KATHMANDU, August 3: Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel insists that budget implementation remains challenging due to faulty…
KATHMANDU, August 3: Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel insists that budget implementation remains challenging due to faulty…
Kaski, Aug 3: Pokhara, the lake city of Nepal, is gearing up to organize an international hot air balloon festival this…
KATHMANDU, August 3: Prime Minister KP Sharma Oli held a high-level discussion with stakeholder for the full-fledged operation of the international airports in Pokhara and…
KATHMANDU, August 1: The Independent Power Producers' Association, Nepal (IPPAN) has called on Prime Minister KP Sharma Oli to address the private sector’s issues in energy…
…
KATHMANDU, August 2: Nepal Airlines Corporation (NAC) has four years remaining to repay the loan taken from the Employee Provident Fund (EPF) to purchase a narrow-body aircraft of Airbus company aimed at expanding international flight…
The businesses of non-life insurance companies saw a slight improvement in the last fiscal year, FY 2023/24 despite a slowdown in the overall economy affecting this…
Price of gold has reached an all-time high in the domestic market of Nepal on…
KATHMANDU, August 2: The Civil Aviation Authority of Nepal (CAAN) has granted permission to Thai AirAsia to operate flights from both Tribhuvan International Airport in Kathmandu and Gautam Buddha International Airport in…
KATHMANDU, August 2: Global IME Bank Limited has entered into a strategic partnership with Gulf Exchange Company W.L.L., based in Qatar, to facilitate seamless remittance services for Nepalese migrants residing in…
KATHMANDU, August 2: The Executive Director of the Securities Board of Nepal (SEBON), Nabaraj Adhikari, emphasized the crucial role of the stock market in supporting the country's economic growth.…
…
The Independent Power Producers' Association, Nepal (IPPAN) has urged not to halt the public issuance approval…
The flooded Bagmati River following heavy rain on Tuesday has inundated the Balkhu Fruits and Vegetables Market in Kathmandu causing a huge financial damage, the vendors operating there…
Construction entrepreneurs, who have been among the hardest hit by the economic slowdown, have been granted an additional five months to repay their bank loans.…
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 60]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' => '21727', 'article_category_id' => '1', 'title' => 'Faulty Budget Allocation Behind Implementation Challenges: Minister Paudel', 'sub_title' => '', 'summary' => 'KATHMANDU, August 3: Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel insists that budget implementation remains challenging due to faulty allocation.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 3: Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel insists that budget implementation remains challenging due to faulty allocation.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Speaking at a meeting of the parliamentary committee on finance on Friday, Minister Paudel highlighted that the budget was allocated without properly identifying sources, and it lacked foresight, as the outcomes were overlooked.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Paudel informed that the government will prioritize the completion of ongoing projects while implementing the budget for the current fiscal year 2024/25. Additionally, adequate resources will be allocated to mega and national pride projects. The government will also prioritize projects that promise quick results. "The incumbent government does not spend indiscriminately," he said, assuring fiscal discipline in public spending.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On a different note, the minister mentioned that the government would evaluate the necessity and relevance of seeking support from development partners and donor agencies. "We should only accept international support and mobilize it after analyzing our needs and priorities," he stated.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to him, the public debt, which has surpassed 40 percent of the country's GDP, should not be considered disorderly. He emphasized that public debt should be directed towards productive sectors and capital formation.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Furthermore, the finance minister pledged to maintain consistency between the government's fiscal and monetary policies to revitalize the country's economy and achieve sustainable growth. He added that his ministry would not interfere with the functions of Nepal Rastra Bank, an autonomous agency responsible for issuing monetary policy, but would instead work in coordination with it.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He claimed that positive changes were observed in the capital market following the introduction of the new monetary policy and urged investors to make well-informed choices. He advised that investment in the capital market should be based on the financial situation of the respective companies.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Assuring his ministry's role in ensuring the stock market matures, the minister stressed that the regulatory body should be highly vigilant to prevent activities like insider trading in the capital market. Regarding the establishment of a new stock exchange, he said that the government would make appropriate decisions after conducting necessary studies on the matter.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Also speaking at the meeting, former Finance Minister Dr. Prakash Sharan Mahat asserted that the government could not afford to spend indiscriminately to appease the public. "We must avoid populism. Discipline is essential in public expenditure management," he advised.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Dr. Mahat, there is no alternative but to increase capital expenditure to improve the national economy.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As for the monetary policy, he observed inconsistencies, noting that "sometimes Nepal Rastra Bank introduces expansionary provisions, while at other times, it's too strict."</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The parliamentarians attending the committee meeting expressed that the bills sent to the committee should be forwarded to parliament as soon as possible after deliberation. They also called for effective implementation of the programs included in the budget.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-03', 'modified' => '2024-08-03', 'keywords' => '', 'description' => '', 'sortorder' => '21453', 'image' => '20240803022235_budget.jpg', 'article_date' => '2024-08-03 14:21:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21726', 'article_category_id' => '1', 'title' => 'International Hot Air Balloon Festival in Pokhara ', 'sub_title' => '', 'summary' => 'Kaski, Aug 3: Pokhara, the lake city of Nepal, is gearing up to organize an international hot air balloon festival this winter. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kaski, Aug 3: Pokhara, the lake city of Nepal, is gearing up to organize an international hot air balloon festival this winter. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Balloon Nepal Pvt. Ltd will be hosting the festival in and around the source of Phewa lake with the objective of further promoting Pokhara at the international level. The festival will be held from the December 29 to January 2 marking the New Year 2025, said Bikram Bade, chairperson of Balloon Pvt. Ltd. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">About 20 to 25 balloons will be brought from different countries around the world for the festival. It is estimated to cost Rs 6.5 million to orgasnise the festival. The festival is being held with the support and collaboration of Nepal Tourism Board, Ministry of Culture, Tourism and Civil Aviation, Gandaki Province Government, Pokhara Metropolitan City, Civil Aviation Authority of Nepal, Pokhara Tourism Council among others. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Pokhara Tourism Council Chair Pomnarayan Shrestha said that the festival will be a historic event for Pokhara, the tourism capital of the country and for the entire Gandaki province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Sabin Maharjan, the proprietor of Balloon Nepal, said that flying in a hot air balloon offers panoramic view of mountains like Machhapuchhre, Annapurna, full-sized Phewa Lake, Pumdikot Mahadev, paragliders flying from Sarangkot and the beautiful scenery around Pokhara Valley. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-03', 'modified' => '2024-08-03', 'keywords' => '', 'description' => '', 'sortorder' => '21452', 'image' => '20240803121618_20190101025441_aa.jpg', 'article_date' => '2024-08-03 12:15:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21725', 'article_category_id' => '1', 'title' => 'PM Oli Directs Stakeholders to Operate New International Airports Effectively', 'sub_title' => '', 'summary' => 'KATHMANDU, August 3: Prime Minister KP Sharma Oli held a high-level discussion with stakeholder for the full-fledged operation of the international airports in Pokhara and Bhairahawa.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 3: Prime Minister KP Sharma Oli held a high-level discussion with stakeholder for the full-fledged operation of the international airports in Pokhara and Bhairahawa.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During the meeting at the Office of the Prime Minister and the Council of Ministers on Friday, PM Oli inquired about the current flight congestion and passenger management at Tribhuvan International Airport. He pledged to soon operate both the new international airports at full capacity.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The prime minister instructed ministers to create a conducive environment for regular international flights from the two airports. He stated that if the aviation regulatory body addresses the concerns of the international airlines interested in these airports, the government will include them in the schedule and proceed accordingly.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">PM Oli emphasized the seriousness of the issue, highlighting the significant losses caused by the underutilization of the two international airports. He noted that Tribhuvan International Airport is forced to handle more flights and passengers than its capacity, a situation that could be alleviated by the smooth operation of the new international airports.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He directed the concerned officials to submit plans for the effective operation of both airports, including improvements in immigration and other facilities, and the relocation of fuel depots if they are too close to the airport. PM Oli assured that the Cabinet could help resolve these issues if they are communicated in time.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Deputy Prime Minister and Minister for Finance Bishnu Prasad Paudel; Foreign Minister Dr. Arzu Rana Deuba; Minister for Labour and Employment Sharat Singh Bhandari; Minister for Culture, Tourism, and Civil Aviation Badri Prasad Pandey; and other officials were present at the meeting. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-03', 'modified' => '2024-08-03', 'keywords' => '', 'description' => '', 'sortorder' => '21451', 'image' => '20240803115521_20230227020513_Pokhara-Airport-800X533.jpg', 'article_date' => '2024-08-03 11:54:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21724', 'article_category_id' => '1', 'title' => 'IPPAN Urges PM Oli to Address Private Sector Concerns in Electricity Bill', 'sub_title' => '', 'summary' => 'KATHMANDU, August 1: The Independent Power Producers' Association, Nepal (IPPAN) has called on Prime Minister KP Sharma Oli to address the private sector’s issues in energy legislation. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 1: </span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Independent Power Producers' Association, Nepal (IPPAN) has called on Prime Minister KP Sharma Oli to address the private sector’s issues in energy legislation. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A delegation led by IPPAN President Ganesh Karki met the Prime Minister at his official residence in Baluwatar on Friday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The IPPAN urged the Prime Minister to amend the Electricity Bill, 2080, currently under parliamentary review, to include provisions for private sector participation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The delegation expressed concerns that the bill's current provisions could exclude private entities and lead to the cancellation of approximately 30,000 megawatts of planned projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Additionally, IPPAN requested the immediate opening of power purchase agreements for 13,000 MW-capacity projects that are in the pipeline. RSS</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21450', 'image' => '20240802082221_Pradhanmantrikosachiwalaya-18WhatsAppImage2024-08-02at2.10.JPG', 'article_date' => '2024-08-02 20:21:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21723', 'article_category_id' => '1', 'title' => 'NRB Eases Foreign Exchange Provisions for Nepali Travellers and Traders', 'sub_title' => '', 'summary' => '', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report<br /> KATHMANDU, August 2</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Nepal Rastra Bank (NRB) has eased the foreign exchange rules for Nepali travellers and traders by amending its Unified Directive-2080.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">With the amendment, the central bank has provided Nepalis visiting foreign countries, except India, an exchange facility of up to $2,500 per trip, on the basis of their passport. Though the Nepali citizens were allowed to withdraw $2,500 per trip earlier, the facility could only be used twice a year at most.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, the NRB has also increased the limitation for the use of money for the Nepalis having accounts and earning in foreign currency when they travel abroad to $25,000 from $15,000 in a fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The move follows the central bank’s decision in its monetary policy that the foreign exchange facility on the basis of passport would be eased in the current fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The revision also comes at a time when the country's foreign exchange reserves is sufficient to cover the prospective merchandise imports for 15 months, and merchandise and services imports for 12 and a half months.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal’s gross foreign exchange reserves surged by 27.8% to Rs 1,967.19 billion in mid-June this year from Rs 1,539.36 billion in mid-July 2023, central bank’s data show.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">With the reduction in import, growing remittance inflow and decline in credit expansion, Nepal’s foreign exchange reserves has continued to surge recently.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While the remittance inflow increased by 19.3% to Rs 1327.51 billion in the first 11 months, until mid-June, of the last fiscal year compared to an increase of 22.7% in the same period of the previous year, Nepal’s imports decreased by 1.8% in the review period, according to the NRB.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The revised directive has also doubled the foreign exchange facility being provided to Nepalis with visas for visiting Tibet in China and SAARC countries (except India) through land routes. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The exchange facility has been increased up to $1,000 once and $2,000 in a fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The provision, however, is only for the travellers. So, Nepali residents on the Nepal-Tibet border who make frequent trips to Tibet would not be able to use it.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While the members of the recruitment agencies sending up to 100 workers overseas in a year will now be eligible to get a foreign exchange facility up to $25,000 in a year, those from agencies sending more than 100 workers will be provided an exchange facility up to $30,000 in a year during their foreign visits. Earlier, the limits of the exchange facilities were $15,000 and $20,000 respectively. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The revised directive has a provision of providing bullion traders a foreign exchange facility up to $300,000 on every import of silver for producing jewellery, artistic goods and utensils among others. Similarly, foreign exchange limit for other silver importers has been set at $100,000 per import.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The revised provision has increased the limit of foreign exchange while importing goods to $100,000 from $60,000 per import.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The central bank has also brought into implementation the announcements it had made in the new monetary policy about increasing exchange limits for Draft/Telex Transfer (TT) facilities and ‘Document Against Payment’ and ‘Document Against Acceptance’ for importing goods.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While the foreign exchange limit for Draft/ Telex Transfer (TT) facilities in the import of goods has been raised from $35,000 to $50,000, the limit for ‘Document Against Payment’ and ‘Document Against Acceptance’ has been increased from existing $60,000 to $100,000.</span></span></span></span></p> <p><br /> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><br /> <br /> <br /> <br /> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21449', 'image' => '20240802061509_20240801033027_NRB new.jpg', 'article_date' => '2024-08-02 18:14:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21722', 'article_category_id' => '1', 'title' => 'NAC’s Debt Obligation Remains High Despite Payment', 'sub_title' => '', 'summary' => 'KATHMANDU, August 2: Nepal Airlines Corporation (NAC) has four years remaining to repay the loan taken from the Employee Provident Fund (EPF) to purchase a narrow-body aircraft of Airbus company aimed at expanding international flight operations.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 2: Nepal Airlines Corporation (NAC) has four years remaining to repay the loan taken from the Employee Provident Fund (EPF) to purchase a narrow-body aircraft of Airbus company aimed at expanding international flight operations. On June 18, 2013, NAC secured a Rs 9.98 billion loan from the EPF, backed by a government guarantee of Rs 10 billion, with a commitment to pay installments every three months over 15 years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In addition, on June 11, 2017, NAC signed another agreement with the EPF for a Rs 11.99 billion loan, with a guaranteed of Rs 12 billion from the government, to acquire a wide-body aircraft of Airbus. In total, EPF provided NAC with Rs 21.97 billion for aircraft purchases. According to EPF spokesperson Damodar Prasad Subedi, NAC paid Rs 1.62 billion in the last fiscal year (FY 2080/81). However, despite the payments, NAC’s debt obligations are increasing, with Rs 28.87 billion still owed to EPF. The repayment deadline for the wide-body aircraft loan is eight years away.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">NAC also secured a Rs 12 billion loan from the Citizen Investment Trust (CIT) to purchase a wide-body aircraft, with a similar 15-year repayment term. However, NAC’s debt to both EPF and CIT has grown instead of decreasing, prompting the corporation to lobby for an extension of the repayment period and interest waivers for the time impacted by the coronavirus pandemic. NAC officials say the state-owned airliner has formally requested both EPF and CIT to increase the number of installments and facilitate easier repayment terms, but no agreement has been reached.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Meanwhile, NAC is seeking new lenders to manage existing debts, purchase additional aircraft, and build a hangar, with an estimated requirement of Rs 135 billion. Of this, Rs 55 billion is intended for managing aircraft-related debt. NAC argues that the current interest rates—10 percent from EPF and 9 percent from CIT—are high and is looking for loans at subsidized rates.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">EPF confirmed that NAC has requested an extension of the repayment period and an interest waiver. However, no official decisions have been made, and it remains unclear when or how much exemption was requested. CIT Information Officer Uddhav Silwal on the other hand mentioned that they have not received any formal request from NAC regarding an installment extension.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">During the pandemic, NAC proposed an interest exemption to CIT, but the board of directors did not take any decision on this matter. As of the last fiscal year, NAC’s outstanding principal and interest to CIT amounted to Rs 19.50 billion. Despite an agreement to pay Rs 400 million in quarterly installments, NAC could not meet this obligation, and the installment amount has now risen to Rs 720 million. NAC paid Rs 400 million in the last fiscal year, but the total arrears to CIT has reached Rs 19.39 billion as of mid-June.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Subedi of EPF emphasized that the maximum repayment period for the loans cannot exceed 15 years, in accordance with current rules. The 61st annual report of the Auditor General noted that NAC has not fully paid the interest, leading to an increase in the principal amount due to a decision by the board of directors to capitalize the interest owed to EPF.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21448', 'image' => '20240802034737_1693297866.Nepal Airlines.jpg', 'article_date' => '2024-08-02 15:46:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21721', 'article_category_id' => '1', 'title' => 'Business of Non-life Insurance Companies Slightly Improves in Last Fiscal Year', 'sub_title' => 'The companies collected 3.11% more in insurance premiums in 2023/24 than in 2022/23.', 'summary' => 'The businesses of non-life insurance companies saw a slight improvement in the last fiscal year, FY 2023/24 despite a slowdown in the overall economy affecting this sector.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report<br /> KATHMANDU, August 2</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The businesses of non-life insurance companies saw a slight improvement in the last fiscal year, FY 2023/24 despite a slowdown in the overall economy affecting this sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the latest data from the Nepal Insurance Authority, non-life insurance companies collected Rs 41.46 billion in insurance premiums from the sale of around 2.97 million insurance policies in the last fiscal year, which ended on July 15.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The premiums collected was 3.11% more than that in the previous fiscal year 2022-23, when the companies had collected Rs 40.21 billion from the sale of around 2.79 million units of insurance policies. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The decline in credit expansion from banks and financial institutions has affected the businesses of insurance companies, said Chunky Chhetri, president of the Nepal Insurers’ Association.