords' => '', 'description' => '', 'sortorder' => '20385', 'image' => '20240405101745_20221117115804_Remittance.jpg', 'article_date' => '2024-04-05 10:17:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '20657', 'article_category_id' => '1', 'title' => 'Current Account and Balance of Payments in Surplus in Current Fiscal Year', 'sub_title' => '', 'summary' => 'April 5: The current account of the government remained at a surplus of Rs 166.87 billion in the first eight months of the current fiscal year against a deficit of Rs 55.28 billion in the same period of the previous year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 5: The current account of the government remained at a surplus of Rs 166.87 billion in the first eight months of the current fiscal year against a deficit of Rs 55.28 billion in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Current Macroeconomic and Financial Situation Report published by the Nepal Rastra Bank on Thursday, the current account in terms of the US dollar registered a surplus of 1.25 billion in the review period against a deficit of 429.3 million in the same period last year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review period, capital transfer decreased 30.2 percent to Rs 3.89 billion and net foreign direct investment (FDI) remained a positive of Rs 5.63 billion. In the same period of the previous year, capital transfer amounted to Rs 5.58 billion and net FDI amounted to Rs 1.17 billion, the report added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the NRB, the country’s Balance of Payments (BoP) remained at a surplus of Rs 327.55 billion in the review period against a surplus of Rs 142 billion in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In terms of the US dollar, the BoP remained at a surplus of 2.46 billion in the review period against a surplus of 1.08 billion in the same period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the gross foreign exchange reserves increased 21.7 percent to Rs 1872.82 billion in mid-March 2024 from Rs 1539.36 billion in mid-July 2023. In the US dollar terms, the gross foreign exchange reserves increased 20.8 percent to 14.14 billion in mid-March 2024 from 11.71 billion in mid-July 2023.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Of the total foreign exchange reserves, reserves held by NRB increased 22.2 percent to Rs 1644.06 billion in mid-March 2024 from Rs 1345.78 billion in mid-July 2023, the central bank’s report added. Meanwhile, the reserves held by banks and financial institutions (except NRB) increased 18.2 percent to Rs 228.76 billion in mid-March 2024 from Rs 193.59 billion in mid-July 2023. The share of Indian currency in total reserves stood at 22.1 percent in mid-March 2024.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Based on the imports of eight months of 2023/24, the foreign exchange reserves of the banking sector is sufficient to cover the prospective merchandise imports of 14.8 months, and merchandise and services imports of 12.4 months, the NRB stated. </span></span></p> ', 'published' => true, 'created' => '2024-04-05', 'modified' => '2024-04-05', 'keywords' => '', 'description' => '', 'sortorder' => '20384', 'image' => '20240405100519_20231001020926_20220123032134_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2024-04-05 10:04:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '20656', 'article_category_id' => '1', 'title' => 'Inflation Moderates to 4.82 Percent in mid-March', 'sub_title' => '', 'summary' => 'April 5: The year-on-year (y-o-y) consumer price inflation moderated to 4.82 percent in mid-March 2024 compared to 7.44 percent a year ago.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 5: The year-on-year (y-o-y) consumer price inflation moderated to 4.82 percent in mid-March 2024 compared to 7.44 percent a year ago. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Current Macroeconomic and Financial Situation Report of the Nepal Rastra Bank unveiled on Thursday, food and beverage category inflation stood at 5.94 percent whereas non-food and service category inflation stood at 3.95 percent in the review month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under the Food and Beverage Category, the y-o-y price index of spices sub-category increased 28.17 percent, vegetable 14.07 percent, pulses and legumes 11.22 percent, cereal grains and their products 7.35 percent and milk products and eggs 7.11 percent in the review month. The y-o-y price index of ghee and oil sub-category decreased 11.79 percent in the review month, the NRB report added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under the non-food and services category, the y-o-y price index of recreation and culture sub-category increased 12.61 percent, miscellaneous goods and services 10.67 percent and education 7.31 percent in the review month. The y-o-y price index of transportation sub-category decreased 1.15 percent in the review month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The y-o-y consumer price inflation in the Kathmandu Valley, Terai, Hill and Mountain region stood at 4.88 percent, 4.42 percent, 5.49 percent and 4.42 percent respectively in the review month. Such inflation in these regions was 7.95 percent, 7.50 percent, 6.67 percent and 8.07 percent respectively a year ago.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, the World Bank in its latest report had recently projected consumer price inflation in Nepal to remain high at 6.7 percent in 2024, close to the central bank's 6.5 percent ceiling, due to VAT exemptions removal, India's food export restrictions, and increase in minimum support prices of paddy.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-05', 'modified' => '2024-04-05', 'keywords' => '', 'description' => '', 'sortorder' => '20383', 'image' => '20240405094749_20240403021336_inflationnnnnn.jpg', 'article_date' => '2024-04-05 09:46:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '20655', 'article_category_id' => '1', 'title' => 'Nepal’s Trade Deficit Stands at Rs 929 Billion', 'sub_title' => '', 'summary' => 'April 5: Nepal’s trade deficit has reached Rs 929.61 billion in the first eight months of the current fiscal year despite a 2.5 percent decline in the review period compared to the corresponding period of last fiscal year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 5: Nepal’s trade deficit has reached Rs 929.61 billion in the first eight months of the current fiscal year despite a 2.5 percent decline in the review period 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"">According to the latest report of Nepal Rastra Bank, such a deficit had decreased 17.9 percent in the corresponding period of the previous year. The Current Macroeconoic and Financial Situation Report released by the central bank on Thursday also revealed that the export-import ratio decreased to 9.8 percent in the review period from 9.9 percent in the corresponding period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the review period, Nepal’s merchandise exports decreased 4.0 percent to Rs 100.62 billion compared to a decrease of 29.1 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, exports to India decreased 7.7 percent whereas exports to China and other countries increased 275.5 percent and 0.3 percent respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Exports of zinc sheet, particle board, juice, readymade garments, polyester and thread among others increased whereas exports of palm oil, soybean oil, cardamom, woolen carpet, bran among others decreased.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review period, merchandise imports decreased 2.7 percent to Rs 1030.22 billion compared to a decrease of 19.1 percent a year ago. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, imports from India and other countries decreased 2.8 percent and 22.9 percent respectively while imports from China increased 33.7 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Imports of readymade garments, transport equipment, vehicle and other vehicle spare parts, aircraft spare parts, electrical equipment, textiles among others increased whereas imports of crude soybean oil, gold, petroleum products, crude palm oil, rice/paddy among others decreased. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-05', 'modified' => '2024-04-05', 'keywords' => '', 'description' => '', 'sortorder' => '20382', 'image' => '20240405090457_20240122013031_How-to-start-an-import-export-business.jpg', 'article_date' => '2024-04-05 09:04:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20654', 'article_category_id' => '1', 'title' => 'Regular Operation of Melamchi Water Supply Project Requires Rs 4.50 Billion', 'sub_title' => '', 'summary' => 'April 5: Stakeholders have said it will cost Rs 4.50 billion to bring the Melamchi Water Supply Project into operation throughout the year.', 'content' => '<p><span style="font-size:18px">April 5: Stakeholders have said it will cost Rs 4.50 billion to bring the Melamchi Water Supply Project into operation throughout the year.</span></p> <p><span style="font-size:18px">Speaking at an interaction related to the long-term management of the Melamchi Water Supply Project organized at Singha Durbar on Thursday, the Executive Director of Melamchi Water Supply Development Committee, Zakki Ahmed Ansari, said it would cost Rs 4.50 billion for the improvement of the project.</span></p> <p><span style="font-size:18px">Preparation is underway to bring water from the Melamchi River in Helambu of Sindhupalchok district to Kathmandu Valley in all 12 months by improving the project, he shared, adding it would cost Rs 4.50 billion to construct permanent structures for long-term solution to the problems faced by the project.</span></p> <p><span style="font-size:18px">Ansari mentioned that it would be appropriate to shift the headworks of the project one kilometer beyond the present intake site for long-term improvement of the project. The water supply of the Melamchi project has been stopped after floods occurred on August 1 and 14, 2023, damaging temporary structures constructed earlier. Preparation is underway to shift the headworks for the regular operation of the project, according to the committee.</span></p> <p><span style="font-size:18px">Chairperson of the Parliament's Public Accounts Committee, Rishi Pokharel, suggested forwarding the improvement plans only after carrying out a study of the cost and managing resources to make the project's activities effective.</span></p> <p><span style="font-size:18px"><strong>Melamchi will not materialize until local people's demands are met</strong></span></p> <p><span style="font-size:18px">Nima Gyaljen Hyolmo, Chairman of the Helambu Rural Municipality, Sindhupalchok, said Kathmandu Valley will not be getting the supply of drinking water from Melamchi next year until the demands of the people of Helambu are met.</span></p> <p><span style="font-size:18px">Speaking in the interaction program entitled 'Sustainable Management of the Melamchi Water Supply Project' organized in Singha Durbar on Thursday, he said they will not allow diverting water from the Melamchi River if their demands are not fulfilled.</span></p> <p><span style="font-size:18px">Among the demands of the Melamchi Project and flood-affected people include the construction of embankments for river control, protection of at-risk settlements, and waiver of loans taken before the massive flooding incident in the Melamchi River from banks and financial institutions for construction of homes and starting business in the Melamchi corridor.</span></p> <p><span style="font-size:18px">Similarly, providing compensation of Rs one million as compensation to the family of each person killed in the flooding, making available the drinking water levy through the local government, and issuing grant of Rs two million for the construction of new houses are among the demands of the 17-point charter of demands put forth by the Project and flood-affected locals.</span></p> <p><span style="font-size:18px">Stating that the federal government has not shown any concern so far towards fulfilling these demands, Hyolmo, the Rural Municipality Chair, warned of shutting down of the Melamchi Project if the demands are not met.</span></p> <p><span style="font-size:18px">"The demands of the local people have not been fulfilled even after our repeated request for the same. If the demands are not addressed even now, be assured, water will not be available from Melamchi next year. If you want to drink water from Melamchi, come there along with your pitchers," he said.</span></p> <p><span style="font-size:18px">According to him, although the Ministry of Water Supply and Sanitation is preparing to shift the project's headworks for the round-the-year supply of water through sustainable management of the project, the proposed site is also not safe. -- RSS</span></p> ', 'published' => true, 'created' => '2024-04-05', 'modified' => '2024-04-05', 'keywords' => '', 'description' => '', 'sortorder' => '20381', 'image' => '20240405083612_20240404090025_melamchi.jpg', 'article_date' => '2024-04-05 08:34:49', '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' => '20670', 'article_category_id' => '1', 'title' => 'Price of Gold Hits Another Record as it Soars to Rs 135,600 per Tola', 'sub_title' => '', 'summary' => 'April 7: The price of gold increased to an all-time high in the domestic market on Nepal on Sunday, rising by Rs 2,900 per tola (11.66 grams).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 7: The price of gold increased to an all-time high in the domestic market on Nepal on Sunday, rising by Rs 2,900 per tola (11.66 grams).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Federation of Nepal Gold and Silver Dealers Association, the price of fine (hallmark) gold has been fixed at Rs 135,600 per tola on Sunday. It was traded at Rs 132,700 per tola on Friday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prior to this, the price of gold had set a new record last Thursday when it soared to Rs 134,000 per tola only to drop the next day.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, standard gold is being traded at Rs 134,950 per tola with an increase from Rs 132,050 per tola on Friday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Moreover, the price of silver has increased as well. The price of silver increased by Rs 55 per tola, reaching Rs 1,670 per tola on Sunday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The price of gold has been rising steadily in the past few weeks. The federation fixes the price of gold and silver based on the price in the international market.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The recent geopolitical tension due to the Israel’s offensive in Gaza and the Russia-Ukraine war have led to investors to invest in gold considering it as a safe haven in times of turmoil.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-07', 'modified' => '2024-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '20395', 'image' => '20240407074212_20240404123101_20240403013353_gold newwww.jpg', 'article_date' => '2024-04-07 19:41:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '20667', 'article_category_id' => '1', 'title' => 'Govt Reluctant to Deposit Rs 60 Billion Collected as Social Security Tax in SSF', 'sub_title' => '', 'summary' => 'April 7: The government has refused to deposit billions of rupees collected from workers under the title of social security tax for the past one decade in the Social Security Fund.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">April 7: The government has refused to deposit billions of rupees collected from workers under the title of social security tax for the past one decade in the Social Security Fund.