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“It is natural for the business of insurance companies to be affected amid the slowdown in the economy as its growth is linked to the economy,” said Chhetri, adding that the NRB’ move to ease the overall economy including the insurance sector in the coming days through the monetary policy will have a positive impact in this sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The central bank has brought a flexible monetary policy for the current fiscal year, giving concessions to contractors in loan repayment and blacklisting provisions. Similarly, the NRB has also extended the deadline to implement current capital loan guidelines by one year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Three of the 14 non-life insurance companies in operation saw their businesses decline in the last fiscal year, according to the Nepal Insurance Authority. Among them, the Rastriya Beema Company, whose insurance premium collection decreased by 31%, reported the biggest decline.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Among other 11 companies who saw their businesses grow, the Oriental Insurance Company Limited remained at the top with a 44% growth.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Shikhar Insurance topped the list for doing the most business in the review period. Shikhar ranked first in insurance premium collection, which surged by 2.89% to Rs 5.47 billion in the last fiscal year compared to the previous year – FY 2022/23.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, the four non-life microinsurance companies in operation collected Rs 294.8 million in insurance premium by issuing 127,000 insurance policies in the last fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Though the insurance authority had allowed four micro-insurances to operate in the previous fiscal year, only two came into operation in that period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">There was a growth in the businesses on microinsurance as all four companies started their business by the end of the last fiscal year, according to the authority.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21447', 'image' => '20240802012739_insurance non life.jpg', 'article_date' => '2024-08-02 13:25:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21720', 'article_category_id' => '1', 'title' => 'Price of Gold Reaches All Time High in Nepali Market ', 'sub_title' => 'The hallmark gold is being traded at Rs 149,900 per tola on Friday', 'summary' => 'Price of gold has reached an all-time high in the domestic market of Nepal on Friday. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 2: Price of gold has reached an all-time high in the domestic market of Nepal on Friday. </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, hallmark gold, which was traded at Rs 149,400 per tola (11.66 grams) on Thursday, is being traded at Rs 149,900 per tola on Friday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Earlier on July 17, its price had reached Rs 149,800 per tola, the state-owned RSS reported. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The price of gold has been rising steadily of late. 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 ongoing geopolitical tension due to the Israel’s offensive in Gaza as well as Lebanon 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> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21446', 'image' => '20240802125640_20240801032633_cd5483b7.jpeg', 'article_date' => '2024-08-02 12:55:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21719', 'article_category_id' => '1', 'title' => 'CAAN Gives Approval for Thai AirAsia to Operate Flights to Gautam Buddha Int’l Airport', 'sub_title' => '', 'summary' => 'KATHMANDU, August 2: The Civil Aviation Authority of Nepal (CAAN) has granted permission to Thai AirAsia to operate flights from both Tribhuvan International Airport in Kathmandu and Gautam Buddha International Airport in Bhairahawa.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 2: The Civil Aviation Authority of Nepal (CAAN) has granted permission to Thai AirAsia to operate flights from both Tribhuvan International Airport in Kathmandu and Gautam Buddha International Airport in Bhairahawa. The airline had requested permission to operate flights for seven days a week, and the regulatory body of Nepal has approved four flights from Gautam Buddha International Airport and three flights from Tribhuvan International Airport.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Thailand-based AirAsia Group had applied to the CAAN to operate daily flights from Tribhuvan International Airport. However, due to planned expansion work that will close the airport for 10 hours daily starting on November 1, 2024, the authority has asked the airline to operate four flights from Gautam Buddha International Airport instead.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Gyanendra Bhul, information officer of CAAN, stated that the company has applied for one daily flight from Bangkok to Kathmandu, beginning from September 24, 2024. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"With the airport getting closed for 10 hours daily and operating only for 14 hours starting from November 1, 2024, the airport's capacity will decrease," said Bhul. "Therefore, out of the daily flights requested by the company, four flights have been approved for Bhairahawa."</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Gautam Buddha International Airport, inaugurated in May 16, 2022, currently has no regular international flights. Thai AirAsia has now been permitted to operate four flights a week from this airport. Earlier, Al Jazeera Airways began regular flights to this airport but later discontinued them. The lack of regular flights at Gautam Buddha and Pokhara international airports, both of which were built with foreign loans, continues to add to the financial burden on the government.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21445', 'image' => '20240802105556_1652654595.Clipboard07.jpg', 'article_date' => '2024-08-02 10:55:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21718', 'article_category_id' => '1', 'title' => 'Global IME Bank and Gulf Exchange Company Sign Agreement to Ease Money Transfer from Qatar to Nepal', 'sub_title' => '', 'summary' => 'KATHMANDU, August 2: Global IME Bank Limited has entered into a strategic partnership with Gulf Exchange Company W.L.L., based in Qatar, to facilitate seamless remittance services for Nepalese migrants residing in Qatar. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 2: Global IME Bank Limited has entered into a strategic partnership with Gulf Exchange Company W.L.L., based in Qatar, to facilitate seamless remittance services for Nepalese migrants residing in Qatar. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The agreement aims to provide an efficient and convenient channel for transferring money from Qatar to Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Under the agreement, Nepalese migrants can send remittances through any of the 17 branches of Gulf Exchange Company W.L.L. in Qatar. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Additionally, the remittances can also be sent using the Gulf Exchange Company W.L.L.'s Remittance App, making the process more accessible and user-friendly.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The remitted funds can be collected from all branches of Global IME Bank across Nepal. Furthermore, the partnership extends the reach of remittance services through the 50,000-plus agent network of IME Limited and GME Remit throughout the country. This wide network ensures that recipients, even in remote areas, can easily access the remitted funds.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Nepalese residing in Qatar also have the option to send remittances directly to their own or their family members' bank accounts in Nepal, offering greater convenience and security.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Global IME Bank is the first private sector bank in Nepal to establish a branch network in all 77 districts of the country. The bank operates over 1,100 service centers, including 354 branch offices, 384 ATMs, 277 branchless banking services, 68 extension and revenue collection counters, and three foreign representative offices.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">In addition to providing comprehensive banking services to Nepali citizens, Global IME Bank offers extensive remittance services from various countries worldwide. The bank facilitates remittances from the United States, the United Kingdom, Canada, Australia, Malaysia, South Korea, Japan, Saudi Arabia, UAE, Bahrain, Kuwait, India, Jordan, and other countries, ensuring that the Nepalese diaspora can easily support their families back home.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">This new agreement with Gulf Exchange Company W.L.L. marks a significant step in enhancing the remittance services for Nepalese migrants in Qatar, providing them with reliable, efficient, and accessible options for sending money to Nepal.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21444', 'image' => '20240802104207_IMG-20240801-WA0003.jpg', 'article_date' => '2024-08-02 10:41:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21716', 'article_category_id' => '1', 'title' => 'SEBON Committed to Protecting Investors' Interests', 'sub_title' => '', 'summary' => 'KATHMANDU, August 2: The Executive Director of the Securities Board of Nepal (SEBON), Nabaraj Adhikari, emphasized the crucial role of the stock market in supporting the country's economic growth. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong>KATHMANDU, August 2:</strong> The Executive Director of the Securities Board of Nepal (SEBON), Nabaraj Adhikari, emphasized the crucial role of the stock market in supporting the country's economic growth. He reiterated SEBON's commitment to protecting the interests of investors.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Speaking at the 12th anniversary of NIMB Ace Capital Limited on Thursday, Adhikari highlighted SEBON's efforts to address the concerns of financial management companies, as well as its role in regulating and managing securities and related activities.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Adhikari also acknowledged the recent monetary policy introduced by the central bank, which aims to invigorate the stock market. He expressed appreciation for the removal of the Rs 200 million cap on institutional share traders.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former Chief Secretary Bimal Koirala, who also spoke at the event, stressed the need for a secure and reliable stock trading system. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21443', 'image' => '20240802092018_Sebon-update.jpg', 'article_date' => '2024-08-02 09:19:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21717', 'article_category_id' => '1', 'title' => 'South Korea Union Pickets Outside Samsung Chairman's House', 'sub_title' => '', 'summary' => '', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">SEOUL, August 1</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Leaders of a South Korean union representing tens of thousands of workers at Samsung Electronics staged a protest Thursday outside the house of the company's chairman and heir, after fresh negotiations failed.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Thousands of union members stopped working on July 8 for what was initially meant to be a three-day strike, part of a long-running battle over pay and benefits. The union subsequently extended the work stoppage "indefinitely".</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It is unclear exactly how many workers have downed tools, and Samsung has said the action is not affecting production, posting record growth and profits earlier this week for the second quarter.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">"If a delay occurs in semiconductor processing, the effects won't be immediate. It takes weeks or months," Lee Hyun-kuk, vice president of the National Samsung Electronics Union (NSEU), told AFP.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The union engaged in eleventh-hour talks with management for three days, until Wednesday, but has failed to reach an agreement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Union executives gathered on Thursday outside Samsung Chairman Lee Jae-yong's house, holding pickets that read "Samsung Electronics' strike, Lee Jae-yong should be accountable".</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Another displayed a picture of Lee holding a finger to his mouth with the caption, "Shh! Labour union, what's that? Samsung strike, what's that?"</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A handful of police were deployed at the premises and the protest was interrupted by the police warning the union they were not allowed to chant.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">"In the 25 days since the strike began, all Lee has done is attend the wedding of the son of Asia's richest man and give out Samsung phones to Olympic athletes that are worth over 30 billion won ($22 million)," union member Kim Jae-won told reporters.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Lee was a guest at the wedding of Indian billionaire Mukesh Ambani's youngest son Anant in July.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Last week he attended a banquet co-hosted by French President Emmanuel Macron and International Olympic Committee President Thomas Bach at the Louvre Museum.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The union claimed that the company was trying to break the strike with illegal means, including creating a "blacklist" of strike participants.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">"We will publicise all of this," Son Woo-mok, head of NSEU, told AFP. "Labour suppression, unfair labour practices, industrial accidents, the list continues."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Samsung said Wednesday it was "communicating and discussing to ensure that this labour union strike ends early", adding there was "no problem with responding to our customer volume".</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The first labour union at Samsung Electronics was formed in the late 2010s.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The National Samsung Electronics Union, which has around 36,000 members, or nearly a quarter of the company's total workforce, claims labour organising remains taboo at the company.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Two years ago, the union staged a demonstration in front of Lee's residence, successfully securing three additional holidays.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In 2020, former Samsung employees faced criticism for their unorthodox protest methods, which included grilling pork belly, drinking soju, and strumming guitars outside Lee's home. -- AFP/RSS</span></span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21442', 'image' => '20240802095930_69611783_1004.jpg', 'article_date' => '2024-08-02 09:56:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21715', 'article_category_id' => '1', 'title' => 'IPPAN Urges Not to Halt Public Issuance Process', 'sub_title' => '', 'summary' => 'The Independent Power Producers' Association, Nepal (IPPAN) has urged not to halt the public issuance approval process.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 2: The Independent Power Producers' Association, Nepal (IPPAN) has urged not to halt the public issuance approval process.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> IPPAN made this appeal in a press release issued on Thursday. Noting that there has been an attempt to financially undermine hydropower companies, IPPAN expressed its serious concern over the matter. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The issuance of rights shares and IPOs of more than 32 hydropower companies worth over Rs 16 billion have been halted for the past six months. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">“The delay in appointment of the chairman of the Securities Board of Nepal (SEBON) is deliberate effort to financially destabilize hydropower companies,” said the press statement. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The press statement accused certain groups of intentionally obstructing the appointment process for SEBON's chairman to serve their commercial interests, effectively holding the entire hydropower sector hostage.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> IPPAN further alleged that SEBON has been concealing its past decisions related to the hydropower sector and is attempting to damage the reputation of the sector's entrepreneurs.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">IPPAN also addressed recent media reports concerning the sale of founder/promoter shares, which claimed that the lock-in period for these shares in hydropower projects had been extended. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The association dismissed these reports as misleading and aimed at tarnishing the reputation of the hydropower sector.</span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> IPPAN emphasized the need for clarity and transparency to protect the interests of the sector and its stakeholders.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21441', 'image' => '20240802055845_collage (86).jpg', 'article_date' => '2024-08-02 05:57:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '21714', 'article_category_id' => '1', 'title' => 'Floods in Kathmandu Inundate Fruits and Vegetable Markets', 'sub_title' => 'Traders estimate a damage of over Rs 50 million in Balkhu and Rs 6.5 million in Kuleshwar. ', 'summary' => 'The flooded Bagmati River following heavy rain on Tuesday has inundated the Balkhu Fruits and Vegetables Market in Kathmandu causing a huge financial damage, the vendors operating there said. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">PRASHANT KHADKA</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 1</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The flooded Bagmati River following heavy rain on Tuesday has inundated the Balkhu Fruits and Vegetables Market in Kathmandu causing a huge financial damage, the vendors operating there said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">With 450 stalls, it is considered one of the largest vegetable markets in the Kathmandu Valley.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“It is estimated that there has been a loss of more than Rs 50 million,” Mohan Kumar Basnet, director of the market, told NBA. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Balkhu market supplies about 30% of the vegetables to the Kathmandu Valley.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to Basnet, the flooded river started entering the market area around 1:45 am on Wednesday and took only 30 minutes to sweep away most of the food materials.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Two large trucks carrying vegetables and three smaller vehicles were also submerged, damaging their engines,” said Basnet. “The flood also caused damage to two generators, a car, seven motorcycles and two refrigerators.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Fruits and vegetables are brought at Balkhu from the hilly districts surrounding the Kathmandu Valley as well as from Terai. The produce is then supplied to a dozen smaller markets such as in Tukucha, Dhumbarahi and Kirtipur.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Ram Kumar Siwakoti, who has been selling vegetables at the Balkhu market for about eight years, mentioned that the market is at high risk of flooding due to its proximity to the river. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Although the Bagmati floods inundate the market every year, this year's flood was unprecedented in its severity," said Siwakoti, claiming that the water level in the vegetable market has risen to as high as six feets. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“While around 70% of the food was swept away, the rest have been buried in mud.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to Basnet, Minister for Agriculture and Livestock Development Ramnath Adhikari, who visited the Balkhu market on Wednesday, has assured the vendors to appeal to the government for providing them compensation after receiving the details of destruction.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The swollen river also caused damage worth around Rs 6.5 million at Kuleshwor Fruit Market where around 250 vendors operate.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Purushottam Ghimire, treasurer at Nepal Fruits Wholesaler Association, said that the fruits stored to ripen were swept away by the flood.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Following the flood, the market's turnover dipped by 90% on Wednesday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Business may be affected for a few more days as the market remains inundated.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-01', 'modified' => '2024-08-01', 'keywords' => '', 'description' => '', 'sortorder' => '21440', 'image' => '20240801071806_9e1cadda.jpeg', 'article_date' => '2024-08-01 19:16:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21713', 'article_category_id' => '1', 'title' => 'NRB Instructs Banks to Grant Loan Extension Facility for Contractors by Five Months', 'sub_title' => 'The central bank had announced the concession to contractors in its monetary policy', 'summary' => 'Construction entrepreneurs, who have been among the hardest hit by the economic slowdown, have been granted an additional five months to repay their bank loans. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 1</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Construction entrepreneurs, who have been among the hardest hit by the economic slowdown, have been granted an additional five months to repay their bank loans.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">For the implementation of its monetary policy, Nepal Rastra Bank (NRB) on Wednesday issued instructions to banks to extend the loan repayment deadline for contractors struggling under current circumstances by five months until mid-December this year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NRB has stipulated that interest accrued during this extension period will not be subject to further interest or penalties.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">However, the instructions specify that banks may impose penalty interest if the loan interest is not paid within the exemption period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The central bank had announced these concessions to contractors in its monetary policy.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The National Statistics Office has already predicted that the construction sector would grow negatively by 2.07 percent in the last fiscal year 2023/24, which ended on July 15.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Construction entrepreneurs have also been affected by delays in government payments, with over Rs 40 billion in arrears still outstanding for completed projects. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Both contractors and banks have been talking about the slowdown in the construction sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In addition, NRB has eased regulations regarding the blacklisting of construction entrepreneurs. According to the new guidelines, NRB has instructed that construction business organisations should not be blacklisted until mid-December 2024 solely due to dishonourable cheques.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In line with the monetary policy announcement, NRB has also extended the deadline for implementing the working capital loan guidelines by one year. Banks will now have until mid-July 2025 to set limits on working capital loans in accordance with the guidelines.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Flexible Provisions for Specialized Investment Funds</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NRB has also introduced flexibility in the blacklisting provisions for specialised investment funds, such as private equity and venture capital. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Small and medium enterprises with 50 percent or less share investment from domestic private equity and venture capital funds have been instructed not to be blacklisted solely because one company has been blacklisted.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NRB Executive Director Guru Paudel said that those companies were exempted from blacklisting provisions to encourage specialised investment. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Securities Board of Nepal (SEBON) has been approving the operation of private equity and venture capital funds under the 'Specialized Investment Fund Regulations, 2075'. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Till date, more than a dozen companies have received permission to operate these funds.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Chief Executive Officer of NRN Fund, Analraj Bhattarai, mentioned that this arrangement will encourage specialised investment institutions. Bhattarai said that since private equity and venture capital typically invest in multiple companies, blacklisting based on the status of a single company was problematic.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-01', 'modified' => '2024-08-01', 'keywords' => '', 'description' => '', 'sortorder' => '21439', 'image' => '20240801033027_NRB new.jpg', 'article_date' => '2024-08-01 15:29:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21727', 'article_category_id' => '1', 'title' => 'Faulty Budget Allocation Behind Implementation Challenges: Minister Paudel', 'sub_title' => '', 'summary' => 'KATHMANDU, August 3: Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel insists that budget implementation remains challenging due to faulty allocation.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 3: Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel insists that budget implementation remains challenging due to faulty allocation.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Speaking at a meeting of the parliamentary committee on finance on Friday, Minister Paudel highlighted that the budget was allocated without properly identifying sources, and it lacked foresight, as the outcomes were overlooked.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Paudel informed that the government will prioritize the completion of ongoing projects while implementing the budget for the current fiscal year 2024/25. Additionally, adequate resources will be allocated to mega and national pride projects. The government will also prioritize projects that promise quick results. "The incumbent government does not spend indiscriminately," he said, assuring fiscal discipline in public spending.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On a different note, the minister mentioned that the government would evaluate the necessity and relevance of seeking support from development partners and donor agencies. "We should only accept international support and mobilize it after analyzing our needs and priorities," he stated.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to him, the public debt, which has surpassed 40 percent of the country's GDP, should not be considered disorderly. He emphasized that public debt should be directed towards productive sectors and capital formation.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Furthermore, the finance minister pledged to maintain consistency between the government's fiscal and monetary policies to revitalize the country's economy and achieve sustainable growth. He added that his ministry would not interfere with the functions of Nepal Rastra Bank, an autonomous agency responsible for issuing monetary policy, but would instead work in coordination with it.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He claimed that positive changes were observed in the capital market following the introduction of the new monetary policy and urged investors to make well-informed choices. He advised that investment in the capital market should be based on the financial situation of the respective companies.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Assuring his ministry's role in ensuring the stock market matures, the minister stressed that the regulatory body should be highly vigilant to prevent activities like insider trading in the capital market. Regarding the establishment of a new stock exchange, he said that the government would make appropriate decisions after conducting necessary studies on the matter.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Also speaking at the meeting, former Finance Minister Dr. Prakash Sharan Mahat asserted that the government could not afford to spend indiscriminately to appease the public. "We must avoid populism. Discipline is essential in public expenditure management," he advised.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Dr. Mahat, there is no alternative but to increase capital expenditure to improve the national economy.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As for the monetary policy, he observed inconsistencies, noting that "sometimes Nepal Rastra Bank introduces expansionary provisions, while at other times, it's too strict."</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The parliamentarians attending the committee meeting expressed that the bills sent to the committee should be forwarded to parliament as soon as possible after deliberation. They also called for effective implementation of the programs included in the budget.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-03', 'modified' => '2024-08-03', 'keywords' => '', 'description' => '', 'sortorder' => '21453', 'image' => '20240803022235_budget.jpg', 'article_date' => '2024-08-03 14:21:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21726', 'article_category_id' => '1', 'title' => 'International Hot Air Balloon Festival in Pokhara ', 'sub_title' => '', 'summary' => 'Kaski, Aug 3: Pokhara, the lake city of Nepal, is gearing up to organize an international hot air balloon festival this winter. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kaski, Aug 3: Pokhara, the lake city of Nepal, is gearing up to organize an international hot air balloon festival this winter. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Balloon Nepal Pvt. Ltd will be hosting the festival in and around the source of Phewa lake with the objective of further promoting Pokhara at the international level. The festival will be held from the December 29 to January 2 marking the New Year 2025, said Bikram Bade, chairperson of Balloon Pvt. Ltd. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">About 20 to 25 balloons will be brought from different countries around the world for the festival. It is estimated to cost Rs 6.5 million to orgasnise the festival. The festival is being held with the support and collaboration of Nepal Tourism Board, Ministry of Culture, Tourism and Civil Aviation, Gandaki Province Government, Pokhara Metropolitan City, Civil Aviation Authority of Nepal, Pokhara Tourism Council among others. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Pokhara Tourism Council Chair Pomnarayan Shrestha said that the festival will be a historic event for Pokhara, the tourism capital of the country and for the entire Gandaki province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Sabin Maharjan, the proprietor of Balloon Nepal, said that flying in a hot air balloon offers panoramic view of mountains like Machhapuchhre, Annapurna, full-sized Phewa Lake, Pumdikot Mahadev, paragliders flying from Sarangkot and the beautiful scenery around Pokhara Valley. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-03', 'modified' => '2024-08-03', 'keywords' => '', 'description' => '', 'sortorder' => '21452', 'image' => '20240803121618_20190101025441_aa.jpg', 'article_date' => '2024-08-03 12:15:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21725', 'article_category_id' => '1', 'title' => 'PM Oli Directs Stakeholders to Operate New International Airports Effectively', 'sub_title' => '', 'summary' => 'KATHMANDU, August 3: Prime Minister KP Sharma Oli held a high-level discussion with stakeholder for the full-fledged operation of the international airports in Pokhara and Bhairahawa.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 3: Prime Minister KP Sharma Oli held a high-level discussion with stakeholder for the full-fledged operation of the international airports in Pokhara and Bhairahawa.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During the meeting at the Office of the Prime Minister and the Council of Ministers on Friday, PM Oli inquired about the current flight congestion and passenger management at Tribhuvan International Airport. He pledged to soon operate both the new international airports at full capacity.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The prime minister instructed ministers to create a conducive environment for regular international flights from the two airports. He stated that if the aviation regulatory body addresses the concerns of the international airlines interested in these airports, the government will include them in the schedule and proceed accordingly.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">PM Oli emphasized the seriousness of the issue, highlighting the significant losses caused by the underutilization of the two international airports. He noted that Tribhuvan International Airport is forced to handle more flights and passengers than its capacity, a situation that could be alleviated by the smooth operation of the new international airports.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He directed the concerned officials to submit plans for the effective operation of both airports, including improvements in immigration and other facilities, and the relocation of fuel depots if they are too close to the airport. PM Oli assured that the Cabinet could help resolve these issues if they are communicated in time.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Deputy Prime Minister and Minister for Finance Bishnu Prasad Paudel; Foreign Minister Dr. Arzu Rana Deuba; Minister for Labour and Employment Sharat Singh Bhandari; Minister for Culture, Tourism, and Civil Aviation Badri Prasad Pandey; and other officials were present at the meeting. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-03', 'modified' => '2024-08-03', 'keywords' => '', 'description' => '', 'sortorder' => '21451', 'image' => '20240803115521_20230227020513_Pokhara-Airport-800X533.jpg', 'article_date' => '2024-08-03 11:54:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21724', 'article_category_id' => '1', 'title' => 'IPPAN Urges PM Oli to Address Private Sector Concerns in Electricity Bill', 'sub_title' => '', 'summary' => 'KATHMANDU, August 1: The Independent Power Producers' Association, Nepal (IPPAN) has called on Prime Minister KP Sharma Oli to address the private sector’s issues in energy legislation. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 1: </span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Independent Power Producers' Association, Nepal (IPPAN) has called on Prime Minister KP Sharma Oli to address the private sector’s issues in energy legislation. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A delegation led by IPPAN President Ganesh Karki met the Prime Minister at his official residence in Baluwatar on Friday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The IPPAN urged the Prime Minister to amend the Electricity Bill, 2080, currently under parliamentary review, to include provisions for private sector participation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The delegation expressed concerns that the bill's current provisions could exclude private entities and lead to the cancellation of approximately 30,000 megawatts of planned projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Additionally, IPPAN requested the immediate opening of power purchase agreements for 13,000 MW-capacity projects that are in the pipeline. RSS</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21450', 'image' => '20240802082221_Pradhanmantrikosachiwalaya-18WhatsAppImage2024-08-02at2.10.JPG', 'article_date' => '2024-08-02 20:21:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21723', 'article_category_id' => '1', 'title' => 'NRB Eases Foreign Exchange Provisions for Nepali Travellers and Traders', 'sub_title' => '', 'summary' => '', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report<br /> KATHMANDU, August 2</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Nepal Rastra Bank (NRB) has eased the foreign exchange rules for Nepali travellers and traders by amending its Unified Directive-2080.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">With the amendment, the central bank has provided Nepalis visiting foreign countries, except India, an exchange facility of up to $2,500 per trip, on the basis of their passport. Though the Nepali citizens were allowed to withdraw $2,500 per trip earlier, the facility could only be used twice a year at most.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, the NRB has also increased the limitation for the use of money for the Nepalis having accounts and earning in foreign currency when they travel abroad to $25,000 from $15,000 in a fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The move follows the central bank’s decision in its monetary policy that the foreign exchange facility on the basis of passport would be eased in the current fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The revision also comes at a time when the country's foreign exchange reserves is sufficient to cover the prospective merchandise imports for 15 months, and merchandise and services imports for 12 and a half months.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal’s gross foreign exchange reserves surged by 27.8% to Rs 1,967.19 billion in mid-June this year from Rs 1,539.36 billion in mid-July 2023, central bank’s data show.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">With the reduction in import, growing remittance inflow and decline in credit expansion, Nepal’s foreign exchange reserves has continued to surge recently.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While the remittance inflow increased by 19.3% to Rs 1327.51 billion in the first 11 months, until mid-June, of the last fiscal year compared to an increase of 22.7% in the same period of the previous year, Nepal’s imports decreased by 1.8% in the review period, according to the NRB.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The revised directive has also doubled the foreign exchange facility being provided to Nepalis with visas for visiting Tibet in China and SAARC countries (except India) through land routes. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The exchange facility has been increased up to $1,000 once and $2,000 in a fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The provision, however, is only for the travellers. So, Nepali residents on the Nepal-Tibet border who make frequent trips to Tibet would not be able to use it.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While the members of the recruitment agencies sending up to 100 workers overseas in a year will now be eligible to get a foreign exchange facility up to $25,000 in a year, those from agencies sending more than 100 workers will be provided an exchange facility up to $30,000 in a year during their foreign visits. Earlier, the limits of the exchange facilities were $15,000 and $20,000 respectively. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The revised directive has a provision of providing bullion traders a foreign exchange facility up to $300,000 on every import of silver for producing jewellery, artistic goods and utensils among others. Similarly, foreign exchange limit for other silver importers has been set at $100,000 per import.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The revised provision has increased the limit of foreign exchange while importing goods to $100,000 from $60,000 per import.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The central bank has also brought into implementation the announcements it had made in the new monetary policy about increasing exchange limits for Draft/Telex Transfer (TT) facilities and ‘Document Against Payment’ and ‘Document Against Acceptance’ for importing goods.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While the foreign exchange limit for Draft/ Telex Transfer (TT) facilities in the import of goods has been raised from $35,000 to $50,000, the limit for ‘Document Against Payment’ and ‘Document Against Acceptance’ has been increased from existing $60,000 to $100,000.</span></span></span></span></p> <p><br /> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><br /> <br /> <br /> <br /> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21449', 'image' => '20240802061509_20240801033027_NRB new.jpg', 'article_date' => '2024-08-02 18:14:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21722', 'article_category_id' => '1', 'title' => 'NAC’s Debt Obligation Remains High Despite Payment', 'sub_title' => '', 'summary' => 'KATHMANDU, August 2: Nepal Airlines Corporation (NAC) has four years remaining to repay the loan taken from the Employee Provident Fund (EPF) to purchase a narrow-body aircraft of Airbus company aimed at expanding international flight operations.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 2: Nepal Airlines Corporation (NAC) has four years remaining to repay the loan taken from the Employee Provident Fund (EPF) to purchase a narrow-body aircraft of Airbus company aimed at expanding international flight operations. On June 18, 2013, NAC secured a Rs 9.98 billion loan from the EPF, backed by a government guarantee of Rs 10 billion, with a commitment to pay installments every three months over 15 years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In addition, on June 11, 2017, NAC signed another agreement with the EPF for a Rs 11.99 billion loan, with a guaranteed of Rs 12 billion from the government, to acquire a wide-body aircraft of Airbus. In total, EPF provided NAC with Rs 21.97 billion for aircraft purchases. According to EPF spokesperson Damodar Prasad Subedi, NAC paid Rs 1.62 billion in the last fiscal year (FY 2080/81). However, despite the payments, NAC’s debt obligations are increasing, with Rs 28.87 billion still owed to EPF. The repayment deadline for the wide-body aircraft loan is eight years away.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">NAC also secured a Rs 12 billion loan from the Citizen Investment Trust (CIT) to purchase a wide-body aircraft, with a similar 15-year repayment term. However, NAC’s debt to both EPF and CIT has grown instead of decreasing, prompting the corporation to lobby for an extension of the repayment period and interest waivers for the time impacted by the coronavirus pandemic. NAC officials say the state-owned airliner has formally requested both EPF and CIT to increase the number of installments and facilitate easier repayment terms, but no agreement has been reached.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Meanwhile, NAC is seeking new lenders to manage existing debts, purchase additional aircraft, and build a hangar, with an estimated requirement of Rs 135 billion. Of this, Rs 55 billion is intended for managing aircraft-related debt. NAC argues that the current interest rates—10 percent from EPF and 9 percent from CIT—are high and is looking for loans at subsidized rates.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">EPF confirmed that NAC has requested an extension of the repayment period and an interest waiver. However, no official decisions have been made, and it remains unclear when or how much exemption was requested. CIT Information Officer Uddhav Silwal on the other hand mentioned that they have not received any formal request from NAC regarding an installment extension.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">During the pandemic, NAC proposed an interest exemption to CIT, but the board of directors did not take any decision on this matter. As of the last fiscal year, NAC’s outstanding principal and interest to CIT amounted to Rs 19.50 billion. Despite an agreement to pay Rs 400 million in quarterly installments, NAC could not meet this obligation, and the installment amount has now risen to Rs 720 million. NAC paid Rs 400 million in the last fiscal year, but the total arrears to CIT has reached Rs 19.39 billion as of mid-June.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Subedi of EPF emphasized that the maximum repayment period for the loans cannot exceed 15 years, in accordance with current rules. The 61st annual report of the Auditor General noted that NAC has not fully paid the interest, leading to an increase in the principal amount due to a decision by the board of directors to capitalize the interest owed to EPF.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21448', 'image' => '20240802034737_1693297866.Nepal Airlines.jpg', 'article_date' => '2024-08-02 15:46:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21721', 'article_category_id' => '1', 'title' => 'Business of Non-life Insurance Companies Slightly Improves in Last Fiscal Year', 'sub_title' => 'The companies collected 3.11% more in insurance premiums in 2023/24 than in 2022/23.', 'summary' => 'The businesses of non-life insurance companies saw a slight improvement in the last fiscal year, FY 2023/24 despite a slowdown in the overall economy affecting this sector.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report<br /> KATHMANDU, August 2</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The businesses of non-life insurance companies saw a slight improvement in the last fiscal year, FY 2023/24 despite a slowdown in the overall economy affecting this sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the latest data from the Nepal Insurance Authority, non-life insurance companies collected Rs 41.46 billion in insurance premiums from the sale of around 2.97 million insurance policies in the last fiscal year, which ended on July 15.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The premiums collected was 3.11% more than that in the previous fiscal year 2022-23, when the companies had collected Rs 40.21 billion from the sale of around 2.79 million units of insurance policies. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The decline in credit expansion from banks and financial institutions has affected the businesses of insurance companies, said Chunky Chhetri, president of the Nepal Insurers’ Association.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“It is natural for the business of insurance companies to be affected amid the slowdown in the economy as its growth is linked to the economy,” said Chhetri, adding that the NRB’ move to ease the overall economy including the insurance sector in the coming days through the monetary policy will have a positive impact in this sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The central bank has brought a flexible monetary policy for the current fiscal year, giving concessions to contractors in loan repayment and blacklisting provisions. Similarly, the NRB has also extended the deadline to implement current capital loan guidelines by one year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Three of the 14 non-life insurance companies in operation saw their businesses decline in the last fiscal year, according to the Nepal Insurance Authority. Among them, the Rastriya Beema Company, whose insurance premium collection decreased by 31%, reported the biggest decline.