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to the contribution-based Social Security Act, 2074, there is a provision that the Social Security Fund can mobilize even the amount collected from the Social Security Tax. Sub-section 2 (e) under section 26 of the Act has a provision that the amount collected so far and the amount to be collected in the future as social security tax shall be deposited in the Social Security Fund. However, the Ministry of Finance has not yet transferred the amount to the SSF.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">SSF officials say that the Ministry of Finance has not yet transferred any amount collected in the name of social security tax to the fund, contrary to the legal provision.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">At present, the SSF is running social security schemes only with the funds contributed by the private sector establishments affiliated to it and the workers working in those establishments. The SSF said that this amount has reached more than Rs 52 billion. The Auditor General's report has also raised questions about the Ministry of Finance not handing over the social security tax to the SSF.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">"In Section 26 (2) (e) of the Contribution-Based Social Security Act, 2074, there is a provision that the amount to be collected under social security tax shall be deposited in the fund," the 58th report of the Office of the Auditor General states, adding, "The social security tax was deposited in the state treasury instead of being deposited in the Social Security Fund and is being spent without being allocated to its specific area.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Since the social security tax is collected as revenue every year after tax deduction, the deducted amount should be directly deposited in the SSF and the SSF should use the amount according to its objectives, the OAG report added.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">SSF Spokesperson Bivek Panthi said that although they were coordinating with the Ministry of Finance to bring the amount to the SSF, the ministry did not cooperate. "Despite repeated requests, the Ministry of Finance has been reluctant to hand over the amount collected under social security tax," Panthi said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Officials of the Ministry of Finance admit that the social security tax is collected as revenue and say that this amount is being spent for the benefit of the people. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Finance Ministry spokesperson Uttar Kumar Khatri says the social security tax is like any other tax collected by the government. Although the contribution-based Social Security Act, 2074 states that the amount should be deposited in the SSF, Khatri insists that there is no need for the ministry to transfer the amount to the SSF as it is similar in nature to other taxes collected by the government. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">"The government will spend this amount according to its priorities," he told New Business Age.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Yogendra Kunwar, chairman of United Trade Union Coordination Center, says that the money collected from the workers should be spent for the safety and rights of the workers. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">"Since the government is collecting social security tax through the Social Security Act, that amount should be deposited in the Social Security Fund," he said. Kunwar is of the opinion that even if the government took the money by setting up other welfare funds in the name of the workers, it could not be spent effectively for the benefit of the workers.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">This tax was introduced with the aim of providing financial support to workers who had become unemployed due to political transition in the country and when the labour situation was not good.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Panthi said that if the government does not give the amount raised in the name of social security tax, the SSF will not be able to expand its social security schemes. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">For the past one decade, the government has been collecting funds in the name of social security tax at the rate of 1 percent from the wages of workers and employees working in organized institutions. The government has been collecting tax under this heading since Fiscal Year 2066/67. The government has collected Rs 57.53 billion as of the last fiscal year under the heading of social security tax. According to the Ministry of Finance, more than Rs 60 billion has been collected as of the first 8 months of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">A social security tax of 1 percent of taxable income was introduced from wage earners. The then Finance Minister Surendra Pandey initiated this tax after the industries started to shut down due to strikes. The fund was set up for the social security of workers who lost their jobs or were affected by disasters.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">However, the government has not shown any interest in depositing this amount in the Social Security Fund and spending it according to its specific purpose. Therefore, questions are being raised about the effectiveness of this tax being raised by the government.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-07', 'modified' => '2024-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '20394', 'image' => '20240407035126_20230816044108_SSF (1).jpg', 'article_date' => '2024-04-07 15:50:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '20666', 'article_category_id' => '1', 'title' => 'Study Highlights Urgent Action to Combat Antimicrobial Resistance', 'sub_title' => '', 'summary' => 'April 7: A high-level taskforce has warned that political leaders are ignoring the growing danger of antimicrobial resistance, which could lead to an unprecedented health and economic catastrophe, the AFP reported.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 7: A high-level taskforce has warned that political leaders are ignoring the growing danger of antimicrobial resistance, which could lead to an unprecedented health and economic catastrophe, the AFP reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The world now has a limited and critical window of opportunity to respond at the scale and with the urgency proportionate to the rapidly increasing threats posed by AMR," the French news agency cited a report published on Thursday by the Global Steering Group on Antimicrobial Resistance.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Resistance to antimicrobials (AMR) -- antibiotics, antifungals and antiparasitics -- is already wreaking havoc, and is the result of the massive use of these products to treat humans, animals and food.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Evidence is mounting that "changes occurring in the natural environment due to the climate crisis are increasing the spread of infectious disease, potentially including drug resistant infections", the report added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, the report is part of an effort to spur action by global leaders ahead of a meeting in New York on September 26.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Resistance </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Microbes that are not completely eradicated by a given substance can develop resistance to that product, gradually reducing the arsenal of drugs available to treat infections.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">AMR is already one of the world's leading causes of death, directly responsible for 1.27 million deaths a year, including one in five in children under five, mainly in low- and middle-income countries, the report said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">If left unchecked, AMR is expected to reduce life expectancy by an average of 1.8 years by 2035, leading to unprecedented healthcare costs and economic losses.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Within a decade, AMR is estimated to cost the world $412 billion a year in additional health costs and $443 billion a year in lost labour productivity, according to an economic impact study commissioned by the Global Steering Group.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Effective measures against the scourge are expected to cost an average of 46 billion dollars a year but will yield up to 13 dollars for every dollar spent by 2050, according to the impact study.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">From local to global</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"We have the tools to mitigate the AMR crisis and these data point to a devastating future if we don't take bolder action now," AFP quoted GLG President Mia Amor Mottley, who is also prime minister of Barbados, as saying.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Commitment to the fight against AMR must be personal, local, national and global."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The working group is making suggestions both in terms of mobilising funding -- particularly from international financial institutions -- and toward finding ways of overcoming the obstacles to researching and manufacturing effective new drugs, AFP added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It has established quantified targets for 2023, which it believes are the only way to effectively mobilise the various parties involved.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">These include reducing by 10 percent the number of deaths caused by bacterial AMR worldwide, and ensuring that "ACCESS group" antibiotics comprise at least 80 percent of all human antibiotic consumption.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The ACCESS group is made up of antibiotics used for the first- or second-line treatment of common infections with a low risk of contributing to the development and spread of antimicrobial resistance, according to the European Centre for Disease Prevention and Control.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Another objective is to reduce the quantity of antimicrobials used in the global agrifood system by 30-50 percent compared to current levels.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">More radically, the group proposes to eliminate by 2030 the use of medically important antimicrobials in human and animal medicine for non-veterinary medical purposes, and in plant production and agri-food systems for non-phytosanitary purposes. – AFP/RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-07', 'modified' => '2024-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '20393', 'image' => '20240407031524_20231127113116_20230707120641_skynews-antibiotics-drugs_5632415.jpg', 'article_date' => '2024-04-07 15:14:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '20665', 'article_category_id' => '1', 'title' => 'Govt Downsizes Number of Projects to be Presented in the Investment Summit', 'sub_title' => '', 'summary' => 'April 7: The number of projects to be presented to attract investment in the Third Investment Summit to be held on April 29 and 29 has been reduced.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">April 7: The number of projects to be presented to attract investment in the Third Investment Summit to be held on April 29 and 29 has been reduced.</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 prepared a list of </span><span style="font-family:"Arial Unicode MS","sans-serif"">132</span><span style="font-family:"ekmukta","serif""> projects received so far from the private sector, local level and federal ministries, departments, and industrial sector to present at 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"">Joint Secretary and Spokesperson for the Investment Board, Pradyumna Prasad Upadhyay informed that up to </span><span style="font-family:"Arial Unicode MS","sans-serif"">125</span><span style="font-family:"ekmukta","serif""> projects will be exhibited. The board has now made a list of projects in various stages.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">A meeting attended by Chief Secretary Dr Baikuntha Aryal and other officials on Saturday fixed the final date for submitting the projects. According to Upadhyaya, who also attended the meeting, the relevant ministries must submit the final list of proposed projects by upcoming Sunday. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Prime Minister Pushpa Kamal Dahal is scheduled to make a public address from the Office of the Prime Minister and Council of Ministers next Tuesday and the board is preparing to finalize the list of projects to be displayed during the summit ahead of the PM’s speech.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">On that day, the prime minister is scheduled to hold discussions with the resident ambassadors of diplomatic missions in Nepal as well as the representatives of the World Bank, the United Nations (UN) and other development partner organizations. The prime minister will inform them about the investment summit and request investors from related countries to invest through them.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">The chief secretary has instructed all the ministries to submit the final details of the projects to the Investment Board by Sunday evening. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Although there are many projects to be displayed at the summit, only </span><span style="font-family:"Arial Unicode MS","sans-serif"">27</span> <span style="font-family:"ekmukta","serif"">of them will seek Expression of Interest (IOE). Similarly, there are four projects that investors can directly enter into investment agreements with. </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 board, there are </span><span style="font-family:"Arial Unicode MS","sans-serif"">26</span><span style="font-family:"ekmukta","serif""> projects that will seek financing. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Likewise, most of the projects are in the ideation stage. The board has listed </span><span style="font-family:"Arial Unicode MS","sans-serif"">37</span><span style="font-family:"ekmukta","serif""> projects under this title. Similarly, there are seven projects of the private sector. Stalls will also be made available for the private sector. Private sector investors can directly present their projects at 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"">Investment Board Nepal, Ministry of Industry, Ministry of Energy, Ministry of Culture, Tourism and Civil Aviation, Ministry of Physical Infrastructure along with the Industrial Zones, Special Economic Zones, Department of Mining and other agencies have prepared a list of various projects. It includes projects ranging from highways, tunnels, hydropower, tourism, and cable cars.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-07', 'modified' => '2024-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '20392', 'image' => '20240407022732_investment summit.jpg', 'article_date' => '2024-04-07 14:26:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '20664', 'article_category_id' => '1', 'title' => 'China Insists on Power Trade Agreements before Building Cross-Border Transmission Lines', 'sub_title' => '', 'summary' => 'April 7: China has taken the stance that the two countries must first sign electricity trade agreement for the construction of cross-border transmission lines.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">April 7: China has taken the stance that the two countries must first sign electricity trade agreement for the construction of cross-border transmission lines. The Chinese team took such a stand during the discussion held in Beijing between the representatives of the two countries on March 27 and 28</span><span style="font-family:"Arial Unicode MS","sans-serif"">.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Prior to the meeting, a team led by Dirghayu Kumar Shrestha, head of the Transmission Line Directorate of Nepal Electricity Authority, had gone to China for discussion in this regard. The State Grid of China and the NEA team held a discussion on cross-border transmission line. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">However, the Chinese side argued that construction of cross-border transmission line would require electricity trade between the two countries and therefore took the stance that the two countries must first sign electricity trade agreement before starting the transmission line project.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">The Nepali side had proposed construction of the Geelong-Kerung-Rasuwagadhi-Chilime </span><span style="font-family:"Arial Unicode MS","sans-serif"">220 </span><span style="font-family:"ekmukta","serif"">kV transmission line. One of the members of the Nepali delegation who attended the discussion told New Business Age that the Nepali side returned empty handed due to the stance taken by the Chinese side.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-07', 'modified' => '2024-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '20391', 'image' => '20240407121959_20230413115757_1681304370.1654689332.prasaran line.jpg', 'article_date' => '2024-04-07 12:19:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '20663', 'article_category_id' => '1', 'title' => 'Arrival of Tourists up in Parsa National Park ', 'sub_title' => '', 'summary' => 'April 7: The arrival of domestic and foreign tourists has increased in Parsa National Park, officials said. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 7: The arrival of domestic and foreign tourists has increased in Parsa National Park, officials said. Information Officer of the National Park, Santosh Bhagat said that the number of Indians along with the domestic tourists has increased compared to the past. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the first eight months of the current fiscal year, the Parsa National Park witnessed the arrival of 613 tourists. During the same period in the last fiscal year, only 140 visitors had arrived at the Parsa National Park. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In order to ensure good hospitality services to the tourists there, a community homestay is run in the Sunakhari buffer zone area of the national park. The homestay offers local cuisines and delicacies to the tourists arriving at Parsa National Park. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Besides the presence of endangered wildlife, the national park boasts of religious and natural heritages including Kaminidaha (lake), Halkhoriyadaha and Laukidaha. Religious sites like Mayamandir and Dugdheshwor Mahadev temples are also there in the national park. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Availability of water sources in the national park, the number of Royal Bengal tiger and other animals has increased. As per the tiger census conducted in 2022, the number of tigers in the Parsa National Park has reached 41. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Parsa Wildlife Reserve was declared a national park in 2074 BS considering its potential for tourism and infrastructure development. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-04-07', 'modified' => '2024-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '20390', 'image' => '20240407113301_parsa.jpg', 'article_date' => '2024-04-07 11:32:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '20662', 'article_category_id' => '1', 'title' => 'Joint Team from Nepal and South Korea Set off for Maiden Ascent of Mt Jugal', 'sub_title' => '', 'summary' => 'April 6: A joint team comprising members from Nepal and the Republic of Korea (South Korea) is set to climb the 6,591 metres tall Mt Jugal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 6: A joint team comprising members from Nepal and the Republic of Korea (South Korea) is set to climb the 6,591 metres tall Mt Jugal. The team comprising three Nepalis and seven Koreans left for Sindhupalchok on Saturday for the mountaineering expedition, according to Nepal Mountaineering Association (NMA). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The maiden ascent of Mt Jugal is taking place to mark the completion of 50 years of the establishment of diplomatic relations between Nepal and South Korea. Jugal is the nearest peak from Kathmandu. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The team is undertaking the expedition at the initiatives of NMA, Nepal Tourism Board and the Jugal Rural Municipality of Sindhupalchok. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NMA general-secretary Mohan Lamsal expressed the confidence that the maiden ascent of Mt Jugal by the joint team will contribute towards promoting tourism in Nepal. He said this expedition is considered important also because it is linked with tourism diplomacy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government had on April 11, 2023 decided to open Mt Jugal for climbing. Five other peaks in the Jugal mountain range have also been opened for mountaineering. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Renowned Korean mountaineer and honorary Nepali citizen Aum Hong Gill will be leading the South Korean team while record-setter climber and NMA’s first vice-president Dawa Yangzum Sherpa will lead the Nepali team. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It is stated that 50 South Korean trekkers will also accompany the expedition team to the Mt Jugal region. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-04-06', 'modified' => '2024-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '20389', 'image' => '20240406094541_jugal.jpg', 'article_date' => '2024-04-06 21:45:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '20661', 'article_category_id' => '1', 'title' => 'CIAA Files Graft Case against 32 Alleging Corruption of Rs 1.5 Billion in Aircraft Purchase Deal', 'sub_title' => '', 'summary' => 'April 5: The Commission for the Investigation of Abuse of Authority (CIAA) has filed a case against 32 individuals in the Special Court alleging that they were involved in corruption amounting to one and a half billion rupees in the purchase of a wide-body aircraft for the Nepal Airlines Corporation (NAC).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">April 5: The Commission for the Investigation of Abuse of Authority (CIAA) has filed a case against 32 individuals in the Special Court alleging that they were involved in corruption amounting to one and a half billion rupees in the purchase of a wide-body aircraft for the Nepal Airlines Corporation (NAC).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The anti-graft body confirmed that a case has been filed against 32 people including former tourism minister Jeevan Bahadur Shahi, former secretary Shishir Kumar Dhungana and Shankar Adhikari, the then General Manager of NAC Sugat Ratna Kansakar.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Among those charged by the CIAA include 24 Nepalese and 8 foreign nationals. The CIAA has claimed an amount of Rs 1.47 billion from the defendants. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The then Minister for Tourism Shahi has been accused of signing an agreement that was detrimental to the national flag carrier of Nepal due to the acceptance of certain terms and conditions such as inflation and to purchase an aircraft of less carrying capacity by paying price of a higher carrying capacity aircraft.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to the CIAA, the carrying capacity of the aircraft was reduced from 242 tons to 230 tons when the technical requirements were made, but the payment was made for the aircraft with capacity of 242 tons. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The authority alleges that such work was done in collusion between the NAC employees and those who prepared the proposal. I</span></span><span style="font-family:"Segoe UI","sans-serif"">n the charge sheet, the CIAA stated that the proponent was permitted to make payments in dollars without providing a bank guarantee</span><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">. In this way, the corporation had to pay more than Rs 1.47 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The CIAA filed a case against Shahi, demanding recovery of the sum equal to the embezzled amount. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Former minister Shahi Karnali is also a member of parliament and former chief minister. Currently, he is the leader of the Nepali Congress parliamentary party in the Karnali Province Assembly. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">As soon as the case was registered according to the Corruption Control Act, he was suspended as a member of the Provincial Assembly. He became Tourism Minister from the Nepali Congress when Pushpa Kamal Dahal was the prime minister for the second time.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Sugat Ratna Kansakar, the then general manager and member of the board of directors of the NAC, has been accused of irregularities and mala fide intentions while preparing the tender documents.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">He had unnaturally increased the cost estimate and prepared the terms of the contract through negotiations. The CIAA accused him of unreasonably increasing the cost estimate by preparing a request for proposal contrary to the standard bidding document as stipulated by the Public Procurement Act, and accepting the condition of inflating the price as proposed by the supplier AAR Corp. The authority has also mentioned that procurement of goods through negotiations is not envisaged in the Public Procurement Act.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">As he was also a high-level government official at the time of the purchase of the aircraft, the authority has also demanded an additional three-year prison sentence under the Corruption Control Act.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Similarly, the then members of the NAC’s board of directors, Shishir Kumar Dhungana, Joint Secretary Buddhisagar Lamichhane of the Ministry of Tourism, Teknath Acharya, Nima Nuru Sherpa, and Muktiram Pandey are also accused of proceeding with the aircraft procurement process without amending the regulations. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Similar CIAA has demanded slapping fines against Joint Secretary Jeevan Prakash Sitaula and Achyutaraj Pahadi. The NAC’s commercial director Ramhari Sharma Sedhain, Janakraj Kalakheti and deputy director Prabash Kumar Karmacharya are accused of working in mala fide intention while in the procurement sub-committee and proposal evaluation sub-committee. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The director of the corporation Ganesh Bahadur Chand, the commercial director Karna Bahadur Thapa and the acting director and senior captain Subas Rijal are also accused of corruption by preparing false documents. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Deputy General Manager of the corporation Ramesh Bahadur Shah, Acting Director and Senior Captain Rabindra Kumar Sherchan, then Commercial Director Rabindra Shrestha, Upendra Paudel, Shravan Rijal, then Acting Deputy Director Paras Paudel, Umesh Paudel and Brihatman Tuladhar are accused of working maliciously while in the aircraft procurement sub-committee. They are accused of increasing the NAC’s financial obligations to pay additional amount by adding a condition later as there was no provision for price increase in the initial document.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">A corruption case has also been launched against British citizen Deepak Sharma. He is still the president of AAR Corporation of America. The company, which was chosen to supply wide-body aircraft for the NAC, later entered into a purchase agreement with two other companies. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Christian Nhulen, a German citizen, is associated with three companies involved in the wide-body aircraft sales process. The authority has also filed a corruption case against Romanian citizen Oleg Kalistru.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">This group established a company in Ireland called Hifly X with a capital of one dollar. It was found that the company was set up for the sale of aircraft. Established in 2073, the company purchased two wide-body aircraft from Airbus and sold them to Nepal Airlines Corporation for Rs 24 billion. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The CIAA has accused them of entering into a contract for the purchase of a wide-body aircraft causing loss to the Nepal Airlines Corporation and becoming a source of corruption by taking payment for it. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">A corruption case has also been filed against five companies and their representatives involved in the wide-body aircraft procurement case. The CIAA has initiated a case against AAR Corporation of America and its president and CEO John Holmes, who initially signed a contract with the NAC.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">A corruption case has also been filed against Germany-based German Aviation Capital and its managing director Ana Topa, Portugal's Hifly Transport Arrows and its president Paulo Mirpuri. The CIAA has also filed a case against Ireland's Highfly X, the company's directors, Gerald Thornton and Christian Nhulen. A case has also been initiated against Norton Rose of Fulbright Germany, who played a role in the wide-body aircraft purchase and sale business. The company's head of aviation, Marcus Radbruch, and senior consultant Ralph Springer have also been accused in the case.</span></span></span></span></p> <p><em><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">(Updated news with details)</span></span></span></span></em></p> <p> </p> ', 'published' => true, 'created' => '2024-04-05', 'modified' => '2024-04-05', 'keywords' => '', 'description' => '', 'sortorder' => '20388', 'image' => '20240405105438_NAC.jpg', 'article_date' => '2024-04-05 10:53:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '20660', 'article_category_id' => '1', 'title' => 'Credit Expansion of Banks Slumps due to Lack of Economic Activities', 'sub_title' => '', 'summary' => 'April 5: Bank deposits have been continuously rising due to the increase in inflow of remittances. However, loan disbursement is yet to increase compared to deposit collection.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">April 5: Bank deposits have been continuously rising due to the increase in inflow of remittances. However, loan disbursement is yet to increase compared to deposit collection. Banks have been reducing interest rates but have not been able to expand credit flow to the private sector due to the slump in economic activities.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">The Current Macroeconomic and Financial Situation Report based on eight months of data of the current fiscal year published by Nepal Rastra Bank on Thursday pointed out that the expansion of credit flow to the private sector has not increased despite the improvement in remittance inflow and the increase in bank deposits, primarily due to the lack of economic activities. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">As of mid-March of the current fiscal year, deposits of banks and financial institutions increased by Rs 435.87 billion (7.6 percent), while loans to the private sector increased by Rs 199.50 billion (4.2 percent). In a one month period from mid-February to mid-March, bank loans increased by only Rs 2 billion. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">Nepal Rastra Bank had announced the monetary policy with the target of expanding credit flow by 11.5 percent in the current fiscal year. However, even half of the target of credit expansion has not been met.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">On Monday, the National Statistics Office released data showing that the growth of the productive sector was negative even though the gross domestic product increased by 4 percent in the second quarter of the current fiscal year. Similarly, it is mentioned in the report that there has been only 0.5 percent increase in wholesale and retail trade.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">Sector-wise, wholesale and retail trade is the sector where banks and financial institutions provide the most loans. However, with the recent decline in market demand, there is a decline in import, export and industrial production. Bankers say that there is no demand for loans due to this reason.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">Sunil KC, president of Nepal Bankers Association, said that although the interest rate is decreasing with the increase in bank deposits, the demand for loans has not increased. "The banks’ interest rate has been decreasing for the past few months," he said, "But the demand for loans has not increased."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">According to Nepal Rastra Bank, the average interest rate of deposits has dropped to 6.74 percent in mid-February to mid-March. During the corresponding period of last fiscal year, this interest rate was 8.37 percent. Similarly, the base rate of banks, which was 10.64 percent in February of last fiscal year, has also dropped to 8.77 percent this February. With the decrease in the base rate, the average interest rate of loans has dropped to 10.78 percent in mid-February to mid-March. A year ago, the average interest rate on loans had reached 13.03 percent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">Banks have investable capital of more than Rs 650 due to the lack of expansion of loans compared to the increase in deposits.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">Even though the central bank has continuously mopped liquidity through standing deposit facilities and deposit collection tools, it has not been able to maintain the interbank interest rate within the target of the interest rate corridor.</span></span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">Steady growth in remittances</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The remittance inflow to Nepal has surpassed Rs 100 billion for the 16th consecutive month. According to the latest macroeconomic report from the Nepal Rastra Bank, Nepal received Rs 122.2 billion in remittances in the eighth month (Falgun) of the current fiscal year. According to the NRB, Nepal has received Rs 961.22 billion in remittances in the first eight months of the current fiscal year. The remittance inflow to the country has surged by 21 percent in this fiscal compared to a 25.3 percent increment during the same period of the last fiscal. The remittance inflow in US dollars stood at 7.24 billion, which is 18.8 percent more than the same period of the previous year.</span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">With the increase in remittances, the current account, balance of payments and foreign exchange reserves have become stronger. In February, the current account is in surplus of Rs 166.87 billion. The balance of payments is in a surplus of Rs 327.55 billion. Foreign exchange reserves reached Rs 1872.82 billion as of mid-March. According to Nepal Rastra Bank, consumer price inflation has moderated to 4.82 percent in mid-March.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-05', 'modified' => '2024-04-05', 'keywords' => '', 'description' => '', 'sortorder' => '20387', 'image' => '20240405105144_Banks - Copy.jpg', 'article_date' => '2024-04-05 10:50:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '20659', 'article_category_id' => '1', 'title' => 'IBN Approves Investment Commitment of Rs 99.20 Billion for Four Energy Projects ', 'sub_title' => '', 'summary' => 'April 5: The Investment Board Nepal (IBN) has approved investment commitments of Rs 99.20 billion for four energy projects. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 5: The Investment Board Nepal (IBN) has approved investment commitments of Rs 99.20 billion for four energy projects. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The 57th meeting of the Board held on Thursday under the chairmanship of Prime Minister Pushpa Kamal Dahal took a decision to this effect. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Those projects getting the investment approvals include the 166-megawatt Super Tamor Project (Rs 34.59 billion), the 42-megawatt Upper Modi-A Project (Rs 10.08 billion), the 250-megawatt Kohalpur and Banganga Solar Plant undertaken by Risen Energy Singapore (Rs 21.10 billion) and the 139.2-megawatt Lower Manang Marsyangdi Hydro Electricity Project (Rs 33.41 billion). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Board, the Solar Plant Project and the Lower Manang Marsyangdi Hydro Electricity Project are foreign investment projects. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the meeting decided to approve an additional investment of Rs 6.63 billion for the Huaxin Cement Narayani Project, the bsoard spokesperson Pradyumna Prasad Upadhyay told the state-owned RSS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The meeting constituted a talks team under the leadership of the Board's Chief Executive Officer to negotiate with proposed investors for signing of the Project Development Agreement (PDA) regarding the Upper Marsyangdi and Solar Plant projects. Spokesperson Upadhyay said the PDAs regarding these projects are likely during the upcoming Nepal Investment Summit scheduled for April 28-29. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the deadline for a license for a survey of Solar Plant (Kohalpur and Banganga) is to be extended till the end of the current fiscal year (July 15) as per the meeting’s decision. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the meeting approved the share purchase agreement of the Dang Cement Plant. The board endorses the reclaim of around Rs 620 million from the sale of the shares. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The meeting decided to give permission to a Malaysian company, ReNIKOLA, to submit bank guarantee for issuing study permit for the establishment of chemical fertilizer factory. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It also decided to extend the term of committee formed to study the Tamor Reservoir Hydropower Project and the committee formed to prepare a draft of Nijgadh international airport for project development and study regarding investment model till the end of the current fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Spokesperson Upadhyay said the board was familiarized about the issue of formation of a study committee under coordination of Chief of Revenue Management Division of the Finance Ministry to study the matter of price adjustment as per the SJVN Arun-III Power Development Company. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The board took the decision that the Investment Board would remain as security trustee of co-financed investment in direct agreement of the project. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, a report submitted by a committee formed to prepare the amendment draft of the Public Private Partnership and Investment Act, 2075 has been presented in the board. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The meeting also directed to initiate agreement process with NepWaste Pvt Ltd to forward the Integrated Waste Management Project (Package-1) of the Kathmandu Valley. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-04-05', 'modified' => '2024-04-05', 'keywords' => '', 'description' => '', 'sortorder' => '20386', 'image' => '20240405104921_20230306031824_Clipboard32.jpg', 'article_date' => '2024-04-05 10:48:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '20658', 'article_category_id' => '1', 'title' => 'Inflow of Remittance Increases to Rs 961 Billion', 'sub_title' => '', 'summary' => 'April 5: Inflow of remittance into Nepal increased 21.0 percent to Rs 961.22 billion in the first eight months of the current fiscal year, according to the latest report of Nepal Rastra Bank.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 5: Inflow of remittance into Nepal increased 21.0 percent to Rs 961.22 billion in the first eight months of the current fiscal year, according to the latest report of Nepal Rastra Bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Current Macroeconomic and Financial Situation Report unveiled by Nepal Rastra Bank on Thursday, remittance inflows had increased by 25.3 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the US dollar terms, inflow of remittance increased 18.8 percent to 7.24 billion in the review period compared to an increase of 14.8 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review period, the number of Nepali workers, both institutional and individual, taking first-time approval for foreign employment stood at 286,932 and those taking approval for renewal of work permits stood at 184,278, the NRB report stated. In the previous year, such numbers were 351,761 and 192,559 respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, the net transfer increased 18.9 percent to Rs 1041.96 billion in the review period. Such a transfer had increased 23.9 percent in the same period of the previous year.</span></span></p> ', 'published' => true, 'created' => '2024-04-05', 'modified' => '2024-04-05', 'keywords' => '', 'description' => '', 'sortorder' => '20385', 'image' => '20240405101745_20221117115804_Remittance.jpg', 'article_date' => '2024-04-05 10:17:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '20657', 'article_category_id' => '1', 'title' => 'Current Account and Balance of Payments in Surplus in Current Fiscal Year', 'sub_title' => '', 'summary' => 'April 5: The current account of the government remained at a surplus of Rs 166.87 billion in the first eight months of the current fiscal year against a deficit of Rs 55.28 billion in the same period of the previous year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 5: The current account of the government remained at a surplus of Rs 166.87 billion in the first eight months of the current fiscal year against a deficit of Rs 55.28 billion in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Current Macroeconomic and Financial Situation Report published by the Nepal Rastra Bank on Thursday, the current account in terms of the US dollar registered a surplus of 1.25 billion in the review period against a deficit of 429.3 million in the same period last year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review period, capital transfer decreased 30.2 percent to Rs 3.89 billion and net foreign direct investment (FDI) remained a positive of Rs 5.63 billion. In the same period of the previous year, capital transfer amounted to Rs 5.58 billion and net FDI amounted to Rs 1.17 billion, the report added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the NRB, the country’s Balance of Payments (BoP) remained at a surplus of Rs 327.55 billion in the review period against a surplus of Rs 142 billion in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In terms of the US dollar, the BoP remained at a surplus of 2.46 billion in the review period against a surplus of 1.08 billion in the same period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the gross foreign exchange reserves increased 21.7 percent to Rs 1872.82 billion in mid-March 2024 from Rs 1539.36 billion in mid-July 2023. In the US dollar terms, the gross foreign exchange reserves increased 20.8 percent to 14.14 billion in mid-March 2024 from 11.71 billion in mid-July 2023.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Of the total foreign exchange reserves, reserves held by NRB increased 22.2 percent to Rs 1644.06 billion in mid-March 2024 from Rs 1345.78 billion in mid-July 2023, the central bank’s report added. Meanwhile, the reserves held by banks and financial institutions (except NRB) increased 18.2 percent to Rs 228.76 billion in mid-March 2024 from Rs 193.59 billion in mid-July 2023. The share of Indian currency in total reserves stood at 22.1 percent in mid-March 2024.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Based on the imports of eight months of 2023/24, the foreign exchange reserves of the banking sector is sufficient to cover the prospective merchandise imports of 14.8 months, and merchandise and services imports of 12.4 months, the NRB stated. </span></span></p> ', 'published' => true, 'created' => '2024-04-05', 'modified' => '2024-04-05', 'keywords' => '', 'description' => '', 'sortorder' => '20384', 'image' => '20240405100519_20231001020926_20220123032134_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2024-04-05 10:04:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '20656', 'article_category_id' => '1', 'title' => 'Inflation Moderates to 4.82 Percent in mid-March', 'sub_title' => '', 'summary' => 'April 5: The year-on-year (y-o-y) consumer price inflation moderated to 4.82 percent in mid-March 2024 compared to 7.44 percent a year ago.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 5: The year-on-year (y-o-y) consumer price inflation moderated to 4.82 percent in mid-March 2024 compared to 7.44 percent a year ago. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Current Macroeconomic and Financial Situation Report of the Nepal Rastra Bank unveiled on Thursday, food and beverage category inflation stood at 5.94 percent whereas non-food and service category inflation stood at 3.95 percent in the review month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under the Food and Beverage Category, the y-o-y price index of spices sub-category increased 28.17 percent, vegetable 14.07 percent, pulses and legumes 11.22 percent, cereal grains and their products 7.35 percent and milk products and eggs 7.11 percent in the review month. The y-o-y price index of ghee and oil sub-category decreased 11.79 percent in the review month, the NRB report added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under the non-food and services category, the y-o-y price index of recreation and culture sub-category increased 12.61 percent, miscellaneous goods and services 10.67 percent and education 7.31 percent in the review month. The y-o-y price index of transportation sub-category decreased 1.15 percent in the review month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The y-o-y consumer price inflation in the Kathmandu Valley, Terai, Hill and Mountain region stood at 4.88 percent, 4.42 percent, 5.49 percent and 4.42 percent respectively in the review month. Such inflation in these regions was 7.95 percent, 7.50 percent, 6.67 percent and 8.07 percent respectively a year ago.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, the World Bank in its latest report had recently projected consumer price inflation in Nepal to remain high at 6.7 percent in 2024, close to the central bank's 6.5 percent ceiling, due to VAT exemptions removal, India's food export restrictions, and increase in minimum support prices of paddy.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-05', 'modified' => '2024-04-05', 'keywords' => '', 'description' => '', 'sortorder' => '20383', 'image' => '20240405094749_20240403021336_inflationnnnnn.jpg', 'article_date' => '2024-04-05 09:46:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '20655', 'article_category_id' => '1', 'title' => 'Nepal’s Trade Deficit Stands at Rs 929 Billion', 'sub_title' => '', 'summary' => 'April 5: Nepal’s trade deficit has reached Rs 929.61 billion in the first eight months of the current fiscal year despite a 2.5 percent decline in the review period compared to the corresponding period of last fiscal year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 5: Nepal’s trade deficit has reached Rs 929.61 billion in the first eight months of the current fiscal year despite a 2.5 percent decline in the review period 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"">According to the latest report of Nepal Rastra Bank, such a deficit had decreased 17.9 percent in the corresponding period of the previous year. The Current Macroeconoic and Financial Situation Report released by the central bank on Thursday also revealed that the export-import ratio decreased to 9.8 percent in the review period from 9.9 percent in the corresponding period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the review period, Nepal’s merchandise exports decreased 4.0 percent to Rs 100.62 billion compared to a decrease of 29.1 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, exports to India decreased 7.7 percent whereas exports to China and other countries increased 275.5 percent and 0.3 percent respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Exports of zinc sheet, particle board, juice, readymade garments, polyester and thread among others increased whereas exports of palm oil, soybean oil, cardamom, woolen carpet, bran among others decreased.