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Among other 11 companies who saw their businesses grow, the Oriental Insurance Company Limited remained at the top with a 44% growth.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Shikhar Insurance topped the list for doing the most business in the review period. Shikhar ranked first in insurance premium collection, which surged by 2.89% to Rs 5.47 billion in the last fiscal year compared to the previous year – FY 2022/23.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, the four non-life microinsurance companies in operation collected Rs 294.8 million in insurance premium by issuing 127,000 insurance policies in the last fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Though the insurance authority had allowed four micro-insurances to operate in the previous fiscal year, only two came into operation in that period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">There was a growth in the businesses on microinsurance as all four companies started their business by the end of the last fiscal year, according to the authority.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21447', 'image' => '20240802012739_insurance non life.jpg', 'article_date' => '2024-08-02 13:25:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21720', 'article_category_id' => '1', 'title' => 'Price of Gold Reaches All Time High in Nepali Market ', 'sub_title' => 'The hallmark gold is being traded at Rs 149,900 per tola on Friday', 'summary' => 'Price of gold has reached an all-time high in the domestic market of Nepal on Friday. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 2: Price of gold has reached an all-time high in the domestic market of Nepal on Friday. </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, hallmark gold, which was traded at Rs 149,400 per tola (11.66 grams) on Thursday, is being traded at Rs 149,900 per tola on Friday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Earlier on July 17, its price had reached Rs 149,800 per tola, the state-owned RSS reported. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The price of gold has been rising steadily of late. 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 ongoing geopolitical tension due to the Israel’s offensive in Gaza as well as Lebanon 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> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21446', 'image' => '20240802125640_20240801032633_cd5483b7.jpeg', 'article_date' => '2024-08-02 12:55:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21719', 'article_category_id' => '1', 'title' => 'CAAN Gives Approval for Thai AirAsia to Operate Flights to Gautam Buddha Int’l Airport', 'sub_title' => '', 'summary' => 'KATHMANDU, August 2: The Civil Aviation Authority of Nepal (CAAN) has granted permission to Thai AirAsia to operate flights from both Tribhuvan International Airport in Kathmandu and Gautam Buddha International Airport in Bhairahawa.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 2: The Civil Aviation Authority of Nepal (CAAN) has granted permission to Thai AirAsia to operate flights from both Tribhuvan International Airport in Kathmandu and Gautam Buddha International Airport in Bhairahawa. The airline had requested permission to operate flights for seven days a week, and the regulatory body of Nepal has approved four flights from Gautam Buddha International Airport and three flights from Tribhuvan International Airport.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Thailand-based AirAsia Group had applied to the CAAN to operate daily flights from Tribhuvan International Airport. However, due to planned expansion work that will close the airport for 10 hours daily starting on November 1, 2024, the authority has asked the airline to operate four flights from Gautam Buddha International Airport instead.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Gyanendra Bhul, information officer of CAAN, stated that the company has applied for one daily flight from Bangkok to Kathmandu, beginning from September 24, 2024. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"With the airport getting closed for 10 hours daily and operating only for 14 hours starting from November 1, 2024, the airport's capacity will decrease," said Bhul. "Therefore, out of the daily flights requested by the company, four flights have been approved for Bhairahawa."</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Gautam Buddha International Airport, inaugurated in May 16, 2022, currently has no regular international flights. Thai AirAsia has now been permitted to operate four flights a week from this airport. Earlier, Al Jazeera Airways began regular flights to this airport but later discontinued them. The lack of regular flights at Gautam Buddha and Pokhara international airports, both of which were built with foreign loans, continues to add to the financial burden on the government.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21445', 'image' => '20240802105556_1652654595.Clipboard07.jpg', 'article_date' => '2024-08-02 10:55:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21718', 'article_category_id' => '1', 'title' => 'Global IME Bank and Gulf Exchange Company Sign Agreement to Ease Money Transfer from Qatar to Nepal', 'sub_title' => '', 'summary' => 'KATHMANDU, August 2: Global IME Bank Limited has entered into a strategic partnership with Gulf Exchange Company W.L.L., based in Qatar, to facilitate seamless remittance services for Nepalese migrants residing in Qatar. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 2: Global IME Bank Limited has entered into a strategic partnership with Gulf Exchange Company W.L.L., based in Qatar, to facilitate seamless remittance services for Nepalese migrants residing in Qatar. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The agreement aims to provide an efficient and convenient channel for transferring money from Qatar to Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Under the agreement, Nepalese migrants can send remittances through any of the 17 branches of Gulf Exchange Company W.L.L. in Qatar. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Additionally, the remittances can also be sent using the Gulf Exchange Company W.L.L.'s Remittance App, making the process more accessible and user-friendly.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The remitted funds can be collected from all branches of Global IME Bank across Nepal. Furthermore, the partnership extends the reach of remittance services through the 50,000-plus agent network of IME Limited and GME Remit throughout the country. This wide network ensures that recipients, even in remote areas, can easily access the remitted funds.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Nepalese residing in Qatar also have the option to send remittances directly to their own or their family members' bank accounts in Nepal, offering greater convenience and security.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Global IME Bank is the first private sector bank in Nepal to establish a branch network in all 77 districts of the country. The bank operates over 1,100 service centers, including 354 branch offices, 384 ATMs, 277 branchless banking services, 68 extension and revenue collection counters, and three foreign representative offices.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">In addition to providing comprehensive banking services to Nepali citizens, Global IME Bank offers extensive remittance services from various countries worldwide. The bank facilitates remittances from the United States, the United Kingdom, Canada, Australia, Malaysia, South Korea, Japan, Saudi Arabia, UAE, Bahrain, Kuwait, India, Jordan, and other countries, ensuring that the Nepalese diaspora can easily support their families back home.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">This new agreement with Gulf Exchange Company W.L.L. marks a significant step in enhancing the remittance services for Nepalese migrants in Qatar, providing them with reliable, efficient, and accessible options for sending money to Nepal.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21444', 'image' => '20240802104207_IMG-20240801-WA0003.jpg', 'article_date' => '2024-08-02 10:41:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21716', 'article_category_id' => '1', 'title' => 'SEBON Committed to Protecting Investors' Interests', 'sub_title' => '', 'summary' => 'KATHMANDU, August 2: The Executive Director of the Securities Board of Nepal (SEBON), Nabaraj Adhikari, emphasized the crucial role of the stock market in supporting the country's economic growth. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong>KATHMANDU, August 2:</strong> The Executive Director of the Securities Board of Nepal (SEBON), Nabaraj Adhikari, emphasized the crucial role of the stock market in supporting the country's economic growth. He reiterated SEBON's commitment to protecting the interests of investors.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Speaking at the 12th anniversary of NIMB Ace Capital Limited on Thursday, Adhikari highlighted SEBON's efforts to address the concerns of financial management companies, as well as its role in regulating and managing securities and related activities.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Adhikari also acknowledged the recent monetary policy introduced by the central bank, which aims to invigorate the stock market. He expressed appreciation for the removal of the Rs 200 million cap on institutional share traders.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former Chief Secretary Bimal Koirala, who also spoke at the event, stressed the need for a secure and reliable stock trading system. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21443', 'image' => '20240802092018_Sebon-update.jpg', 'article_date' => '2024-08-02 09:19:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21717', 'article_category_id' => '1', 'title' => 'South Korea Union Pickets Outside Samsung Chairman's House', 'sub_title' => '', 'summary' => '', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">SEOUL, August 1</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Leaders of a South Korean union representing tens of thousands of workers at Samsung Electronics staged a protest Thursday outside the house of the company's chairman and heir, after fresh negotiations failed.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Thousands of union members stopped working on July 8 for what was initially meant to be a three-day strike, part of a long-running battle over pay and benefits. The union subsequently extended the work stoppage "indefinitely".</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It is unclear exactly how many workers have downed tools, and Samsung has said the action is not affecting production, posting record growth and profits earlier this week for the second quarter.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">"If a delay occurs in semiconductor processing, the effects won't be immediate. It takes weeks or months," Lee Hyun-kuk, vice president of the National Samsung Electronics Union (NSEU), told AFP.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The union engaged in eleventh-hour talks with management for three days, until Wednesday, but has failed to reach an agreement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Union executives gathered on Thursday outside Samsung Chairman Lee Jae-yong's house, holding pickets that read "Samsung Electronics' strike, Lee Jae-yong should be accountable".</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Another displayed a picture of Lee holding a finger to his mouth with the caption, "Shh! Labour union, what's that? Samsung strike, what's that?"</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A handful of police were deployed at the premises and the protest was interrupted by the police warning the union they were not allowed to chant.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">"In the 25 days since the strike began, all Lee has done is attend the wedding of the son of Asia's richest man and give out Samsung phones to Olympic athletes that are worth over 30 billion won ($22 million)," union member Kim Jae-won told reporters.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Lee was a guest at the wedding of Indian billionaire Mukesh Ambani's youngest son Anant in July.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Last week he attended a banquet co-hosted by French President Emmanuel Macron and International Olympic Committee President Thomas Bach at the Louvre Museum.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The union claimed that the company was trying to break the strike with illegal means, including creating a "blacklist" of strike participants.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">"We will publicise all of this," Son Woo-mok, head of NSEU, told AFP. "Labour suppression, unfair labour practices, industrial accidents, the list continues."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Samsung said Wednesday it was "communicating and discussing to ensure that this labour union strike ends early", adding there was "no problem with responding to our customer volume".</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The first labour union at Samsung Electronics was formed in the late 2010s.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The National Samsung Electronics Union, which has around 36,000 members, or nearly a quarter of the company's total workforce, claims labour organising remains taboo at the company.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Two years ago, the union staged a demonstration in front of Lee's residence, successfully securing three additional holidays.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In 2020, former Samsung employees faced criticism for their unorthodox protest methods, which included grilling pork belly, drinking soju, and strumming guitars outside Lee's home. -- AFP/RSS</span></span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21442', 'image' => '20240802095930_69611783_1004.jpg', 'article_date' => '2024-08-02 09:56:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21715', 'article_category_id' => '1', 'title' => 'IPPAN Urges Not to Halt Public Issuance Process', 'sub_title' => '', 'summary' => 'The Independent Power Producers' Association, Nepal (IPPAN) has urged not to halt the public issuance approval process.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 2: The Independent Power Producers' Association, Nepal (IPPAN) has urged not to halt the public issuance approval process.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> IPPAN made this appeal in a press release issued on Thursday. Noting that there has been an attempt to financially undermine hydropower companies, IPPAN expressed its serious concern over the matter. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The issuance of rights shares and IPOs of more than 32 hydropower companies worth over Rs 16 billion have been halted for the past six months. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">“The delay in appointment of the chairman of the Securities Board of Nepal (SEBON) is deliberate effort to financially destabilize hydropower companies,” said the press statement. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The press statement accused certain groups of intentionally obstructing the appointment process for SEBON's chairman to serve their commercial interests, effectively holding the entire hydropower sector hostage.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> IPPAN further alleged that SEBON has been concealing its past decisions related to the hydropower sector and is attempting to damage the reputation of the sector's entrepreneurs.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">IPPAN also addressed recent media reports concerning the sale of founder/promoter shares, which claimed that the lock-in period for these shares in hydropower projects had been extended. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The association dismissed these reports as misleading and aimed at tarnishing the reputation of the hydropower sector.</span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> IPPAN emphasized the need for clarity and transparency to protect the interests of the sector and its stakeholders.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21441', 'image' => '20240802055845_collage (86).jpg', 'article_date' => '2024-08-02 05:57:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '21714', 'article_category_id' => '1', 'title' => 'Floods in Kathmandu Inundate Fruits and Vegetable Markets', 'sub_title' => 'Traders estimate a damage of over Rs 50 million in Balkhu and Rs 6.5 million in Kuleshwar. ', 'summary' => 'The flooded Bagmati River following heavy rain on Tuesday has inundated the Balkhu Fruits and Vegetables Market in Kathmandu causing a huge financial damage, the vendors operating there said. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">PRASHANT KHADKA</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 1</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The flooded Bagmati River following heavy rain on Tuesday has inundated the Balkhu Fruits and Vegetables Market in Kathmandu causing a huge financial damage, the vendors operating there said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">With 450 stalls, it is considered one of the largest vegetable markets in the Kathmandu Valley.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“It is estimated that there has been a loss of more than Rs 50 million,” Mohan Kumar Basnet, director of the market, told NBA. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Balkhu market supplies about 30% of the vegetables to the Kathmandu Valley.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to Basnet, the flooded river started entering the market area around 1:45 am on Wednesday and took only 30 minutes to sweep away most of the food materials.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Two large trucks carrying vegetables and three smaller vehicles were also submerged, damaging their engines,” said Basnet. “The flood also caused damage to two generators, a car, seven motorcycles and two refrigerators.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Fruits and vegetables are brought at Balkhu from the hilly districts surrounding the Kathmandu Valley as well as from Terai. The produce is then supplied to a dozen smaller markets such as in Tukucha, Dhumbarahi and Kirtipur.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Ram Kumar Siwakoti, who has been selling vegetables at the Balkhu market for about eight years, mentioned that the market is at high risk of flooding due to its proximity to the river. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Although the Bagmati floods inundate the market every year, this year's flood was unprecedented in its severity," said Siwakoti, claiming that the water level in the vegetable market has risen to as high as six feets. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“While around 70% of the food was swept away, the rest have been buried in mud.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to Basnet, Minister for Agriculture and Livestock Development Ramnath Adhikari, who visited the Balkhu market on Wednesday, has assured the vendors to appeal to the government for providing them compensation after receiving the details of destruction.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The swollen river also caused damage worth around Rs 6.5 million at Kuleshwor Fruit Market where around 250 vendors operate.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Purushottam Ghimire, treasurer at Nepal Fruits Wholesaler Association, said that the fruits stored to ripen were swept away by the flood.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Following the flood, the market's turnover dipped by 90% on Wednesday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Business may be affected for a few more days as the market remains inundated.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-01', 'modified' => '2024-08-01', 'keywords' => '', 'description' => '', 'sortorder' => '21440', 'image' => '20240801071806_9e1cadda.jpeg', 'article_date' => '2024-08-01 19:16:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21713', 'article_category_id' => '1', 'title' => 'NRB Instructs Banks to Grant Loan Extension Facility for Contractors by Five Months', 'sub_title' => 'The central bank had announced the concession to contractors in its monetary policy', 'summary' => 'Construction entrepreneurs, who have been among the hardest hit by the economic slowdown, have been granted an additional five months to repay their bank loans. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 1</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Construction entrepreneurs, who have been among the hardest hit by the economic slowdown, have been granted an additional five months to repay their bank loans.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">For the implementation of its monetary policy, Nepal Rastra Bank (NRB) on Wednesday issued instructions to banks to extend the loan repayment deadline for contractors struggling under current circumstances by five months until mid-December this year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NRB has stipulated that interest accrued during this extension period will not be subject to further interest or penalties.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">However, the instructions specify that banks may impose penalty interest if the loan interest is not paid within the exemption period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The central bank had announced these concessions to contractors in its monetary policy.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The National Statistics Office has already predicted that the construction sector would grow negatively by 2.07 percent in the last fiscal year 2023/24, which ended on July 15.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Construction entrepreneurs have also been affected by delays in government payments, with over Rs 40 billion in arrears still outstanding for completed projects. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Both contractors and banks have been talking about the slowdown in the construction sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In addition, NRB has eased regulations regarding the blacklisting of construction entrepreneurs. According to the new guidelines, NRB has instructed that construction business organisations should not be blacklisted until mid-December 2024 solely due to dishonourable cheques.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In line with the monetary policy announcement, NRB has also extended the deadline for implementing the working capital loan guidelines by one year. Banks will now have until mid-July 2025 to set limits on working capital loans in accordance with the guidelines.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Flexible Provisions for Specialized Investment Funds</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NRB has also introduced flexibility in the blacklisting provisions for specialised investment funds, such as private equity and venture capital. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Small and medium enterprises with 50 percent or less share investment from domestic private equity and venture capital funds have been instructed not to be blacklisted solely because one company has been blacklisted.