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review period, merchandise imports decreased 2.7 percent to Rs 1030.22 billion compared to a decrease of 19.1 percent a year ago. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, imports from India and other countries decreased 2.8 percent and 22.9 percent respectively while imports from China increased 33.7 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Imports of readymade garments, transport equipment, vehicle and other vehicle spare parts, aircraft spare parts, electrical equipment, textiles among others increased whereas imports of crude soybean oil, gold, petroleum products, crude palm oil, rice/paddy among others decreased. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-05', 'modified' => '2024-04-05', 'keywords' => '', 'description' => '', 'sortorder' => '20382', 'image' => '20240405090457_20240122013031_How-to-start-an-import-export-business.jpg', 'article_date' => '2024-04-05 09:04:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20654', 'article_category_id' => '1', 'title' => 'Regular Operation of Melamchi Water Supply Project Requires Rs 4.50 Billion', 'sub_title' => '', 'summary' => 'April 5: Stakeholders have said it will cost Rs 4.50 billion to bring the Melamchi Water Supply Project into operation throughout the year.', 'content' => '<p><span style="font-size:18px">April 5: Stakeholders have said it will cost Rs 4.50 billion to bring the Melamchi Water Supply Project into operation throughout the year.</span></p> <p><span style="font-size:18px">Speaking at an interaction related to the long-term management of the Melamchi Water Supply Project organized at Singha Durbar on Thursday, the Executive Director of Melamchi Water Supply Development Committee, Zakki Ahmed Ansari, said it would cost Rs 4.50 billion for the improvement of the project.</span></p> <p><span style="font-size:18px">Preparation is underway to bring water from the Melamchi River in Helambu of Sindhupalchok district to Kathmandu Valley in all 12 months by improving the project, he shared, adding it would cost Rs 4.50 billion to construct permanent structures for long-term solution to the problems faced by the project.</span></p> <p><span style="font-size:18px">Ansari mentioned that it would be appropriate to shift the headworks of the project one kilometer beyond the present intake site for long-term improvement of the project. The water supply of the Melamchi project has been stopped after floods occurred on August 1 and 14, 2023, damaging temporary structures constructed earlier. Preparation is underway to shift the headworks for the regular operation of the project, according to the committee.</span></p> <p><span style="font-size:18px">Chairperson of the Parliament's Public Accounts Committee, Rishi Pokharel, suggested forwarding the improvement plans only after carrying out a study of the cost and managing resources to make the project's activities effective.</span></p> <p><span style="font-size:18px"><strong>Melamchi will not materialize until local people's demands are met</strong></span></p> <p><span style="font-size:18px">Nima Gyaljen Hyolmo, Chairman of the Helambu Rural Municipality, Sindhupalchok, said Kathmandu Valley will not be getting the supply of drinking water from Melamchi next year until the demands of the people of Helambu are met.</span></p> <p><span style="font-size:18px">Speaking in the interaction program entitled 'Sustainable Management of the Melamchi Water Supply Project' organized in Singha Durbar on Thursday, he said they will not allow diverting water from the Melamchi River if their demands are not fulfilled.</span></p> <p><span style="font-size:18px">Among the demands of the Melamchi Project and flood-affected people include the construction of embankments for river control, protection of at-risk settlements, and waiver of loans taken before the massive flooding incident in the Melamchi River from banks and financial institutions for construction of homes and starting business in the Melamchi corridor.</span></p> <p><span style="font-size:18px">Similarly, providing compensation of Rs one million as compensation to the family of each person killed in the flooding, making available the drinking water levy through the local government, and issuing grant of Rs two million for the construction of new houses are among the demands of the 17-point charter of demands put forth by the Project and flood-affected locals.</span></p> <p><span style="font-size:18px">Stating that the federal government has not shown any concern so far towards fulfilling these demands, Hyolmo, the Rural Municipality Chair, warned of shutting down of the Melamchi Project if the demands are not met.</span></p> <p><span style="font-size:18px">"The demands of the local people have not been fulfilled even after our repeated request for the same. If the demands are not addressed even now, be assured, water will not be available from Melamchi next year. If you want to drink water from Melamchi, come there along with your pitchers," he said.</span></p> <p><span style="font-size:18px">According to him, although the Ministry of Water Supply and Sanitation is preparing to shift the project's headworks for the round-the-year supply of water through sustainable management of the project, the proposed site is also not safe. -- RSS</span></p> ', 'published' => true, 'created' => '2024-04-05', 'modified' => '2024-04-05', 'keywords' => '', 'description' => '', 'sortorder' => '20381', 'image' => '20240405083612_20240404090025_melamchi.jpg', 'article_date' => '2024-04-05 08:34:49', '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' => '20670', 'article_category_id' => '1', 'title' => 'Price of Gold Hits Another Record as it Soars to Rs 135,600 per Tola', 'sub_title' => '', 'summary' => 'April 7: The price of gold increased to an all-time high in the domestic market on Nepal on Sunday, rising by Rs 2,900 per tola (11.66 grams).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 7: The price of gold increased to an all-time high in the domestic market on Nepal on Sunday, rising by Rs 2,900 per tola (11.66 grams).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Federation of Nepal Gold and Silver Dealers Association, the price of fine (hallmark) gold has been fixed at Rs 135,600 per tola on Sunday. It was traded at Rs 132,700 per tola on Friday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prior to this, the price of gold had set a new record last Thursday when it soared to Rs 134,000 per tola only to drop the next day.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, standard gold is being traded at Rs 134,950 per tola with an increase from Rs 132,050 per tola on Friday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Moreover, the price of silver has increased as well. The price of silver increased by Rs 55 per tola, reaching Rs 1,670 per tola on Sunday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The price of gold has been rising steadily in the past few weeks. The federation fixes the price of gold and silver based on the price in the international market.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The recent geopolitical tension due to the Israel’s offensive in Gaza and the Russia-Ukraine war have led to investors to invest in gold considering it as a safe haven in times of turmoil.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-07', 'modified' => '2024-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '20395', 'image' => '20240407074212_20240404123101_20240403013353_gold newwww.jpg', 'article_date' => '2024-04-07 19:41:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '20667', 'article_category_id' => '1', 'title' => 'Govt Reluctant to Deposit Rs 60 Billion Collected as Social Security Tax in SSF', 'sub_title' => '', 'summary' => 'April 7: The government has refused to deposit billions of rupees collected from workers under the title of social security tax for the past one decade in the Social Security Fund.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">April 7: The government has refused to deposit billions of rupees collected from workers under the title of social security tax for the past one decade in the Social Security Fund.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to the contribution-based Social Security Act, 2074, there is a provision that the Social Security Fund can mobilize even the amount collected from the Social Security Tax. Sub-section 2 (e) under section 26 of the Act has a provision that the amount collected so far and the amount to be collected in the future as social security tax shall be deposited in the Social Security Fund. However, the Ministry of Finance has not yet transferred the amount to the SSF.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">SSF officials say that the Ministry of Finance has not yet transferred any amount collected in the name of social security tax to the fund, contrary to the legal provision.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">At present, the SSF is running social security schemes only with the funds contributed by the private sector establishments affiliated to it and the workers working in those establishments. The SSF said that this amount has reached more than Rs 52 billion. The Auditor General's report has also raised questions about the Ministry of Finance not handing over the social security tax to the SSF.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">"In Section 26 (2) (e) of the Contribution-Based Social Security Act, 2074, there is a provision that the amount to be collected under social security tax shall be deposited in the fund," the 58th report of the Office of the Auditor General states, adding, "The social security tax was deposited in the state treasury instead of being deposited in the Social Security Fund and is being spent without being allocated to its specific area.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Since the social security tax is collected as revenue every year after tax deduction, the deducted amount should be directly deposited in the SSF and the SSF should use the amount according to its objectives, the OAG report added.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">SSF Spokesperson Bivek Panthi said that although they were coordinating with the Ministry of Finance to bring the amount to the SSF, the ministry did not cooperate. "Despite repeated requests, the Ministry of Finance has been reluctant to hand over the amount collected under social security tax," Panthi said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Officials of the Ministry of Finance admit that the social security tax is collected as revenue and say that this amount is being spent for the benefit of the people. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Finance Ministry spokesperson Uttar Kumar Khatri says the social security tax is like any other tax collected by the government. Although the contribution-based Social Security Act, 2074 states that the amount should be deposited in the SSF, Khatri insists that there is no need for the ministry to transfer the amount to the SSF as it is similar in nature to other taxes collected by the government. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">"The government will spend this amount according to its priorities," he told New Business Age.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Yogendra Kunwar, chairman of United Trade Union Coordination Center, says that the money collected from the workers should be spent for the safety and rights of the workers. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">"Since the government is collecting social security tax through the Social Security Act, that amount should be deposited in the Social Security Fund," he said. Kunwar is of the opinion that even if the government took the money by setting up other welfare funds in the name of the workers, it could not be spent effectively for the benefit of the workers.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">This tax was introduced with the aim of providing financial support to workers who had become unemployed due to political transition in the country and when the labour situation was not good.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Panthi said that if the government does not give the amount raised in the name of social security tax, the SSF will not be able to expand its social security schemes. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">For the past one decade, the government has been collecting funds in the name of social security tax at the rate of 1 percent from the wages of workers and employees working in organized institutions. The government has been collecting tax under this heading since Fiscal Year 2066/67. The government has collected Rs 57.53 billion as of the last fiscal year under the heading of social security tax. According to the Ministry of Finance, more than Rs 60 billion has been collected as of the first 8 months of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">A social security tax of 1 percent of taxable income was introduced from wage earners. The then Finance Minister Surendra Pandey initiated this tax after the industries started to shut down due to strikes. The fund was set up for the social security of workers who lost their jobs or were affected by disasters.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">However, the government has not shown any interest in depositing this amount in the Social Security Fund and spending it according to its specific purpose. Therefore, questions are being raised about the effectiveness of this tax being raised by the government.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-07', 'modified' => '2024-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '20394', 'image' => '20240407035126_20230816044108_SSF (1).jpg', 'article_date' => '2024-04-07 15:50:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '20666', 'article_category_id' => '1', 'title' => 'Study Highlights Urgent Action to Combat Antimicrobial Resistance', 'sub_title' => '', 'summary' => 'April 7: A high-level taskforce has warned that political leaders are ignoring the growing danger of antimicrobial resistance, which could lead to an unprecedented health and economic catastrophe, the AFP reported.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 7: A high-level taskforce has warned that political leaders are ignoring the growing danger of antimicrobial resistance, which could lead to an unprecedented health and economic catastrophe, the AFP reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The world now has a limited and critical window of opportunity to respond at the scale and with the urgency proportionate to the rapidly increasing threats posed by AMR," the French news agency cited a report published on Thursday by the Global Steering Group on Antimicrobial Resistance.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Resistance to antimicrobials (AMR) -- antibiotics, antifungals and antiparasitics -- is already wreaking havoc, and is the result of the massive use of these products to treat humans, animals and food.