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NRB Executive Director Guru Paudel said that those companies were exempted from blacklisting provisions to encourage specialised investment. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Securities Board of Nepal (SEBON) has been approving the operation of private equity and venture capital funds under the 'Specialized Investment Fund Regulations, 2075'. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Till date, more than a dozen companies have received permission to operate these funds.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Chief Executive Officer of NRN Fund, Analraj Bhattarai, mentioned that this arrangement will encourage specialised investment institutions. Bhattarai said that since private equity and venture capital typically invest in multiple companies, blacklisting based on the status of a single company was problematic.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-01', 'modified' => '2024-08-01', 'keywords' => '', 'description' => '', 'sortorder' => '21439', 'image' => '20240801033027_NRB new.jpg', 'article_date' => '2024-08-01 15:29:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21727', 'article_category_id' => '1', 'title' => 'Faulty Budget Allocation Behind Implementation Challenges: Minister Paudel', 'sub_title' => '', 'summary' => 'KATHMANDU, August 3: Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel insists that budget implementation remains challenging due to faulty allocation.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 3: Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel insists that budget implementation remains challenging due to faulty allocation.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Speaking at a meeting of the parliamentary committee on finance on Friday, Minister Paudel highlighted that the budget was allocated without properly identifying sources, and it lacked foresight, as the outcomes were overlooked.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Paudel informed that the government will prioritize the completion of ongoing projects while implementing the budget for the current fiscal year 2024/25. Additionally, adequate resources will be allocated to mega and national pride projects. The government will also prioritize projects that promise quick results. "The incumbent government does not spend indiscriminately," he said, assuring fiscal discipline in public spending.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On a different note, the minister mentioned that the government would evaluate the necessity and relevance of seeking support from development partners and donor agencies. "We should only accept international support and mobilize it after analyzing our needs and priorities," he stated.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to him, the public debt, which has surpassed 40 percent of the country's GDP, should not be considered disorderly. He emphasized that public debt should be directed towards productive sectors and capital formation.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Furthermore, the finance minister pledged to maintain consistency between the government's fiscal and monetary policies to revitalize the country's economy and achieve sustainable growth. He added that his ministry would not interfere with the functions of Nepal Rastra Bank, an autonomous agency responsible for issuing monetary policy, but would instead work in coordination with it.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He claimed that positive changes were observed in the capital market following the introduction of the new monetary policy and urged investors to make well-informed choices. He advised that investment in the capital market should be based on the financial situation of the respective companies.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Assuring his ministry's role in ensuring the stock market matures, the minister stressed that the regulatory body should be highly vigilant to prevent activities like insider trading in the capital market. Regarding the establishment of a new stock exchange, he said that the government would make appropriate decisions after conducting necessary studies on the matter.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Also speaking at the meeting, former Finance Minister Dr. Prakash Sharan Mahat asserted that the government could not afford to spend indiscriminately to appease the public. "We must avoid populism. Discipline is essential in public expenditure management," he advised.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Dr. Mahat, there is no alternative but to increase capital expenditure to improve the national economy.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As for the monetary policy, he observed inconsistencies, noting that "sometimes Nepal Rastra Bank introduces expansionary provisions, while at other times, it's too strict."</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The parliamentarians attending the committee meeting expressed that the bills sent to the committee should be forwarded to parliament as soon as possible after deliberation. They also called for effective implementation of the programs included in the budget.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-03', 'modified' => '2024-08-03', 'keywords' => '', 'description' => '', 'sortorder' => '21453', 'image' => '20240803022235_budget.jpg', 'article_date' => '2024-08-03 14:21:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21726', 'article_category_id' => '1', 'title' => 'International Hot Air Balloon Festival in Pokhara ', 'sub_title' => '', 'summary' => 'Kaski, Aug 3: Pokhara, the lake city of Nepal, is gearing up to organize an international hot air balloon festival this winter. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kaski, Aug 3: Pokhara, the lake city of Nepal, is gearing up to organize an international hot air balloon festival this winter. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Balloon Nepal Pvt. Ltd will be hosting the festival in and around the source of Phewa lake with the objective of further promoting Pokhara at the international level. The festival will be held from the December 29 to January 2 marking the New Year 2025, said Bikram Bade, chairperson of Balloon Pvt. Ltd. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">About 20 to 25 balloons will be brought from different countries around the world for the festival. It is estimated to cost Rs 6.5 million to orgasnise the festival. The festival is being held with the support and collaboration of Nepal Tourism Board, Ministry of Culture, Tourism and Civil Aviation, Gandaki Province Government, Pokhara Metropolitan City, Civil Aviation Authority of Nepal, Pokhara Tourism Council among others. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Pokhara Tourism Council Chair Pomnarayan Shrestha said that the festival will be a historic event for Pokhara, the tourism capital of the country and for the entire Gandaki province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Sabin Maharjan, the proprietor of Balloon Nepal, said that flying in a hot air balloon offers panoramic view of mountains like Machhapuchhre, Annapurna, full-sized Phewa Lake, Pumdikot Mahadev, paragliders flying from Sarangkot and the beautiful scenery around Pokhara Valley. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-03', 'modified' => '2024-08-03', 'keywords' => '', 'description' => '', 'sortorder' => '21452', 'image' => '20240803121618_20190101025441_aa.jpg', 'article_date' => '2024-08-03 12:15:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21725', 'article_category_id' => '1', 'title' => 'PM Oli Directs Stakeholders to Operate New International Airports Effectively', 'sub_title' => '', 'summary' => 'KATHMANDU, August 3: Prime Minister KP Sharma Oli held a high-level discussion with stakeholder for the full-fledged operation of the international airports in Pokhara and Bhairahawa.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 3: Prime Minister KP Sharma Oli held a high-level discussion with stakeholder for the full-fledged operation of the international airports in Pokhara and Bhairahawa.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During the meeting at the Office of the Prime Minister and the Council of Ministers on Friday, PM Oli inquired about the current flight congestion and passenger management at Tribhuvan International Airport. He pledged to soon operate both the new international airports at full capacity.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The prime minister instructed ministers to create a conducive environment for regular international flights from the two airports. He stated that if the aviation regulatory body addresses the concerns of the international airlines interested in these airports, the government will include them in the schedule and proceed accordingly.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">PM Oli emphasized the seriousness of the issue, highlighting the significant losses caused by the underutilization of the two international airports. He noted that Tribhuvan International Airport is forced to handle more flights and passengers than its capacity, a situation that could be alleviated by the smooth operation of the new international airports.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He directed the concerned officials to submit plans for the effective operation of both airports, including improvements in immigration and other facilities, and the relocation of fuel depots if they are too close to the airport. PM Oli assured that the Cabinet could help resolve these issues if they are communicated in time.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Deputy Prime Minister and Minister for Finance Bishnu Prasad Paudel; Foreign Minister Dr. Arzu Rana Deuba; Minister for Labour and Employment Sharat Singh Bhandari; Minister for Culture, Tourism, and Civil Aviation Badri Prasad Pandey; and other officials were present at the meeting. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-03', 'modified' => '2024-08-03', 'keywords' => '', 'description' => '', 'sortorder' => '21451', 'image' => '20240803115521_20230227020513_Pokhara-Airport-800X533.jpg', 'article_date' => '2024-08-03 11:54:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21724', 'article_category_id' => '1', 'title' => 'IPPAN Urges PM Oli to Address Private Sector Concerns in Electricity Bill', 'sub_title' => '', 'summary' => 'KATHMANDU, August 1: The Independent Power Producers' Association, Nepal (IPPAN) has called on Prime Minister KP Sharma Oli to address the private sector’s issues in energy legislation. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 1: </span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Independent Power Producers' Association, Nepal (IPPAN) has called on Prime Minister KP Sharma Oli to address the private sector’s issues in energy legislation. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A delegation led by IPPAN President Ganesh Karki met the Prime Minister at his official residence in Baluwatar on Friday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The IPPAN urged the Prime Minister to amend the Electricity Bill, 2080, currently under parliamentary review, to include provisions for private sector participation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The delegation expressed concerns that the bill's current provisions could exclude private entities and lead to the cancellation of approximately 30,000 megawatts of planned projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Additionally, IPPAN requested the immediate opening of power purchase agreements for 13,000 MW-capacity projects that are in the pipeline. RSS</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21450', 'image' => '20240802082221_Pradhanmantrikosachiwalaya-18WhatsAppImage2024-08-02at2.10.JPG', 'article_date' => '2024-08-02 20:21:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21723', 'article_category_id' => '1', 'title' => 'NRB Eases Foreign Exchange Provisions for Nepali Travellers and Traders', 'sub_title' => '', 'summary' => '', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report<br /> KATHMANDU, August 2</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Nepal Rastra Bank (NRB) has eased the foreign exchange rules for Nepali travellers and traders by amending its Unified Directive-2080.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">With the amendment, the central bank has provided Nepalis visiting foreign countries, except India, an exchange facility of up to $2,500 per trip, on the basis of their passport. Though the Nepali citizens were allowed to withdraw $2,500 per trip earlier, the facility could only be used twice a year at most.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, the NRB has also increased the limitation for the use of money for the Nepalis having accounts and earning in foreign currency when they travel abroad to $25,000 from $15,000 in a fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The move follows the central bank’s decision in its monetary policy that the foreign exchange facility on the basis of passport would be eased in the current fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The revision also comes at a time when the country's foreign exchange reserves is sufficient to cover the prospective merchandise imports for 15 months, and merchandise and services imports for 12 and a half months.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal’s gross foreign exchange reserves surged by 27.8% to Rs 1,967.19 billion in mid-June this year from Rs 1,539.36 billion in mid-July 2023, central bank’s data show.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">With the reduction in import, growing remittance inflow and decline in credit expansion, Nepal’s foreign exchange reserves has continued to surge recently.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While the remittance inflow increased by 19.3% to Rs 1327.51 billion in the first 11 months, until mid-June, of the last fiscal year compared to an increase of 22.7% in the same period of the previous year, Nepal’s imports decreased by 1.8% in the review period, according to the NRB.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The revised directive has also doubled the foreign exchange facility being provided to Nepalis with visas for visiting Tibet in China and SAARC countries (except India) through land routes. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The exchange facility has been increased up to $1,000 once and $2,000 in a fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The provision, however, is only for the travellers. So, Nepali residents on the Nepal-Tibet border who make frequent trips to Tibet would not be able to use it.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While the members of the recruitment agencies sending up to 100 workers overseas in a year will now be eligible to get a foreign exchange facility up to $25,000 in a year, those from agencies sending more than 100 workers will be provided an exchange facility up to $30,000 in a year during their foreign visits. Earlier, the limits of the exchange facilities were $15,000 and $20,000 respectively. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The revised directive has a provision of providing bullion traders a foreign exchange facility up to $300,000 on every import of silver for producing jewellery, artistic goods and utensils among others. Similarly, foreign exchange limit for other silver importers has been set at $100,000 per import.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The revised provision has increased the limit of foreign exchange while importing goods to $100,000 from $60,000 per import.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The central bank has also brought into implementation the announcements it had made in the new monetary policy about increasing exchange limits for Draft/Telex Transfer (TT) facilities and ‘Document Against Payment’ and ‘Document Against Acceptance’ for importing goods.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While the foreign exchange limit for Draft/ Telex Transfer (TT) facilities in the import of goods has been raised from $35,000 to $50,000, the limit for ‘Document Against Payment’ and ‘Document Against Acceptance’ has been increased from existing $60,000 to $100,000.</span></span></span></span></p> <p><br /> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><br /> <br /> <br /> <br /> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21449', 'image' => '20240802061509_20240801033027_NRB new.jpg', 'article_date' => '2024-08-02 18:14:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21722', 'article_category_id' => '1', 'title' => 'NAC’s Debt Obligation Remains High Despite Payment', 'sub_title' => '', 'summary' => 'KATHMANDU, August 2: Nepal Airlines Corporation (NAC) has four years remaining to repay the loan taken from the Employee Provident Fund (EPF) to purchase a narrow-body aircraft of Airbus company aimed at expanding international flight operations.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 2: Nepal Airlines Corporation (NAC) has four years remaining to repay the loan taken from the Employee Provident Fund (EPF) to purchase a narrow-body aircraft of Airbus company aimed at expanding international flight operations. On June 18, 2013, NAC secured a Rs 9.98 billion loan from the EPF, backed by a government guarantee of Rs 10 billion, with a commitment to pay installments every three months over 15 years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In addition, on June 11, 2017, NAC signed another agreement with the EPF for a Rs 11.99 billion loan, with a guaranteed of Rs 12 billion from the government, to acquire a wide-body aircraft of Airbus. In total, EPF provided NAC with Rs 21.97 billion for aircraft purchases. According to EPF spokesperson Damodar Prasad Subedi, NAC paid Rs 1.62 billion in the last fiscal year (FY 2080/81). However, despite the payments, NAC’s debt obligations are increasing, with Rs 28.87 billion still owed to EPF. The repayment deadline for the wide-body aircraft loan is eight years away.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">NAC also secured a Rs 12 billion loan from the Citizen Investment Trust (CIT) to purchase a wide-body aircraft, with a similar 15-year repayment term. However, NAC’s debt to both EPF and CIT has grown instead of decreasing, prompting the corporation to lobby for an extension of the repayment period and interest waivers for the time impacted by the coronavirus pandemic. NAC officials say the state-owned airliner has formally requested both EPF and CIT to increase the number of installments and facilitate easier repayment terms, but no agreement has been reached.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Meanwhile, NAC is seeking new lenders to manage existing debts, purchase additional aircraft, and build a hangar, with an estimated requirement of Rs 135 billion. Of this, Rs 55 billion is intended for managing aircraft-related debt. NAC argues that the current interest rates—10 percent from EPF and 9 percent from CIT—are high and is looking for loans at subsidized rates.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">EPF confirmed that NAC has requested an extension of the repayment period and an interest waiver. However, no official decisions have been made, and it remains unclear when or how much exemption was requested. CIT Information Officer Uddhav Silwal on the other hand mentioned that they have not received any formal request from NAC regarding an installment extension.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">During the pandemic, NAC proposed an interest exemption to CIT, but the board of directors did not take any decision on this matter. As of the last fiscal year, NAC’s outstanding principal and interest to CIT amounted to Rs 19.50 billion. Despite an agreement to pay Rs 400 million in quarterly installments, NAC could not meet this obligation, and the installment amount has now risen to Rs 720 million. NAC paid Rs 400 million in the last fiscal year, but the total arrears to CIT has reached Rs 19.39 billion as of mid-June.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Subedi of EPF emphasized that the maximum repayment period for the loans cannot exceed 15 years, in accordance with current rules. The 61st annual report of the Auditor General noted that NAC has not fully paid the interest, leading to an increase in the principal amount due to a decision by the board of directors to capitalize the interest owed to EPF.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21448', 'image' => '20240802034737_1693297866.Nepal Airlines.jpg', 'article_date' => '2024-08-02 15:46:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21721', 'article_category_id' => '1', 'title' => 'Business of Non-life Insurance Companies Slightly Improves in Last Fiscal Year', 'sub_title' => 'The companies collected 3.11% more in insurance premiums in 2023/24 than in 2022/23.', 'summary' => 'The businesses of non-life insurance companies saw a slight improvement in the last fiscal year, FY 2023/24 despite a slowdown in the overall economy affecting this sector.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report<br /> KATHMANDU, August 2</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The businesses of non-life insurance companies saw a slight improvement in the last fiscal year, FY 2023/24 despite a slowdown in the overall economy affecting this sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the latest data from the Nepal Insurance Authority, non-life insurance companies collected Rs 41.46 billion in insurance premiums from the sale of around 2.97 million insurance policies in the last fiscal year, which ended on July 15.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The premiums collected was 3.11% more than that in the previous fiscal year 2022-23, when the companies had collected Rs 40.21 billion from the sale of around 2.79 million units of insurance policies. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The decline in credit expansion from banks and financial institutions has affected the businesses of insurance companies, said Chunky Chhetri, president of the Nepal Insurers’ Association.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“It is natural for the business of insurance companies to be affected amid the slowdown in the economy as its growth is linked to the economy,” said Chhetri, adding that the NRB’ move to ease the overall economy including the insurance sector in the coming days through the monetary policy will have a positive impact in this sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The central bank has brought a flexible monetary policy for the current fiscal year, giving concessions to contractors in loan repayment and blacklisting provisions. Similarly, the NRB has also extended the deadline to implement current capital loan guidelines by one year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Three of the 14 non-life insurance companies in operation saw their businesses decline in the last fiscal year, according to the Nepal Insurance Authority. Among them, the Rastriya Beema Company, whose insurance premium collection decreased by 31%, reported the biggest decline.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Among other 11 companies who saw their businesses grow, the Oriental Insurance Company Limited remained at the top with a 44% growth.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Shikhar Insurance topped the list for doing the most business in the review period. Shikhar ranked first in insurance premium collection, which surged by 2.89% to Rs 5.47 billion in the last fiscal year compared to the previous year – FY 2022/23.