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Evidence is mounting that "changes occurring in the natural environment due to the climate crisis are increasing the spread of infectious disease, potentially including drug resistant infections", the report added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, the report is part of an effort to spur action by global leaders ahead of a meeting in New York on September 26.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Resistance </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Microbes that are not completely eradicated by a given substance can develop resistance to that product, gradually reducing the arsenal of drugs available to treat infections.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">AMR is already one of the world's leading causes of death, directly responsible for 1.27 million deaths a year, including one in five in children under five, mainly in low- and middle-income countries, the report said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">If left unchecked, AMR is expected to reduce life expectancy by an average of 1.8 years by 2035, leading to unprecedented healthcare costs and economic losses.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Within a decade, AMR is estimated to cost the world $412 billion a year in additional health costs and $443 billion a year in lost labour productivity, according to an economic impact study commissioned by the Global Steering Group.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Effective measures against the scourge are expected to cost an average of 46 billion dollars a year but will yield up to 13 dollars for every dollar spent by 2050, according to the impact study.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">From local to global</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"We have the tools to mitigate the AMR crisis and these data point to a devastating future if we don't take bolder action now," AFP quoted GLG President Mia Amor Mottley, who is also prime minister of Barbados, as saying.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Commitment to the fight against AMR must be personal, local, national and global."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The working group is making suggestions both in terms of mobilising funding -- particularly from international financial institutions -- and toward finding ways of overcoming the obstacles to researching and manufacturing effective new drugs, AFP added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It has established quantified targets for 2023, which it believes are the only way to effectively mobilise the various parties involved.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">These include reducing by 10 percent the number of deaths caused by bacterial AMR worldwide, and ensuring that "ACCESS group" antibiotics comprise at least 80 percent of all human antibiotic consumption.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The ACCESS group is made up of antibiotics used for the first- or second-line treatment of common infections with a low risk of contributing to the development and spread of antimicrobial resistance, according to the European Centre for Disease Prevention and Control.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Another objective is to reduce the quantity of antimicrobials used in the global agrifood system by 30-50 percent compared to current levels.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">More radically, the group proposes to eliminate by 2030 the use of medically important antimicrobials in human and animal medicine for non-veterinary medical purposes, and in plant production and agri-food systems for non-phytosanitary purposes. – AFP/RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-07', 'modified' => '2024-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '20393', 'image' => '20240407031524_20231127113116_20230707120641_skynews-antibiotics-drugs_5632415.jpg', 'article_date' => '2024-04-07 15:14:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '20665', 'article_category_id' => '1', 'title' => 'Govt Downsizes Number of Projects to be Presented in the Investment Summit', 'sub_title' => '', 'summary' => 'April 7: The number of projects to be presented to attract investment in the Third Investment Summit to be held on April 29 and 29 has been reduced.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">April 7: The number of projects to be presented to attract investment in the Third Investment Summit to be held on April 29 and 29 has been reduced.</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 prepared a list of </span><span style="font-family:"Arial Unicode MS","sans-serif"">132</span><span style="font-family:"ekmukta","serif""> projects received so far from the private sector, local level and federal ministries, departments, and industrial sector to present at 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"">Joint Secretary and Spokesperson for the Investment Board, Pradyumna Prasad Upadhyay informed that up to </span><span style="font-family:"Arial Unicode MS","sans-serif"">125</span><span style="font-family:"ekmukta","serif""> projects will be exhibited. The board has now made a list of projects in various stages.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">A meeting attended by Chief Secretary Dr Baikuntha Aryal and other officials on Saturday fixed the final date for submitting the projects. According to Upadhyaya, who also attended the meeting, the relevant ministries must submit the final list of proposed projects by upcoming Sunday. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Prime Minister Pushpa Kamal Dahal is scheduled to make a public address from the Office of the Prime Minister and Council of Ministers next Tuesday and the board is preparing to finalize the list of projects to be displayed during the summit ahead of the PM’s speech.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">On that day, the prime minister is scheduled to hold discussions with the resident ambassadors of diplomatic missions in Nepal as well as the representatives of the World Bank, the United Nations (UN) and other development partner organizations. The prime minister will inform them about the investment summit and request investors from related countries to invest through them.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">The chief secretary has instructed all the ministries to submit the final details of the projects to the Investment Board by Sunday evening. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Although there are many projects to be displayed at the summit, only </span><span style="font-family:"Arial Unicode MS","sans-serif"">27</span> <span style="font-family:"ekmukta","serif"">of them will seek Expression of Interest (IOE). Similarly, there are four projects that investors can directly enter into investment agreements with. </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 board, there are </span><span style="font-family:"Arial Unicode MS","sans-serif"">26</span><span style="font-family:"ekmukta","serif""> projects that will seek financing. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Likewise, most of the projects are in the ideation stage. The board has listed </span><span style="font-family:"Arial Unicode MS","sans-serif"">37</span><span style="font-family:"ekmukta","serif""> projects under this title. Similarly, there are seven projects of the private sector. Stalls will also be made available for the private sector. Private sector investors can directly present their projects at 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"">Investment Board Nepal, Ministry of Industry, Ministry of Energy, Ministry of Culture, Tourism and Civil Aviation, Ministry of Physical Infrastructure along with the Industrial Zones, Special Economic Zones, Department of Mining and other agencies have prepared a list of various projects. It includes projects ranging from highways, tunnels, hydropower, tourism, and cable cars.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-07', 'modified' => '2024-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '20392', 'image' => '20240407022732_investment summit.jpg', 'article_date' => '2024-04-07 14:26:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '20664', 'article_category_id' => '1', 'title' => 'China Insists on Power Trade Agreements before Building Cross-Border Transmission Lines', 'sub_title' => '', 'summary' => 'April 7: China has taken the stance that the two countries must first sign electricity trade agreement for the construction of cross-border transmission lines.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">April 7: China has taken the stance that the two countries must first sign electricity trade agreement for the construction of cross-border transmission lines. The Chinese team took such a stand during the discussion held in Beijing between the representatives of the two countries on March 27 and 28</span><span style="font-family:"Arial Unicode MS","sans-serif"">.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">Prior to the meeting, a team led by Dirghayu Kumar Shrestha, head of the Transmission Line Directorate of Nepal Electricity Authority, had gone to China for discussion in this regard. The State Grid of China and the NEA team held a discussion on cross-border transmission line. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">However, the Chinese side argued that construction of cross-border transmission line would require electricity trade between the two countries and therefore took the stance that the two countries must first sign electricity trade agreement before starting the transmission line project.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"ekmukta","serif"">The Nepali side had proposed construction of the Geelong-Kerung-Rasuwagadhi-Chilime </span><span style="font-family:"Arial Unicode MS","sans-serif"">220 </span><span style="font-family:"ekmukta","serif"">kV transmission line. One of the members of the Nepali delegation who attended the discussion told New Business Age that the Nepali side returned empty handed due to the stance taken by the Chinese side.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-07', 'modified' => '2024-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '20391', 'image' => '20240407121959_20230413115757_1681304370.1654689332.prasaran line.jpg', 'article_date' => '2024-04-07 12:19:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '20663', 'article_category_id' => '1', 'title' => 'Arrival of Tourists up in Parsa National Park ', 'sub_title' => '', 'summary' => 'April 7: The arrival of domestic and foreign tourists has increased in Parsa National Park, officials said. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 7: The arrival of domestic and foreign tourists has increased in Parsa National Park, officials said. Information Officer of the National Park, Santosh Bhagat said that the number of Indians along with the domestic tourists has increased compared to the past. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the first eight months of the current fiscal year, the Parsa National Park witnessed the arrival of 613 tourists. During the same period in the last fiscal year, only 140 visitors had arrived at the Parsa National Park. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In order to ensure good hospitality services to the tourists there, a community homestay is run in the Sunakhari buffer zone area of the national park. The homestay offers local cuisines and delicacies to the tourists arriving at Parsa National Park. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Besides the presence of endangered wildlife, the national park boasts of religious and natural heritages including Kaminidaha (lake), Halkhoriyadaha and Laukidaha. Religious sites like Mayamandir and Dugdheshwor Mahadev temples are also there in the national park. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Availability of water sources in the national park, the number of Royal Bengal tiger and other animals has increased. As per the tiger census conducted in 2022, the number of tigers in the Parsa National Park has reached 41. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Parsa Wildlife Reserve was declared a national park in 2074 BS considering its potential for tourism and infrastructure development. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-04-07', 'modified' => '2024-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '20390', 'image' => '20240407113301_parsa.jpg', 'article_date' => '2024-04-07 11:32:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '20662', 'article_category_id' => '1', 'title' => 'Joint Team from Nepal and South Korea Set off for Maiden Ascent of Mt Jugal', 'sub_title' => '', 'summary' => 'April 6: A joint team comprising members from Nepal and the Republic of Korea (South Korea) is set to climb the 6,591 metres tall Mt Jugal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 6: A joint team comprising members from Nepal and the Republic of Korea (South Korea) is set to climb the 6,591 metres tall Mt Jugal. The team comprising three Nepalis and seven Koreans left for Sindhupalchok on Saturday for the mountaineering expedition, according to Nepal Mountaineering Association (NMA). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The maiden ascent of Mt Jugal is taking place to mark the completion of 50 years of the establishment of diplomatic relations between Nepal and South Korea. Jugal is the nearest peak from Kathmandu. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The team is undertaking the expedition at the initiatives of NMA, Nepal Tourism Board and the Jugal Rural Municipality of Sindhupalchok. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NMA general-secretary Mohan Lamsal expressed the confidence that the maiden ascent of Mt Jugal by the joint team will contribute towards promoting tourism in Nepal. He said this expedition is considered important also because it is linked with tourism diplomacy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government had on April 11, 2023 decided to open Mt Jugal for climbing. Five other peaks in the Jugal mountain range have also been opened for mountaineering. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Renowned Korean mountaineer and honorary Nepali citizen Aum Hong Gill will be leading the South Korean team while record-setter climber and NMA’s first vice-president Dawa Yangzum Sherpa will lead the Nepali team. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It is stated that 50 South Korean trekkers will also accompany the expedition team to the Mt Jugal region. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-04-06', 'modified' => '2024-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '20389', 'image' => '20240406094541_jugal.jpg', 'article_date' => '2024-04-06 21:45:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '20661', 'article_category_id' => '1', 'title' => 'CIAA Files Graft Case against 32 Alleging Corruption of Rs 1.5 Billion in Aircraft Purchase Deal', 'sub_title' => '', 'summary' => 'April 5: The Commission for the Investigation of Abuse of Authority (CIAA) has filed a case against 32 individuals in the Special Court alleging that they were involved in corruption amounting to one and a half billion rupees in the purchase of a wide-body aircraft for the Nepal Airlines Corporation (NAC).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">April 5: The Commission for the Investigation of Abuse of Authority (CIAA) has filed a case against 32 individuals in the Special Court alleging that they were involved in corruption amounting to one and a half billion rupees in the purchase of a wide-body aircraft for the Nepal Airlines Corporation (NAC).