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, the four non-life microinsurance companies in operation collected Rs 294.8 million in insurance premium by issuing 127,000 insurance policies in the last fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Though the insurance authority had allowed four micro-insurances to operate in the previous fiscal year, only two came into operation in that period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">There was a growth in the businesses on microinsurance as all four companies started their business by the end of the last fiscal year, according to the authority.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21447', 'image' => '20240802012739_insurance non life.jpg', 'article_date' => '2024-08-02 13:25:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21720', 'article_category_id' => '1', 'title' => 'Price of Gold Reaches All Time High in Nepali Market ', 'sub_title' => 'The hallmark gold is being traded at Rs 149,900 per tola on Friday', 'summary' => 'Price of gold has reached an all-time high in the domestic market of Nepal on Friday. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 2: Price of gold has reached an all-time high in the domestic market of Nepal on Friday. </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, hallmark gold, which was traded at Rs 149,400 per tola (11.66 grams) on Thursday, is being traded at Rs 149,900 per tola on Friday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Earlier on July 17, its price had reached Rs 149,800 per tola, the state-owned RSS reported. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The price of gold has been rising steadily of late. 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 ongoing geopolitical tension due to the Israel’s offensive in Gaza as well as Lebanon 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> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21446', 'image' => '20240802125640_20240801032633_cd5483b7.jpeg', 'article_date' => '2024-08-02 12:55:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21719', 'article_category_id' => '1', 'title' => 'CAAN Gives Approval for Thai AirAsia to Operate Flights to Gautam Buddha Int’l Airport', 'sub_title' => '', 'summary' => 'KATHMANDU, August 2: The Civil Aviation Authority of Nepal (CAAN) has granted permission to Thai AirAsia to operate flights from both Tribhuvan International Airport in Kathmandu and Gautam Buddha International Airport in Bhairahawa.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 2: The Civil Aviation Authority of Nepal (CAAN) has granted permission to Thai AirAsia to operate flights from both Tribhuvan International Airport in Kathmandu and Gautam Buddha International Airport in Bhairahawa. The airline had requested permission to operate flights for seven days a week, and the regulatory body of Nepal has approved four flights from Gautam Buddha International Airport and three flights from Tribhuvan International Airport.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Thailand-based AirAsia Group had applied to the CAAN to operate daily flights from Tribhuvan International Airport. However, due to planned expansion work that will close the airport for 10 hours daily starting on November 1, 2024, the authority has asked the airline to operate four flights from Gautam Buddha International Airport instead.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Gyanendra Bhul, information officer of CAAN, stated that the company has applied for one daily flight from Bangkok to Kathmandu, beginning from September 24, 2024. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"With the airport getting closed for 10 hours daily and operating only for 14 hours starting from November 1, 2024, the airport's capacity will decrease," said Bhul. "Therefore, out of the daily flights requested by the company, four flights have been approved for Bhairahawa."</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Gautam Buddha International Airport, inaugurated in May 16, 2022, currently has no regular international flights. Thai AirAsia has now been permitted to operate four flights a week from this airport. Earlier, Al Jazeera Airways began regular flights to this airport but later discontinued them. The lack of regular flights at Gautam Buddha and Pokhara international airports, both of which were built with foreign loans, continues to add to the financial burden on the government.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21445', 'image' => '20240802105556_1652654595.Clipboard07.jpg', 'article_date' => '2024-08-02 10:55:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21718', 'article_category_id' => '1', 'title' => 'Global IME Bank and Gulf Exchange Company Sign Agreement to Ease Money Transfer from Qatar to Nepal', 'sub_title' => '', 'summary' => 'KATHMANDU, August 2: Global IME Bank Limited has entered into a strategic partnership with Gulf Exchange Company W.L.L., based in Qatar, to facilitate seamless remittance services for Nepalese migrants residing in Qatar. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 2: Global IME Bank Limited has entered into a strategic partnership with Gulf Exchange Company W.L.L., based in Qatar, to facilitate seamless remittance services for Nepalese migrants residing in Qatar. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The agreement aims to provide an efficient and convenient channel for transferring money from Qatar to Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Under the agreement, Nepalese migrants can send remittances through any of the 17 branches of Gulf Exchange Company W.L.L. in Qatar. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Additionally, the remittances can also be sent using the Gulf Exchange Company W.L.L.'s Remittance App, making the process more accessible and user-friendly.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The remitted funds can be collected from all branches of Global IME Bank across Nepal. Furthermore, the partnership extends the reach of remittance services through the 50,000-plus agent network of IME Limited and GME Remit throughout the country. This wide network ensures that recipients, even in remote areas, can easily access the remitted funds.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Nepalese residing in Qatar also have the option to send remittances directly to their own or their family members' bank accounts in Nepal, offering greater convenience and security.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Global IME Bank is the first private sector bank in Nepal to establish a branch network in all 77 districts of the country. The bank operates over 1,100 service centers, including 354 branch offices, 384 ATMs, 277 branchless banking services, 68 extension and revenue collection counters, and three foreign representative offices.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">In addition to providing comprehensive banking services to Nepali citizens, Global IME Bank offers extensive remittance services from various countries worldwide. The bank facilitates remittances from the United States, the United Kingdom, Canada, Australia, Malaysia, South Korea, Japan, Saudi Arabia, UAE, Bahrain, Kuwait, India, Jordan, and other countries, ensuring that the Nepalese diaspora can easily support their families back home.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">This new agreement with Gulf Exchange Company W.L.L. marks a significant step in enhancing the remittance services for Nepalese migrants in Qatar, providing them with reliable, efficient, and accessible options for sending money to Nepal.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21444', 'image' => '20240802104207_IMG-20240801-WA0003.jpg', 'article_date' => '2024-08-02 10:41:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21716', 'article_category_id' => '1', 'title' => 'SEBON Committed to Protecting Investors' Interests', 'sub_title' => '', 'summary' => 'KATHMANDU, August 2: The Executive Director of the Securities Board of Nepal (SEBON), Nabaraj Adhikari, emphasized the crucial role of the stock market in supporting the country's economic growth. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong>KATHMANDU, August 2:</strong> The Executive Director of the Securities Board of Nepal (SEBON), Nabaraj Adhikari, emphasized the crucial role of the stock market in supporting the country's economic growth. He reiterated SEBON's commitment to protecting the interests of investors.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Speaking at the 12th anniversary of NIMB Ace Capital Limited on Thursday, Adhikari highlighted SEBON's efforts to address the concerns of financial management companies, as well as its role in regulating and managing securities and related activities.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Adhikari also acknowledged the recent monetary policy introduced by the central bank, which aims to invigorate the stock market. He expressed appreciation for the removal of the Rs 200 million cap on institutional share traders.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former Chief Secretary Bimal Koirala, who also spoke at the event, stressed the need for a secure and reliable stock trading system. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21443', 'image' => '20240802092018_Sebon-update.jpg', 'article_date' => '2024-08-02 09:19:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21717', 'article_category_id' => '1', 'title' => 'South Korea Union Pickets Outside Samsung Chairman's House', 'sub_title' => '', 'summary' => '', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">SEOUL, August 1</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Leaders of a South Korean union representing tens of thousands of workers at Samsung Electronics staged a protest Thursday outside the house of the company's chairman and heir, after fresh negotiations failed.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Thousands of union members stopped working on July 8 for what was initially meant to be a three-day strike, part of a long-running battle over pay and benefits. The union subsequently extended the work stoppage "indefinitely".</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It is unclear exactly how many workers have downed tools, and Samsung has said the action is not affecting production, posting record growth and profits earlier this week for the second quarter.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">"If a delay occurs in semiconductor processing, the effects won't be immediate. It takes weeks or months," Lee Hyun-kuk, vice president of the National Samsung Electronics Union (NSEU), told AFP.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The union engaged in eleventh-hour talks with management for three days, until Wednesday, but has failed to reach an agreement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Union executives gathered on Thursday outside Samsung Chairman Lee Jae-yong's house, holding pickets that read "Samsung Electronics' strike, Lee Jae-yong should be accountable".</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Another displayed a picture of Lee holding a finger to his mouth with the caption, "Shh! Labour union, what's that? Samsung strike, what's that?"</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A handful of police were deployed at the premises and the protest was interrupted by the police warning the union they were not allowed to chant.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">"In the 25 days since the strike began, all Lee has done is attend the wedding of the son of Asia's richest man and give out Samsung phones to Olympic athletes that are worth over 30 billion won ($22 million)," union member Kim Jae-won told reporters.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Lee was a guest at the wedding of Indian billionaire Mukesh Ambani's youngest son Anant in July.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Last week he attended a banquet co-hosted by French President Emmanuel Macron and International Olympic Committee President Thomas Bach at the Louvre Museum.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The union claimed that the company was trying to break the strike with illegal means, including creating a "blacklist" of strike participants.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">"We will publicise all of this," Son Woo-mok, head of NSEU, told AFP. "Labour suppression, unfair labour practices, industrial accidents, the list continues."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Samsung said Wednesday it was "communicating and discussing to ensure that this labour union strike ends early", adding there was "no problem with responding to our customer volume".</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The first labour union at Samsung Electronics was formed in the late 2010s.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The National Samsung Electronics Union, which has around 36,000 members, or nearly a quarter of the company's total workforce, claims labour organising remains taboo at the company.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Two years ago, the union staged a demonstration in front of Lee's residence, successfully securing three additional holidays.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In 2020, former Samsung employees faced criticism for their unorthodox protest methods, which included grilling pork belly, drinking soju, and strumming guitars outside Lee's home. -- AFP/RSS</span></span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21442', 'image' => '20240802095930_69611783_1004.jpg', 'article_date' => '2024-08-02 09:56:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21715', 'article_category_id' => '1', 'title' => 'IPPAN Urges Not to Halt Public Issuance Process', 'sub_title' => '', 'summary' => 'The Independent Power Producers' Association, Nepal (IPPAN) has urged not to halt the public issuance approval process.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 2: The Independent Power Producers' Association, Nepal (IPPAN) has urged not to halt the public issuance approval process.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> IPPAN made this appeal in a press release issued on Thursday. Noting that there has been an attempt to financially undermine hydropower companies, IPPAN expressed its serious concern over the matter. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The issuance of rights shares and IPOs of more than 32 hydropower companies worth over Rs 16 billion have been halted for the past six months. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">“The delay in appointment of the chairman of the Securities Board of Nepal (SEBON) is deliberate effort to financially destabilize hydropower companies,” said the press statement. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The press statement accused certain groups of intentionally obstructing the appointment process for SEBON's chairman to serve their commercial interests, effectively holding the entire hydropower sector hostage.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> IPPAN further alleged that SEBON has been concealing its past decisions related to the hydropower sector and is attempting to damage the reputation of the sector's entrepreneurs.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">IPPAN also addressed recent media reports concerning the sale of founder/promoter shares, which claimed that the lock-in period for these shares in hydropower projects had been extended. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The association dismissed these reports as misleading and aimed at tarnishing the reputation of the hydropower sector.</span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> IPPAN emphasized the need for clarity and transparency to protect the interests of the sector and its stakeholders.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21441', 'image' => '20240802055845_collage (86).jpg', 'article_date' => '2024-08-02 05:57:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '21714', 'article_category_id' => '1', 'title' => 'Floods in Kathmandu Inundate Fruits and Vegetable Markets', 'sub_title' => 'Traders estimate a damage of over Rs 50 million in Balkhu and Rs 6.5 million in Kuleshwar. ', 'summary' => 'The flooded Bagmati River following heavy rain on Tuesday has inundated the Balkhu Fruits and Vegetables Market in Kathmandu causing a huge financial damage, the vendors operating there said. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">PRASHANT KHADKA</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 1</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The flooded Bagmati River following heavy rain on Tuesday has inundated the Balkhu Fruits and Vegetables Market in Kathmandu causing a huge financial damage, the vendors operating there said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">With 450 stalls, it is considered one of the largest vegetable markets in the Kathmandu Valley.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“It is estimated that there has been a loss of more than Rs 50 million,” Mohan Kumar Basnet, director of the market, told NBA. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Balkhu market supplies about 30% of the vegetables to the Kathmandu Valley.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to Basnet, the flooded river started entering the market area around 1:45 am on Wednesday and took only 30 minutes to sweep away most of the food materials.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Two large trucks carrying vegetables and three smaller vehicles were also submerged, damaging their engines,” said Basnet. “The flood also caused damage to two generators, a car, seven motorcycles and two refrigerators.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Fruits and vegetables are brought at Balkhu from the hilly districts surrounding the Kathmandu Valley as well as from Terai. The produce is then supplied to a dozen smaller markets such as in Tukucha, Dhumbarahi and Kirtipur.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Ram Kumar Siwakoti, who has been selling vegetables at the Balkhu market for about eight years, mentioned that the market is at high risk of flooding due to its proximity to the river. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Although the Bagmati floods inundate the market every year, this year's flood was unprecedented in its severity," said Siwakoti, claiming that the water level in the vegetable market has risen to as high as six feets. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“While around 70% of the food was swept away, the rest have been buried in mud.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to Basnet, Minister for Agriculture and Livestock Development Ramnath Adhikari, who visited the Balkhu market on Wednesday, has assured the vendors to appeal to the government for providing them compensation after receiving the details of destruction.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The swollen river also caused damage worth around Rs 6.5 million at Kuleshwor Fruit Market where around 250 vendors operate.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Purushottam Ghimire, treasurer at Nepal Fruits Wholesaler Association, said that the fruits stored to ripen were swept away by the flood.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Following the flood, the market's turnover dipped by 90% on Wednesday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Business may be affected for a few more days as the market remains inundated.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-01', 'modified' => '2024-08-01', 'keywords' => '', 'description' => '', 'sortorder' => '21440', 'image' => '20240801071806_9e1cadda.jpeg', 'article_date' => '2024-08-01 19:16:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21713', 'article_category_id' => '1', 'title' => 'NRB Instructs Banks to Grant Loan Extension Facility for Contractors by Five Months', 'sub_title' => 'The central bank had announced the concession to contractors in its monetary policy', 'summary' => 'Construction entrepreneurs, who have been among the hardest hit by the economic slowdown, have been granted an additional five months to repay their bank loans. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 1</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Construction entrepreneurs, who have been among the hardest hit by the economic slowdown, have been granted an additional five months to repay their bank loans.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">For the implementation of its monetary policy, Nepal Rastra Bank (NRB) on Wednesday issued instructions to banks to extend the loan repayment deadline for contractors struggling under current circumstances by five months until mid-December this year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NRB has stipulated that interest accrued during this extension period will not be subject to further interest or penalties.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">However, the instructions specify that banks may impose penalty interest if the loan interest is not paid within the exemption period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The central bank had announced these concessions to contractors in its monetary policy.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The National Statistics Office has already predicted that the construction sector would grow negatively by 2.07 percent in the last fiscal year 2023/24, which ended on July 15.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Construction entrepreneurs have also been affected by delays in government payments, with over Rs 40 billion in arrears still outstanding for completed projects. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Both contractors and banks have been talking about the slowdown in the construction sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In addition, NRB has eased regulations regarding the blacklisting of construction entrepreneurs. According to the new guidelines, NRB has instructed that construction business organisations should not be blacklisted until mid-December 2024 solely due to dishonourable cheques.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In line with the monetary policy announcement, NRB has also extended the deadline for implementing the working capital loan guidelines by one year. Banks will now have until mid-July 2025 to set limits on working capital loans in accordance with the guidelines.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Flexible Provisions for Specialized Investment Funds</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NRB has also introduced flexibility in the blacklisting provisions for specialised investment funds, such as private equity and venture capital. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Small and medium enterprises with 50 percent or less share investment from domestic private equity and venture capital funds have been instructed not to be blacklisted solely because one company has been blacklisted.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NRB Executive Director Guru Paudel said that those companies were exempted from blacklisting provisions to encourage specialised investment. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Securities Board of Nepal (SEBON) has been approving the operation of private equity and venture capital funds under the 'Specialized Investment Fund Regulations, 2075'. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Till date, more than a dozen companies have received permission to operate these funds.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Chief Executive Officer of NRN Fund, Analraj Bhattarai, mentioned that this arrangement will encourage specialised investment institutions. Bhattarai said that since private equity and venture capital typically invest in multiple companies, blacklisting based on the status of a single company was problematic.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-01', 'modified' => '2024-08-01', 'keywords' => '', 'description' => '', 'sortorder' => '21439', 'image' => '20240801033027_NRB new.jpg', 'article_date' => '2024-08-01 15:29:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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' => '21727', 'article_category_id' => '1', 'title' => 'Faulty Budget Allocation Behind Implementation Challenges: Minister Paudel', 'sub_title' => '', 'summary' => 'KATHMANDU, August 3: Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel insists that budget implementation remains challenging due to faulty allocation.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 3: Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel insists that budget implementation remains challenging due to faulty allocation.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Speaking at a meeting of the parliamentary committee on finance on Friday, Minister Paudel highlighted that the budget was allocated without properly identifying sources, and it lacked foresight, as the outcomes were overlooked.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Paudel informed that the government will prioritize the completion of ongoing projects while implementing the budget for the current fiscal year 2024/25. Additionally, adequate resources will be allocated to mega and national pride projects. The government will also prioritize projects that promise quick results. "The incumbent government does not spend indiscriminately," he said, assuring fiscal discipline in public spending.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On a different note, the minister mentioned that the government would evaluate the necessity and relevance of seeking support from development partners and donor agencies. "We should only accept international support and mobilize it after analyzing our needs and priorities," he stated.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to him, the public debt, which has surpassed 40 percent of the country's GDP, should not be considered disorderly. He emphasized that public debt should be directed towards productive sectors and capital formation.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Furthermore, the finance minister pledged to maintain consistency between the government's fiscal and monetary policies to revitalize the country's economy and achieve sustainable growth. He added that his ministry would not interfere with the functions of Nepal Rastra Bank, an autonomous agency responsible for issuing monetary policy, but would instead work in coordination with it.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He claimed that positive changes were observed in the capital market following the introduction of the new monetary policy and urged investors to make well-informed choices. He advised that investment in the capital market should be based on the financial situation of the respective companies.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Assuring his ministry's role in ensuring the stock market matures, the minister stressed that the regulatory body should be highly vigilant to prevent activities like insider trading in the capital market. Regarding the establishment of a new stock exchange, he said that the government would make appropriate decisions after conducting necessary studies on the matter.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Also speaking at the meeting, former Finance Minister Dr. Prakash Sharan Mahat asserted that the government could not afford to spend indiscriminately to appease the public. "We must avoid populism. Discipline is essential in public expenditure management," he advised.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Dr. Mahat, there is no alternative but to increase capital expenditure to improve the national economy.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As for the monetary policy, he observed inconsistencies, noting that "sometimes Nepal Rastra Bank introduces expansionary provisions, while at other times, it's too strict."</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The parliamentarians attending the committee meeting expressed that the bills sent to the committee should be forwarded to parliament as soon as possible after deliberation. They also called for effective implementation of the programs included in the budget.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-03', 'modified' => '2024-08-03', 'keywords' => '', 'description' => '', 'sortorder' => '21453', 'image' => '20240803022235_budget.jpg', 'article_date' => '2024-08-03 14:21:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21726', 'article_category_id' => '1', 'title' => 'International Hot Air Balloon Festival in Pokhara ', 'sub_title' => '', 'summary' => 'Kaski, Aug 3: Pokhara, the lake city of Nepal, is gearing up to organize an international hot air balloon festival this winter. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kaski, Aug 3: Pokhara, the lake city of Nepal, is gearing up to organize an international hot air balloon festival this winter. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Balloon Nepal Pvt. Ltd will be hosting the festival in and around the source of Phewa lake with the objective of further promoting Pokhara at the international level. The festival will be held from the December 29 to January 2 marking the New Year 2025, said Bikram Bade, chairperson of Balloon Pvt. Ltd. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">About 20 to 25 balloons will be brought from different countries around the world for the festival. It is estimated to cost Rs 6.5 million to orgasnise the festival. The festival is being held with the support and collaboration of Nepal Tourism Board, Ministry of Culture, Tourism and Civil Aviation, Gandaki Province Government, Pokhara Metropolitan City, Civil Aviation Authority of Nepal, Pokhara Tourism Council among others. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Pokhara Tourism Council Chair Pomnarayan Shrestha said that the festival will be a historic event for Pokhara, the tourism capital of the country and for the entire Gandaki province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Sabin Maharjan, the proprietor of Balloon Nepal, said that flying in a hot air balloon offers panoramic view of mountains like Machhapuchhre, Annapurna, full-sized Phewa Lake, Pumdikot Mahadev, paragliders flying from Sarangkot and the beautiful scenery around Pokhara Valley. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-03', 'modified' => '2024-08-03', 'keywords' => '', 'description' => '', 'sortorder' => '21452', 'image' => '20240803121618_20190101025441_aa.jpg', 'article_date' => '2024-08-03 12:15:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21725', 'article_category_id' => '1', 'title' => 'PM Oli Directs Stakeholders to Operate New International Airports Effectively', 'sub_title' => '', 'summary' => 'KATHMANDU, August 3: Prime Minister KP Sharma Oli held a high-level discussion with stakeholder for the full-fledged operation of the international airports in Pokhara and Bhairahawa.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 3: Prime Minister KP Sharma Oli held a high-level discussion with stakeholder for the full-fledged operation of the international airports in Pokhara and Bhairahawa.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During the meeting at the Office of the Prime Minister and the Council of Ministers on Friday, PM Oli inquired about the current flight congestion and passenger management at Tribhuvan International Airport. He pledged to soon operate both the new international airports at full capacity.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The prime minister instructed ministers to create a conducive environment for regular international flights from the two airports. He stated that if the aviation regulatory body addresses the concerns of the international airlines interested in these airports, the government will include them in the schedule and proceed accordingly.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">PM Oli emphasized the seriousness of the issue, highlighting the significant losses caused by the underutilization of the two international airports. He noted that Tribhuvan International Airport is forced to handle more flights and passengers than its capacity, a situation that could be alleviated by the smooth operation of the new international airports.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He directed the concerned officials to submit plans for the effective operation of both airports, including improvements in immigration and other facilities, and the relocation of fuel depots if they are too close to the airport. PM Oli assured that the Cabinet could help resolve these issues if they are communicated in time.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Deputy Prime Minister and Minister for Finance Bishnu Prasad Paudel; Foreign Minister Dr. Arzu Rana Deuba; Minister for Labour and Employment Sharat Singh Bhandari; Minister for Culture, Tourism, and Civil Aviation Badri Prasad Pandey; and other officials were present at the meeting. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-03', 'modified' => '2024-08-03', 'keywords' => '', 'description' => '', 'sortorder' => '21451', 'image' => '20240803115521_20230227020513_Pokhara-Airport-800X533.jpg', 'article_date' => '2024-08-03 11:54:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21724', 'article_category_id' => '1', 'title' => 'IPPAN Urges PM Oli to Address Private Sector Concerns in Electricity Bill', 'sub_title' => '', 'summary' => 'KATHMANDU, August 1: The Independent Power Producers' Association, Nepal (IPPAN) has called on Prime Minister KP Sharma Oli to address the private sector’s issues in energy legislation. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 1: </span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Independent Power Producers' Association, Nepal (IPPAN) has called on Prime Minister KP Sharma Oli to address the private sector’s issues in energy legislation. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A delegation led by IPPAN President Ganesh Karki met the Prime Minister at his official residence in Baluwatar on Friday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The IPPAN urged the Prime Minister to amend the Electricity Bill, 2080, currently under parliamentary review, to include provisions for private sector participation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The delegation expressed concerns that the bill's current provisions could exclude private entities and lead to the cancellation of approximately 30,000 megawatts of planned projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Additionally, IPPAN requested the immediate opening of power purchase agreements for 13,000 MW-capacity projects that are in the pipeline. RSS</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21450', 'image' => '20240802082221_Pradhanmantrikosachiwalaya-18WhatsAppImage2024-08-02at2.10.JPG', 'article_date' => '2024-08-02 20:21:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21723', 'article_category_id' => '1', 'title' => 'NRB Eases Foreign Exchange Provisions for Nepali Travellers and Traders', 'sub_title' => '', 'summary' => '', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report<br /> KATHMANDU, August 2</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Nepal Rastra Bank (NRB) has eased the foreign exchange rules for Nepali travellers and traders by amending its Unified Directive-2080.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">With the amendment, the central bank has provided Nepalis visiting foreign countries, except India, an exchange facility of up to $2,500 per trip, on the basis of their passport. Though the Nepali citizens were allowed to withdraw $2,500 per trip earlier, the facility could only be used twice a year at most.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, the NRB has also increased the limitation for the use of money for the Nepalis having accounts and earning in foreign currency when they travel abroad to $25,000 from $15,000 in a fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The move follows the central bank’s decision in its monetary policy that the foreign exchange facility on the basis of passport would be eased in the current fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The revision also comes at a time when the country's foreign exchange reserves is sufficient to cover the prospective merchandise imports for 15 months, and merchandise and services imports for 12 and a half months.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepal’s gross foreign exchange reserves surged by 27.8% to Rs 1,967.19 billion in mid-June this year from Rs 1,539.36 billion in mid-July 2023, central bank’s data show.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">With the reduction in import, growing remittance inflow and decline in credit expansion, Nepal’s foreign exchange reserves has continued to surge recently.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While the remittance inflow increased by 19.3% to Rs 1327.51 billion in the first 11 months, until mid-June, of the last fiscal year compared to an increase of 22.7% in the same period of the previous year, Nepal’s imports decreased by 1.8% in the review period, according to the NRB.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The revised directive has also doubled the foreign exchange facility being provided to Nepalis with visas for visiting Tibet in China and SAARC countries (except India) through land routes. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The exchange facility has been increased up to $1,000 once and $2,000 in a fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The provision, however, is only for the travellers. So, Nepali residents on the Nepal-Tibet border who make frequent trips to Tibet would not be able to use it.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While the members of the recruitment agencies sending up to 100 workers overseas in a year will now be eligible to get a foreign exchange facility up to $25,000 in a year, those from agencies sending more than 100 workers will be provided an exchange facility up to $30,000 in a year during their foreign visits. Earlier, the limits of the exchange facilities were $15,000 and $20,000 respectively. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The revised directive has a provision of providing bullion traders a foreign exchange facility up to $300,000 on every import of silver for producing jewellery, artistic goods and utensils among others. Similarly, foreign exchange limit for other silver importers has been set at $100,000 per import.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The revised provision has increased the limit of foreign exchange while importing goods to $100,000 from $60,000 per import.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The central bank has also brought into implementation the announcements it had made in the new monetary policy about increasing exchange limits for Draft/Telex Transfer (TT) facilities and ‘Document Against Payment’ and ‘Document Against Acceptance’ for importing goods.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While the foreign exchange limit for Draft/ Telex Transfer (TT) facilities in the import of goods has been raised from $35,000 to $50,000, the limit for ‘Document Against Payment’ and ‘Document Against Acceptance’ has been increased from existing $60,000 to $100,000.</span></span></span></span></p> <p><br /> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><br /> <br /> <br /> <br /> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21449', 'image' => '20240802061509_20240801033027_NRB new.jpg', 'article_date' => '2024-08-02 18:14:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21722', 'article_category_id' => '1', 'title' => 'NAC’s Debt Obligation Remains High Despite Payment', 'sub_title' => '', 'summary' => 'KATHMANDU, August 2: Nepal Airlines Corporation (NAC) has four years remaining to repay the loan taken from the Employee Provident Fund (EPF) to purchase a narrow-body aircraft of Airbus company aimed at expanding international flight operations.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 2: Nepal Airlines Corporation (NAC) has four years remaining to repay the loan taken from the Employee Provident Fund (EPF) to purchase a narrow-body aircraft of Airbus company aimed at expanding international flight operations. On June 18, 2013, NAC secured a Rs 9.98 billion loan from the EPF, backed by a government guarantee of Rs 10 billion, with a commitment to pay installments every three months over 15 years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In addition, on June 11, 2017, NAC signed another agreement with the EPF for a Rs 11.99 billion loan, with a guaranteed of Rs 12 billion from the government, to acquire a wide-body aircraft of Airbus. In total, EPF provided NAC with Rs 21.97 billion for aircraft purchases. According to EPF spokesperson Damodar Prasad Subedi, NAC paid Rs 1.62 billion in the last fiscal year (FY 2080/81). However, despite the payments, NAC’s debt obligations are increasing, with Rs 28.87 billion still owed to EPF. The repayment deadline for the wide-body aircraft loan is eight years away.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">NAC also secured a Rs 12 billion loan from the Citizen Investment Trust (CIT) to purchase a wide-body aircraft, with a similar 15-year repayment term. However, NAC’s debt to both EPF and CIT has grown instead of decreasing, prompting the corporation to lobby for an extension of the repayment period and interest waivers for the time impacted by the coronavirus pandemic. NAC officials say the state-owned airliner has formally requested both EPF and CIT to increase the number of installments and facilitate easier repayment terms, but no agreement has been reached.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Meanwhile, NAC is seeking new lenders to manage existing debts, purchase additional aircraft, and build a hangar, with an estimated requirement of Rs 135 billion. Of this, Rs 55 billion is intended for managing aircraft-related debt. NAC argues that the current interest rates—10 percent from EPF and 9 percent from CIT—are high and is looking for loans at subsidized rates.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">EPF confirmed that NAC has requested an extension of the repayment period and an interest waiver. However, no official decisions have been made, and it remains unclear when or how much exemption was requested. CIT Information Officer Uddhav Silwal on the other hand mentioned that they have not received any formal request from NAC regarding an installment extension.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">During the pandemic, NAC proposed an interest exemption to CIT, but the board of directors did not take any decision on this matter. As of the last fiscal year, NAC’s outstanding principal and interest to CIT amounted to Rs 19.50 billion. Despite an agreement to pay Rs 400 million in quarterly installments, NAC could not meet this obligation, and the installment amount has now risen to Rs 720 million. NAC paid Rs 400 million in the last fiscal year, but the total arrears to CIT has reached Rs 19.39 billion as of mid-June.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Subedi of EPF emphasized that the maximum repayment period for the loans cannot exceed 15 years, in accordance with current rules. The 61st annual report of the Auditor General noted that NAC has not fully paid the interest, leading to an increase in the principal amount due to a decision by the board of directors to capitalize the interest owed to EPF.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21448', 'image' => '20240802034737_1693297866.Nepal Airlines.jpg', 'article_date' => '2024-08-02 15:46:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21721', 'article_category_id' => '1', 'title' => 'Business of Non-life Insurance Companies Slightly Improves in Last Fiscal Year', 'sub_title' => 'The companies collected 3.11% more in insurance premiums in 2023/24 than in 2022/23.', 'summary' => 'The businesses of non-life insurance companies saw a slight improvement in the last fiscal year, FY 2023/24 despite a slowdown in the overall economy affecting this sector.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report<br /> KATHMANDU, August 2</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The businesses of non-life insurance companies saw a slight improvement in the last fiscal year, FY 2023/24 despite a slowdown in the overall economy affecting this sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the latest data from the Nepal Insurance Authority, non-life insurance companies collected Rs 41.46 billion in insurance premiums from the sale of around 2.97 million insurance policies in the last fiscal year, which ended on July 15.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The premiums collected was 3.11% more than that in the previous fiscal year 2022-23, when the companies had collected Rs 40.21 billion from the sale of around 2.79 million units of insurance policies. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The decline in credit expansion from banks and financial institutions has affected the businesses of insurance companies, said Chunky Chhetri, president of the Nepal Insurers’ Association.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“It is natural for the business of insurance companies to be affected amid the slowdown in the economy as its growth is linked to the economy,” said Chhetri, adding that the NRB’ move to ease the overall economy including the insurance sector in the coming days through the monetary policy will have a positive impact in this sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The central bank has brought a flexible monetary policy for the current fiscal year, giving concessions to contractors in loan repayment and blacklisting provisions. Similarly, the NRB has also extended the deadline to implement current capital loan guidelines by one year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Three of the 14 non-life insurance companies in operation saw their businesses decline in the last fiscal year, according to the Nepal Insurance Authority. Among them, the Rastriya Beema Company, whose insurance premium collection decreased by 31%, reported the biggest decline.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Among other 11 companies who saw their businesses grow, the Oriental Insurance Company Limited remained at the top with a 44% growth.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Shikhar Insurance topped the list for doing the most business in the review period. Shikhar ranked first in insurance premium collection, which surged by 2.89% to Rs 5.47 billion in the last fiscal year compared to the previous year – FY 2022/23.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, the four non-life microinsurance companies in operation collected Rs 294.8 million in insurance premium by issuing 127,000 insurance policies in the last fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Though the insurance authority had allowed four micro-insurances to operate in the previous fiscal year, only two came into operation in that period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">There was a growth in the businesses on microinsurance as all four companies started their business by the end of the last fiscal year, according to the authority.