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The anti-graft body confirmed that a case has been filed against 32 people including former tourism minister Jeevan Bahadur Shahi, former secretary Shishir Kumar Dhungana and Shankar Adhikari, the then General Manager of NAC Sugat Ratna Kansakar.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Among those charged by the CIAA include 24 Nepalese and 8 foreign nationals. The CIAA has claimed an amount of Rs 1.47 billion from the defendants. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The then Minister for Tourism Shahi has been accused of signing an agreement that was detrimental to the national flag carrier of Nepal due to the acceptance of certain terms and conditions such as inflation and to purchase an aircraft of less carrying capacity by paying price of a higher carrying capacity aircraft.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">According to the CIAA, the carrying capacity of the aircraft was reduced from 242 tons to 230 tons when the technical requirements were made, but the payment was made for the aircraft with capacity of 242 tons. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The authority alleges that such work was done in collusion between the NAC employees and those who prepared the proposal. I</span></span><span style="font-family:"Segoe UI","sans-serif"">n the charge sheet, the CIAA stated that the proponent was permitted to make payments in dollars without providing a bank guarantee</span><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">. In this way, the corporation had to pay more than Rs 1.47 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The CIAA filed a case against Shahi, demanding recovery of the sum equal to the embezzled amount. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Former minister Shahi Karnali is also a member of parliament and former chief minister. Currently, he is the leader of the Nepali Congress parliamentary party in the Karnali Province Assembly. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">As soon as the case was registered according to the Corruption Control Act, he was suspended as a member of the Provincial Assembly. He became Tourism Minister from the Nepali Congress when Pushpa Kamal Dahal was the prime minister for the second time.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Sugat Ratna Kansakar, the then general manager and member of the board of directors of the NAC, has been accused of irregularities and mala fide intentions while preparing the tender documents.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">He had unnaturally increased the cost estimate and prepared the terms of the contract through negotiations. The CIAA accused him of unreasonably increasing the cost estimate by preparing a request for proposal contrary to the standard bidding document as stipulated by the Public Procurement Act, and accepting the condition of inflating the price as proposed by the supplier AAR Corp. The authority has also mentioned that procurement of goods through negotiations is not envisaged in the Public Procurement Act.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">As he was also a high-level government official at the time of the purchase of the aircraft, the authority has also demanded an additional three-year prison sentence under the Corruption Control Act.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Similarly, the then members of the NAC’s board of directors, Shishir Kumar Dhungana, Joint Secretary Buddhisagar Lamichhane of the Ministry of Tourism, Teknath Acharya, Nima Nuru Sherpa, and Muktiram Pandey are also accused of proceeding with the aircraft procurement process without amending the regulations. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Similar CIAA has demanded slapping fines against Joint Secretary Jeevan Prakash Sitaula and Achyutaraj Pahadi. The NAC’s commercial director Ramhari Sharma Sedhain, Janakraj Kalakheti and deputy director Prabash Kumar Karmacharya are accused of working in mala fide intention while in the procurement sub-committee and proposal evaluation sub-committee. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The director of the corporation Ganesh Bahadur Chand, the commercial director Karna Bahadur Thapa and the acting director and senior captain Subas Rijal are also accused of corruption by preparing false documents. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Deputy General Manager of the corporation Ramesh Bahadur Shah, Acting Director and Senior Captain Rabindra Kumar Sherchan, then Commercial Director Rabindra Shrestha, Upendra Paudel, Shravan Rijal, then Acting Deputy Director Paras Paudel, Umesh Paudel and Brihatman Tuladhar are accused of working maliciously while in the aircraft procurement sub-committee. They are accused of increasing the NAC’s financial obligations to pay additional amount by adding a condition later as there was no provision for price increase in the initial document.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">A corruption case has also been launched against British citizen Deepak Sharma. He is still the president of AAR Corporation of America. The company, which was chosen to supply wide-body aircraft for the NAC, later entered into a purchase agreement with two other companies. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">Christian Nhulen, a German citizen, is associated with three companies involved in the wide-body aircraft sales process. The authority has also filed a corruption case against Romanian citizen Oleg Kalistru.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">This group established a company in Ireland called Hifly X with a capital of one dollar. It was found that the company was set up for the sale of aircraft. Established in 2073, the company purchased two wide-body aircraft from Airbus and sold them to Nepal Airlines Corporation for Rs 24 billion. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">The CIAA has accused them of entering into a contract for the purchase of a wide-body aircraft causing loss to the Nepal Airlines Corporation and becoming a source of corruption by taking payment for it. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">A corruption case has also been filed against five companies and their representatives involved in the wide-body aircraft procurement case. The CIAA has initiated a case against AAR Corporation of America and its president and CEO John Holmes, who initially signed a contract with the NAC.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">A corruption case has also been filed against Germany-based German Aviation Capital and its managing director Ana Topa, Portugal's Hifly Transport Arrows and its president Paulo Mirpuri. The CIAA has also filed a case against Ireland's Highfly X, the company's directors, Gerald Thornton and Christian Nhulen. A case has also been initiated against Norton Rose of Fulbright Germany, who played a role in the wide-body aircraft purchase and sale business. The company's head of aviation, Marcus Radbruch, and senior consultant Ralph Springer have also been accused in the case.</span></span></span></span></p> <p><em><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"ekmukta","serif"">(Updated news with details)</span></span></span></span></em></p> <p> </p> ', 'published' => true, 'created' => '2024-04-05', 'modified' => '2024-04-05', 'keywords' => '', 'description' => '', 'sortorder' => '20388', 'image' => '20240405105438_NAC.jpg', 'article_date' => '2024-04-05 10:53:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '20660', 'article_category_id' => '1', 'title' => 'Credit Expansion of Banks Slumps due to Lack of Economic Activities', 'sub_title' => '', 'summary' => 'April 5: Bank deposits have been continuously rising due to the increase in inflow of remittances. However, loan disbursement is yet to increase compared to deposit collection.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">April 5: Bank deposits have been continuously rising due to the increase in inflow of remittances. However, loan disbursement is yet to increase compared to deposit collection. Banks have been reducing interest rates but have not been able to expand credit flow to the private sector due to the slump in economic activities.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">The Current Macroeconomic and Financial Situation Report based on eight months of data of the current fiscal year published by Nepal Rastra Bank on Thursday pointed out that the expansion of credit flow to the private sector has not increased despite the improvement in remittance inflow and the increase in bank deposits, primarily due to the lack of economic activities. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">As of mid-March of the current fiscal year, deposits of banks and financial institutions increased by Rs 435.87 billion (7.6 percent), while loans to the private sector increased by Rs 199.50 billion (4.2 percent). In a one month period from mid-February to mid-March, bank loans increased by only Rs 2 billion. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">Nepal Rastra Bank had announced the monetary policy with the target of expanding credit flow by 11.5 percent in the current fiscal year. However, even half of the target of credit expansion has not been met.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">On Monday, the National Statistics Office released data showing that the growth of the productive sector was negative even though the gross domestic product increased by 4 percent in the second quarter of the current fiscal year. Similarly, it is mentioned in the report that there has been only 0.5 percent increase in wholesale and retail trade.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">Sector-wise, wholesale and retail trade is the sector where banks and financial institutions provide the most loans. However, with the recent decline in market demand, there is a decline in import, export and industrial production. Bankers say that there is no demand for loans due to this reason.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">Sunil KC, president of Nepal Bankers Association, said that although the interest rate is decreasing with the increase in bank deposits, the demand for loans has not increased. "The banks’ interest rate has been decreasing for the past few months," he said, "But the demand for loans has not increased."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">According to Nepal Rastra Bank, the average interest rate of deposits has dropped to 6.74 percent in mid-February to mid-March. During the corresponding period of last fiscal year, this interest rate was 8.37 percent. Similarly, the base rate of banks, which was 10.64 percent in February of last fiscal year, has also dropped to 8.77 percent this February. With the decrease in the base rate, the average interest rate of loans has dropped to 10.78 percent in mid-February to mid-March. A year ago, the average interest rate on loans had reached 13.03 percent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">Banks have investable capital of more than Rs 650 due to the lack of expansion of loans compared to the increase in deposits.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">Even though the central bank has continuously mopped liquidity through standing deposit facilities and deposit collection tools, it has not been able to maintain the interbank interest rate within the target of the interest rate corridor.</span></span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">Steady growth in remittances</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The remittance inflow to Nepal has surpassed Rs 100 billion for the 16th consecutive month. According to the latest macroeconomic report from the Nepal Rastra Bank, Nepal received Rs 122.2 billion in remittances in the eighth month (Falgun) of the current fiscal year. According to the NRB, Nepal has received Rs 961.22 billion in remittances in the first eight months of the current fiscal year. The remittance inflow to the country has surged by 21 percent in this fiscal compared to a 25.3 percent increment during the same period of the last fiscal. The remittance inflow in US dollars stood at 7.24 billion, which is 18.8 percent more than the same period of the previous year.</span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Nirmala UI","sans-serif"">With the increase in remittances, the current account, balance of payments and foreign exchange reserves have become stronger. In February, the current account is in surplus of Rs 166.87 billion. The balance of payments is in a surplus of Rs 327.55 billion. Foreign exchange reserves reached Rs 1872.82 billion as of mid-March. According to Nepal Rastra Bank, consumer price inflation has moderated to 4.82 percent in mid-March.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-04-05', 'modified' => '2024-04-05', 'keywords' => '', 'description' => '', 'sortorder' => '20387', 'image' => '20240405105144_Banks - Copy.jpg', 'article_date' => '2024-04-05 10:50:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '20659', 'article_category_id' => '1', 'title' => 'IBN Approves Investment Commitment of Rs 99.20 Billion for Four Energy Projects ', 'sub_title' => '', 'summary' => 'April 5: The Investment Board Nepal (IBN) has approved investment commitments of Rs 99.20 billion for four energy projects. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 5: The Investment Board Nepal (IBN) has approved investment commitments of Rs 99.20 billion for four energy projects. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The 57th meeting of the Board held on Thursday under the chairmanship of Prime Minister Pushpa Kamal Dahal took a decision to this effect. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Those projects getting the investment approvals include the 166-megawatt Super Tamor Project (Rs 34.59 billion), the 42-megawatt Upper Modi-A Project (Rs 10.08 billion), the 250-megawatt Kohalpur and Banganga Solar Plant undertaken by Risen Energy Singapore (Rs 21.10 billion) and the 139.2-megawatt Lower Manang Marsyangdi Hydro Electricity Project (Rs 33.41 billion). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Board, the Solar Plant Project and the Lower Manang Marsyangdi Hydro Electricity Project are foreign investment projects. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the meeting decided to approve an additional investment of Rs 6.63 billion for the Huaxin Cement Narayani Project, the bsoard spokesperson Pradyumna Prasad Upadhyay told the state-owned RSS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The meeting constituted a talks team under the leadership of the Board's Chief Executive Officer to negotiate with proposed investors for signing of the Project Development Agreement (PDA) regarding the Upper Marsyangdi and Solar Plant projects. Spokesperson Upadhyay said the PDAs regarding these projects are likely during the upcoming Nepal Investment Summit scheduled for April 28-29. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the deadline for a license for a survey of Solar Plant (Kohalpur and Banganga) is to be extended till the end of the current fiscal year (July 15) as per the meeting’s decision. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the meeting approved the share purchase agreement of the Dang Cement Plant. The board endorses the reclaim of around Rs 620 million from the sale of the shares. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The meeting decided to give permission to a Malaysian company, ReNIKOLA, to submit bank guarantee for issuing study permit for the establishment of chemical fertilizer factory. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It also decided to extend the term of committee formed to study the Tamor Reservoir Hydropower Project and the committee formed to prepare a draft of Nijgadh international airport for project development and study regarding investment model till the end of the current fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Spokesperson Upadhyay said the board was familiarized about the issue of formation of a study committee under coordination of Chief of Revenue Management Division of the Finance Ministry to study the matter of price adjustment as per the SJVN Arun-III Power Development Company. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The board took the decision that the Investment Board would remain as security trustee of co-financed investment in direct agreement of the project. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, a report submitted by a committee formed to prepare the amendment draft of the Public Private Partnership and Investment Act, 2075 has been presented in the board. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The meeting also directed to initiate agreement process with NepWaste Pvt Ltd to forward the Integrated Waste Management Project (Package-1) of the Kathmandu Valley. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-04-05', 'modified' => '2024-04-05', 'keywords' => '', 'description' => '', 'sortorder' => '20386', 'image' => '20240405104921_20230306031824_Clipboard32.jpg', 'article_date' => '2024-04-05 10:48:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '20658', 'article_category_id' => '1', 'title' => 'Inflow of Remittance Increases to Rs 961 Billion', 'sub_title' => '', 'summary' => 'April 5: Inflow of remittance into Nepal increased 21.0 percent to Rs 961.22 billion in the first eight months of the current fiscal year, according to the latest report of Nepal Rastra Bank.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 5: Inflow of remittance into Nepal increased 21.0 percent to Rs 961.22 billion in the first eight months of the current fiscal year, according to the latest report of Nepal Rastra Bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Current Macroeconomic and Financial Situation Report unveiled by Nepal Rastra Bank on Thursday, remittance inflows had increased by 25.3 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the US dollar terms, inflow of remittance increased 18.8 percent to 7.24 billion in the review period compared to an increase of 14.8 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review period, the number of Nepali workers, both institutional and individual, taking first-time approval for foreign employment stood at 286,932 and those taking approval for renewal of work permits stood at 184,278, the NRB report stated. In the previous year, such numbers were 351,761 and 192,559 respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, the net transfer increased 18.9 percent to Rs 1041.96 billion in the review period. Such a transfer had increased 23.9 percent in the same period of the previous year.</span></span></p> ', 'published' => true, 'created' => '2024-04-05', 'modified' => '2024-04-05', 'keywords' => '', 'description' => '', 'sortorder' => '20385', 'image' => '20240405101745_20221117115804_Remittance.jpg', 'article_date' => '2024-04-05 10:17:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '20657', 'article_category_id' => '1', 'title' => 'Current Account and Balance of Payments in Surplus in Current Fiscal Year', 'sub_title' => '', 'summary' => 'April 5: The current account of the government remained at a surplus of Rs 166.87 billion in the first eight months of the current fiscal year against a deficit of Rs 55.28 billion in the same period of the previous year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 5: The current account of the government remained at a surplus of Rs 166.87 billion in the first eight months of the current fiscal year against a deficit of Rs 55.28 billion in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Current Macroeconomic and Financial Situation Report published by the Nepal Rastra Bank on Thursday, the current account in terms of the US dollar registered a surplus of 1.25 billion in the review period against a deficit of 429.3 million in the same period last year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review period, capital transfer decreased 30.2 percent to Rs 3.89 billion and net foreign direct investment (FDI) remained a positive of Rs 5.63 billion. In the same period of the previous year, capital transfer amounted to Rs 5.58 billion and net FDI amounted to Rs 1.17 billion, the report added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the NRB, the country’s Balance of Payments (BoP) remained at a surplus of Rs 327.55 billion in the review period against a surplus of Rs 142 billion in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In terms of the US dollar, the BoP remained at a surplus of 2.46 billion in the review period against a surplus of 1.08 billion in the same period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the gross foreign exchange reserves increased 21.7 percent to Rs 1872.82 billion in mid-March 2024 from Rs 1539.36 billion in mid-July 2023. In the US dollar terms, the gross foreign exchange reserves increased 20.8 percent to 14.14 billion in mid-March 2024 from 11.71 billion in mid-July 2023.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Of the total foreign exchange reserves, reserves held by NRB increased 22.2 percent to Rs 1644.06 billion in mid-March 2024 from Rs 1345.78 billion in mid-July 2023, the central bank’s report added. Meanwhile, the reserves held by banks and financial institutions (except NRB) increased 18.2 percent to Rs 228.76 billion in mid-March 2024 from Rs 193.59 billion in mid-July 2023. The share of Indian currency in total reserves stood at 22.1 percent in mid-March 2024.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Based on the imports of eight months of 2023/24, the foreign exchange reserves of the banking sector is sufficient to cover the prospective merchandise imports of 14.8 months, and merchandise and services imports of 12.4 months, the NRB stated. </span></span></p> ', 'published' => true, 'created' => '2024-04-05', 'modified' => '2024-04-05', 'keywords' => '', 'description' => '', 'sortorder' => '20384', 'image' => '20240405100519_20231001020926_20220123032134_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2024-04-05 10:04:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '20656', 'article_category_id' => '1', 'title' => 'Inflation Moderates to 4.82 Percent in mid-March', 'sub_title' => '', 'summary' => 'April 5: The year-on-year (y-o-y) consumer price inflation moderated to 4.82 percent in mid-March 2024 compared to 7.44 percent a year ago.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 5: The year-on-year (y-o-y) consumer price inflation moderated to 4.82 percent in mid-March 2024 compared to 7.44 percent a year ago. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Current Macroeconomic and Financial Situation Report of the Nepal Rastra Bank unveiled on Thursday, food and beverage category inflation stood at 5.94 percent whereas non-food and service category inflation stood at 3.95 percent in the review month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under the Food and Beverage Category, the y-o-y price index of spices sub-category increased 28.17 percent, vegetable 14.07 percent, pulses and legumes 11.22 percent, cereal grains and their products 7.35 percent and milk products and eggs 7.11 percent in the review month. The y-o-y price index of ghee and oil sub-category decreased 11.79 percent in the review month, the NRB report added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under the non-food and services category, the y-o-y price index of recreation and culture sub-category increased 12.61 percent, miscellaneous goods and services 10.67 percent and education 7.31 percent in the review month. The y-o-y price index of transportation sub-category decreased 1.15 percent in the review month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The y-o-y consumer price inflation in the Kathmandu Valley, Terai, Hill and Mountain region stood at 4.88 percent, 4.42 percent, 5.49 percent and 4.42 percent respectively in the review month. Such inflation in these regions was 7.95 percent, 7.50 percent, 6.67 percent and 8.07 percent respectively a year ago.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, the World Bank in its latest report had recently projected consumer price inflation in Nepal to remain high at 6.7 percent in 2024, close to the central bank's 6.5 percent ceiling, due to VAT exemptions removal, India's food export restrictions, and increase in minimum support prices of paddy.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-05', 'modified' => '2024-04-05', 'keywords' => '', 'description' => '', 'sortorder' => '20383', 'image' => '20240405094749_20240403021336_inflationnnnnn.jpg', 'article_date' => '2024-04-05 09:46:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '20655', 'article_category_id' => '1', 'title' => 'Nepal’s Trade Deficit Stands at Rs 929 Billion', 'sub_title' => '', 'summary' => 'April 5: Nepal’s trade deficit has reached Rs 929.61 billion in the first eight months of the current fiscal year despite a 2.5 percent decline in the review period compared to the corresponding period of last fiscal year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 5: Nepal’s trade deficit has reached Rs 929.61 billion in the first eight months of the current fiscal year despite a 2.5 percent decline in the review period 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"">According to the latest report of Nepal Rastra Bank, such a deficit had decreased 17.9 percent in the corresponding period of the previous year. The Current Macroeconoic and Financial Situation Report released by the central bank on Thursday also revealed that the export-import ratio decreased to 9.8 percent in the review period from 9.9 percent in the corresponding period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the review period, Nepal’s merchandise exports decreased 4.0 percent to Rs 100.62 billion compared to a decrease of 29.1 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, exports to India decreased 7.7 percent whereas exports to China and other countries increased 275.5 percent and 0.3 percent respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Exports of zinc sheet, particle board, juice, readymade garments, polyester and thread among others increased whereas exports of palm oil, soybean oil, cardamom, woolen carpet, bran among others decreased.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review period, merchandise imports decreased 2.7 percent to Rs 1030.22 billion compared to a decrease of 19.1 percent a year ago. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, imports from India and other countries decreased 2.8 percent and 22.9 percent respectively while imports from China increased 33.7 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Imports of readymade garments, transport equipment, vehicle and other vehicle spare parts, aircraft spare parts, electrical equipment, textiles among others increased whereas imports of crude soybean oil, gold, petroleum products, crude palm oil, rice/paddy among others decreased. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-04-05', 'modified' => '2024-04-05', 'keywords' => '', 'description' => '', 'sortorder' => '20382', 'image' => '20240405090457_20240122013031_How-to-start-an-import-export-business.jpg', 'article_date' => '2024-04-05 09:04:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20654', 'article_category_id' => '1', 'title' => 'Regular Operation of Melamchi Water Supply Project Requires Rs 4.50 Billion', 'sub_title' => '', 'summary' => 'April 5: Stakeholders have said it will cost Rs 4.50 billion to bring the Melamchi Water Supply Project into operation throughout the year.', 'content' => '<p><span style="font-size:18px">April 5: Stakeholders have said it will cost Rs 4.50 billion to bring the Melamchi Water Supply Project into operation throughout the year.</span></p> <p><span style="font-size:18px">Speaking at an interaction related to the long-term management of the Melamchi Water Supply Project organized at Singha Durbar on Thursday, the Executive Director of Melamchi Water Supply Development Committee, Zakki Ahmed Ansari, said it would cost Rs 4.50 billion for the improvement of the project.</span></p> <p><span style="font-size:18px">Preparation is underway to bring water from the Melamchi River in Helambu of Sindhupalchok district to Kathmandu Valley in all 12 months by improving the project, he shared, adding it would cost Rs 4.50 billion to construct permanent structures for long-term solution to the problems faced by the project.</span></p> <p><span style="font-size:18px">Ansari mentioned that it would be appropriate to shift the headworks of the project one kilometer beyond the present intake site for long-term improvement of the project. The water supply of the Melamchi project has been stopped after floods occurred on August 1 and 14, 2023, damaging temporary structures constructed earlier. Preparation is underway to shift the headworks for the regular operation of the project, according to the committee.</span></p> <p><span style="font-size:18px">Chairperson of the Parliament's Public Accounts Committee, Rishi Pokharel, suggested forwarding the improvement plans only after carrying out a study of the cost and managing resources to make the project's activities effective.</span></p> <p><span style="font-size:18px"><strong>Melamchi will not materialize until local people's demands are met</strong></span></p> <p><span style="font-size:18px">Nima Gyaljen Hyolmo, Chairman of the Helambu Rural Municipality, Sindhupalchok, said Kathmandu Valley will not be getting the supply of drinking water from Melamchi next year until the demands of the people of Helambu are met.</span></p> <p><span style="font-size:18px">Speaking in the interaction program entitled 'Sustainable Management of the Melamchi Water Supply Project' organized in Singha Durbar on Thursday, he said they will not allow diverting water from the Melamchi River if their demands are not fulfilled.</span></p> <p><span style="font-size:18px">Among the demands of the Melamchi Project and flood-affected people include the construction of embankments for river control, protection of at-risk settlements, and waiver of loans taken before the massive flooding incident in the Melamchi River from banks and financial institutions for construction of homes and starting business in the Melamchi corridor.</span></p> <p><span style="font-size:18px">Similarly, providing compensation of Rs one million as compensation to the family of each person killed in the flooding, making available the drinking water levy through the local government, and issuing grant of Rs two million for the construction of new houses are among the demands of the 17-point charter of demands put forth by the Project and flood-affected locals.</span></p> <p><span style="font-size:18px">Stating that the federal government has not shown any concern so far towards fulfilling these demands, Hyolmo, the Rural Municipality Chair, warned of shutting down of the Melamchi Project if the demands are not met.</span></p> <p><span style="font-size:18px">"The demands of the local people have not been fulfilled even after our repeated request for the same. If the demands are not addressed even now, be assured, water will not be available from Melamchi next year. If you want to drink water from Melamchi, come there along with your pitchers," he said.</span></p> <p><span style="font-size:18px">According to him, although the Ministry of Water Supply and Sanitation is preparing to shift the project's headworks for the round-the-year supply of water through sustainable management of the project, the proposed site is also not safe. -- RSS</span></p> ', 'published' => true, 'created' => '2024-04-05', 'modified' => '2024-04-05', 'keywords' => '', 'description' => '', 'sortorder' => '20381', 'image' => '20240405083612_20240404090025_melamchi.jpg', 'article_date' => '2024-04-05 08:34:49', '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