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21447', 'image' => '20240802012739_insurance non life.jpg', 'article_date' => '2024-08-02 13:25:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21720', 'article_category_id' => '1', 'title' => 'Price of Gold Reaches All Time High in Nepali Market ', 'sub_title' => 'The hallmark gold is being traded at Rs 149,900 per tola on Friday', 'summary' => 'Price of gold has reached an all-time high in the domestic market of Nepal on Friday. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 2: Price of gold has reached an all-time high in the domestic market of Nepal on Friday. </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, hallmark gold, which was traded at Rs 149,400 per tola (11.66 grams) on Thursday, is being traded at Rs 149,900 per tola on Friday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Earlier on July 17, its price had reached Rs 149,800 per tola, the state-owned RSS reported. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The price of gold has been rising steadily of late. 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 ongoing geopolitical tension due to the Israel’s offensive in Gaza as well as Lebanon 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> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21446', 'image' => '20240802125640_20240801032633_cd5483b7.jpeg', 'article_date' => '2024-08-02 12:55:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21719', 'article_category_id' => '1', 'title' => 'CAAN Gives Approval for Thai AirAsia to Operate Flights to Gautam Buddha Int’l Airport', 'sub_title' => '', 'summary' => 'KATHMANDU, August 2: The Civil Aviation Authority of Nepal (CAAN) has granted permission to Thai AirAsia to operate flights from both Tribhuvan International Airport in Kathmandu and Gautam Buddha International Airport in Bhairahawa.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 2: The Civil Aviation Authority of Nepal (CAAN) has granted permission to Thai AirAsia to operate flights from both Tribhuvan International Airport in Kathmandu and Gautam Buddha International Airport in Bhairahawa. The airline had requested permission to operate flights for seven days a week, and the regulatory body of Nepal has approved four flights from Gautam Buddha International Airport and three flights from Tribhuvan International Airport.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Thailand-based AirAsia Group had applied to the CAAN to operate daily flights from Tribhuvan International Airport. However, due to planned expansion work that will close the airport for 10 hours daily starting on November 1, 2024, the authority has asked the airline to operate four flights from Gautam Buddha International Airport instead.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Gyanendra Bhul, information officer of CAAN, stated that the company has applied for one daily flight from Bangkok to Kathmandu, beginning from September 24, 2024. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"With the airport getting closed for 10 hours daily and operating only for 14 hours starting from November 1, 2024, the airport's capacity will decrease," said Bhul. "Therefore, out of the daily flights requested by the company, four flights have been approved for Bhairahawa."</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Gautam Buddha International Airport, inaugurated in May 16, 2022, currently has no regular international flights. Thai AirAsia has now been permitted to operate four flights a week from this airport. Earlier, Al Jazeera Airways began regular flights to this airport but later discontinued them. The lack of regular flights at Gautam Buddha and Pokhara international airports, both of which were built with foreign loans, continues to add to the financial burden on the government.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21445', 'image' => '20240802105556_1652654595.Clipboard07.jpg', 'article_date' => '2024-08-02 10:55:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21718', 'article_category_id' => '1', 'title' => 'Global IME Bank and Gulf Exchange Company Sign Agreement to Ease Money Transfer from Qatar to Nepal', 'sub_title' => '', 'summary' => 'KATHMANDU, August 2: Global IME Bank Limited has entered into a strategic partnership with Gulf Exchange Company W.L.L., based in Qatar, to facilitate seamless remittance services for Nepalese migrants residing in Qatar. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 2: Global IME Bank Limited has entered into a strategic partnership with Gulf Exchange Company W.L.L., based in Qatar, to facilitate seamless remittance services for Nepalese migrants residing in Qatar. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The agreement aims to provide an efficient and convenient channel for transferring money from Qatar to Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Under the agreement, Nepalese migrants can send remittances through any of the 17 branches of Gulf Exchange Company W.L.L. in Qatar. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Additionally, the remittances can also be sent using the Gulf Exchange Company W.L.L.'s Remittance App, making the process more accessible and user-friendly.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The remitted funds can be collected from all branches of Global IME Bank across Nepal. Furthermore, the partnership extends the reach of remittance services through the 50,000-plus agent network of IME Limited and GME Remit throughout the country. This wide network ensures that recipients, even in remote areas, can easily access the remitted funds.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Nepalese residing in Qatar also have the option to send remittances directly to their own or their family members' bank accounts in Nepal, offering greater convenience and security.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Global IME Bank is the first private sector bank in Nepal to establish a branch network in all 77 districts of the country. The bank operates over 1,100 service centers, including 354 branch offices, 384 ATMs, 277 branchless banking services, 68 extension and revenue collection counters, and three foreign representative offices.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">In addition to providing comprehensive banking services to Nepali citizens, Global IME Bank offers extensive remittance services from various countries worldwide. The bank facilitates remittances from the United States, the United Kingdom, Canada, Australia, Malaysia, South Korea, Japan, Saudi Arabia, UAE, Bahrain, Kuwait, India, Jordan, and other countries, ensuring that the Nepalese diaspora can easily support their families back home.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">This new agreement with Gulf Exchange Company W.L.L. marks a significant step in enhancing the remittance services for Nepalese migrants in Qatar, providing them with reliable, efficient, and accessible options for sending money to Nepal.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21444', 'image' => '20240802104207_IMG-20240801-WA0003.jpg', 'article_date' => '2024-08-02 10:41:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21716', 'article_category_id' => '1', 'title' => 'SEBON Committed to Protecting Investors' Interests', 'sub_title' => '', 'summary' => 'KATHMANDU, August 2: The Executive Director of the Securities Board of Nepal (SEBON), Nabaraj Adhikari, emphasized the crucial role of the stock market in supporting the country's economic growth. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong>KATHMANDU, August 2:</strong> The Executive Director of the Securities Board of Nepal (SEBON), Nabaraj Adhikari, emphasized the crucial role of the stock market in supporting the country's economic growth. He reiterated SEBON's commitment to protecting the interests of investors.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Speaking at the 12th anniversary of NIMB Ace Capital Limited on Thursday, Adhikari highlighted SEBON's efforts to address the concerns of financial management companies, as well as its role in regulating and managing securities and related activities.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Adhikari also acknowledged the recent monetary policy introduced by the central bank, which aims to invigorate the stock market. He expressed appreciation for the removal of the Rs 200 million cap on institutional share traders.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former Chief Secretary Bimal Koirala, who also spoke at the event, stressed the need for a secure and reliable stock trading system. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21443', 'image' => '20240802092018_Sebon-update.jpg', 'article_date' => '2024-08-02 09:19:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21717', 'article_category_id' => '1', 'title' => 'South Korea Union Pickets Outside Samsung Chairman's House', 'sub_title' => '', 'summary' => '', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">SEOUL, August 1</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Leaders of a South Korean union representing tens of thousands of workers at Samsung Electronics staged a protest Thursday outside the house of the company's chairman and heir, after fresh negotiations failed.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Thousands of union members stopped working on July 8 for what was initially meant to be a three-day strike, part of a long-running battle over pay and benefits. The union subsequently extended the work stoppage "indefinitely".</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It is unclear exactly how many workers have downed tools, and Samsung has said the action is not affecting production, posting record growth and profits earlier this week for the second quarter.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">"If a delay occurs in semiconductor processing, the effects won't be immediate. It takes weeks or months," Lee Hyun-kuk, vice president of the National Samsung Electronics Union (NSEU), told AFP.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The union engaged in eleventh-hour talks with management for three days, until Wednesday, but has failed to reach an agreement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Union executives gathered on Thursday outside Samsung Chairman Lee Jae-yong's house, holding pickets that read "Samsung Electronics' strike, Lee Jae-yong should be accountable".</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Another displayed a picture of Lee holding a finger to his mouth with the caption, "Shh! Labour union, what's that? Samsung strike, what's that?"</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A handful of police were deployed at the premises and the protest was interrupted by the police warning the union they were not allowed to chant.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">"In the 25 days since the strike began, all Lee has done is attend the wedding of the son of Asia's richest man and give out Samsung phones to Olympic athletes that are worth over 30 billion won ($22 million)," union member Kim Jae-won told reporters.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Lee was a guest at the wedding of Indian billionaire Mukesh Ambani's youngest son Anant in July.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Last week he attended a banquet co-hosted by French President Emmanuel Macron and International Olympic Committee President Thomas Bach at the Louvre Museum.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The union claimed that the company was trying to break the strike with illegal means, including creating a "blacklist" of strike participants.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">"We will publicise all of this," Son Woo-mok, head of NSEU, told AFP. "Labour suppression, unfair labour practices, industrial accidents, the list continues."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Samsung said Wednesday it was "communicating and discussing to ensure that this labour union strike ends early", adding there was "no problem with responding to our customer volume".</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The first labour union at Samsung Electronics was formed in the late 2010s.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The National Samsung Electronics Union, which has around 36,000 members, or nearly a quarter of the company's total workforce, claims labour organising remains taboo at the company.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Two years ago, the union staged a demonstration in front of Lee's residence, successfully securing three additional holidays.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In 2020, former Samsung employees faced criticism for their unorthodox protest methods, which included grilling pork belly, drinking soju, and strumming guitars outside Lee's home. -- AFP/RSS</span></span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21442', 'image' => '20240802095930_69611783_1004.jpg', 'article_date' => '2024-08-02 09:56:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21715', 'article_category_id' => '1', 'title' => 'IPPAN Urges Not to Halt Public Issuance Process', 'sub_title' => '', 'summary' => 'The Independent Power Producers' Association, Nepal (IPPAN) has urged not to halt the public issuance approval process.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 2: The Independent Power Producers' Association, Nepal (IPPAN) has urged not to halt the public issuance approval process.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> IPPAN made this appeal in a press release issued on Thursday. Noting that there has been an attempt to financially undermine hydropower companies, IPPAN expressed its serious concern over the matter. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The issuance of rights shares and IPOs of more than 32 hydropower companies worth over Rs 16 billion have been halted for the past six months. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">“The delay in appointment of the chairman of the Securities Board of Nepal (SEBON) is deliberate effort to financially destabilize hydropower companies,” said the press statement. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The press statement accused certain groups of intentionally obstructing the appointment process for SEBON's chairman to serve their commercial interests, effectively holding the entire hydropower sector hostage.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> IPPAN further alleged that SEBON has been concealing its past decisions related to the hydropower sector and is attempting to damage the reputation of the sector's entrepreneurs.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">IPPAN also addressed recent media reports concerning the sale of founder/promoter shares, which claimed that the lock-in period for these shares in hydropower projects had been extended. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The association dismissed these reports as misleading and aimed at tarnishing the reputation of the hydropower sector.</span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> IPPAN emphasized the need for clarity and transparency to protect the interests of the sector and its stakeholders.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-02', 'modified' => '2024-08-02', 'keywords' => '', 'description' => '', 'sortorder' => '21441', 'image' => '20240802055845_collage (86).jpg', 'article_date' => '2024-08-02 05:57:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '21714', 'article_category_id' => '1', 'title' => 'Floods in Kathmandu Inundate Fruits and Vegetable Markets', 'sub_title' => 'Traders estimate a damage of over Rs 50 million in Balkhu and Rs 6.5 million in Kuleshwar. ', 'summary' => 'The flooded Bagmati River following heavy rain on Tuesday has inundated the Balkhu Fruits and Vegetables Market in Kathmandu causing a huge financial damage, the vendors operating there said. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">PRASHANT KHADKA</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 1</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The flooded Bagmati River following heavy rain on Tuesday has inundated the Balkhu Fruits and Vegetables Market in Kathmandu causing a huge financial damage, the vendors operating there said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">With 450 stalls, it is considered one of the largest vegetable markets in the Kathmandu Valley.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“It is estimated that there has been a loss of more than Rs 50 million,” Mohan Kumar Basnet, director of the market, told NBA. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Balkhu market supplies about 30% of the vegetables to the Kathmandu Valley.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to Basnet, the flooded river started entering the market area around 1:45 am on Wednesday and took only 30 minutes to sweep away most of the food materials.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Two large trucks carrying vegetables and three smaller vehicles were also submerged, damaging their engines,” said Basnet. “The flood also caused damage to two generators, a car, seven motorcycles and two refrigerators.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Fruits and vegetables are brought at Balkhu from the hilly districts surrounding the Kathmandu Valley as well as from Terai. The produce is then supplied to a dozen smaller markets such as in Tukucha, Dhumbarahi and Kirtipur.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Ram Kumar Siwakoti, who has been selling vegetables at the Balkhu market for about eight years, mentioned that the market is at high risk of flooding due to its proximity to the river. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Although the Bagmati floods inundate the market every year, this year's flood was unprecedented in its severity," said Siwakoti, claiming that the water level in the vegetable market has risen to as high as six feets. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“While around 70% of the food was swept away, the rest have been buried in mud.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to Basnet, Minister for Agriculture and Livestock Development Ramnath Adhikari, who visited the Balkhu market on Wednesday, has assured the vendors to appeal to the government for providing them compensation after receiving the details of destruction.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The swollen river also caused damage worth around Rs 6.5 million at Kuleshwor Fruit Market where around 250 vendors operate.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Purushottam Ghimire, treasurer at Nepal Fruits Wholesaler Association, said that the fruits stored to ripen were swept away by the flood.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Following the flood, the market's turnover dipped by 90% on Wednesday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Business may be affected for a few more days as the market remains inundated.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-01', 'modified' => '2024-08-01', 'keywords' => '', 'description' => '', 'sortorder' => '21440', 'image' => '20240801071806_9e1cadda.jpeg', 'article_date' => '2024-08-01 19:16:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21713', 'article_category_id' => '1', 'title' => 'NRB Instructs Banks to Grant Loan Extension Facility for Contractors by Five Months', 'sub_title' => 'The central bank had announced the concession to contractors in its monetary policy', 'summary' => 'Construction entrepreneurs, who have been among the hardest hit by the economic slowdown, have been granted an additional five months to repay their bank loans. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 1</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Construction entrepreneurs, who have been among the hardest hit by the economic slowdown, have been granted an additional five months to repay their bank loans.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">For the implementation of its monetary policy, Nepal Rastra Bank (NRB) on Wednesday issued instructions to banks to extend the loan repayment deadline for contractors struggling under current circumstances by five months until mid-December this year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NRB has stipulated that interest accrued during this extension period will not be subject to further interest or penalties.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">However, the instructions specify that banks may impose penalty interest if the loan interest is not paid within the exemption period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The central bank had announced these concessions to contractors in its monetary policy.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The National Statistics Office has already predicted that the construction sector would grow negatively by 2.07 percent in the last fiscal year 2023/24, which ended on July 15.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Construction entrepreneurs have also been affected by delays in government payments, with over Rs 40 billion in arrears still outstanding for completed projects. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Both contractors and banks have been talking about the slowdown in the construction sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In addition, NRB has eased regulations regarding the blacklisting of construction entrepreneurs. According to the new guidelines, NRB has instructed that construction business organisations should not be blacklisted until mid-December 2024 solely due to dishonourable cheques.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In line with the monetary policy announcement, NRB has also extended the deadline for implementing the working capital loan guidelines by one year. Banks will now have until mid-July 2025 to set limits on working capital loans in accordance with the guidelines.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Flexible Provisions for Specialized Investment Funds</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NRB has also introduced flexibility in the blacklisting provisions for specialised investment funds, such as private equity and venture capital. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Small and medium enterprises with 50 percent or less share investment from domestic private equity and venture capital funds have been instructed not to be blacklisted solely because one company has been blacklisted.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NRB Executive Director Guru Paudel said that those companies were exempted from blacklisting provisions to encourage specialised investment. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Securities Board of Nepal (SEBON) has been approving the operation of private equity and venture capital funds under the 'Specialized Investment Fund Regulations, 2075'. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Till date, more than a dozen companies have received permission to operate these funds.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Chief Executive Officer of NRN Fund, Analraj Bhattarai, mentioned that this arrangement will encourage specialised investment institutions. Bhattarai said that since private equity and venture capital typically invest in multiple companies, blacklisting based on the status of a single company was problematic.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-01', 'modified' => '2024-08-01', 'keywords' => '', 'description' => '', 'sortorder' => '21439', 'image' => '20240801033027_NRB new.jpg', 'article_date' => '2024-08-01 15:29:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
