Jyoti Bikash Bank has provided support of 25 sets of desks and benches to the Basic School located in Ward No. 10 of Golbazar Municipality, Siraha, through its 'Our Development Promotion…
Jyoti Bikash Bank has provided support of 25 sets of desks and benches to the Basic School located in Ward No. 10 of Golbazar Municipality, Siraha, through its 'Our Development Promotion…
March 2: The Jomsom-Pokhara flights have resumed after around three…
March 2: A meeting of the House of Representatives (HoR) on Friday unanimously passed the 'Monitoring and Evaluation…
March 1: The World Bank’s Board of Executive Directors on Thursday approved US$200 million in new financing for two projects in Nepal to support the country’s transition toward Green, Resilient, and Inclusive Development (GRID) and help improve the development and maintenance of Nepal’s provincial and local road…
March 1: Microfinance institutions were established to provide financial services to the underprivileged people by forming groups of people who do not have access to financial…
March 1: The Dairy Development Corporation (DDC) is facing problem in paying the dairy farmers due to the backlog of huge quantity of powdered milk and…
March 1: The Ministry of Physical Infrastructure and Transport (MoPIT), which has achieved 29 percent progress in budget expenditure in the current fiscal year (FY), has been given a budget ceiling of Rs 131 billion for the upcoming fiscal…
March 1: The number of complaints related to workers not getting minimum wages, allowances or benefits as per the law has started to…
March 1: The Embassy of Nepal in Cairo organized a tourism promotional event in Cairo on February…
March 1: National Assembly lawmakers have called for giving emphasis on employment generation and mobilization of youth by upholding good governance.…
February 29: A report prepared by the Structural Reforms and Study Committee of Nepal Airlines Corporation has recommended the government to sell the shares of Soaltee Hotel owned by the state-owned airline company to make the NAC financially…
February 29: The umbrella organizations of banks and financial institutions have protested against the police crackdown on bankers saying that the latest arrests have terrorized the financial…
February 29: Nepal Electricity Authority (NEA) made a profit of Rs 15.36 billion in the first six months (mid-July 2023 to mid-January 2024) of the current fiscal year.…
February 29: Prime Minister Pushpa Kamal Dahal has instructed all stakeholders to complete the work of national pride projects within the stipulated…
February 29: The business of life insurance companies increased in the Nepali month of Magh (mid-January to mid-February), but that of non-life companies decreased.…
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', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 2: The Jomsom-Pokhara flights have resumed after around three months. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The flight service from Gandaki province headquarters, Pokhara, to tourism hub, Jomsom, of Mustang had remained closed since November, 2023 due to unfavourable weather conditions. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Summit Airlines that closed its air service since December 6 last year started boarding on passengers from March 1 (Friday), informed Jomsom Airport Chief Hiron Shah. Summit Airlines made two flights on Friday, he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tara Airlines that halted its service since November 26 has also made preparation to resume Jomsom-Pokhara flights. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"With the improvement in weather and the onset of tourist season, the Pokhara-Jomsom flights have resumed," Shah shared. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The resumption of flight service has brought respite to the locals of Mustang as well as pilgrims and tourists as Myagdi section of the Beni-Jomsom road is being upgraded at present. Inflow of tourists is expected to increase in Mustang with the resumption of flight services. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Ammapurna Conservation Area Project (ACAP), Jomsom, as many as 91,000 foreign tourists had visited Mustang in 2023. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Flow of vehicles heading towards Mustang through Beni-Jomsom road has gradually increased for the past couple of days with the rise in temperature, informed Chief of District Traffic Police Office, Rajkumar Thapa. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-03-02', 'modified' => '2024-03-02', 'keywords' => '', 'description' => '', 'sortorder' => '20115', 'image' => '20240302011934_jom.jpg', 'article_date' => '2024-03-02 13:18:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '20387', 'article_category_id' => '1', 'title' => 'HoR Unanimously Passes Monitoring and Evaluation Bill-2080', 'sub_title' => '', 'summary' => 'March 2: A meeting of the House of Representatives (HoR) on Friday unanimously passed the 'Monitoring and Evaluation Bill-2080'.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">March 2: A meeting of the House of Representatives (HoR) on Friday unanimously passed the 'Monitoring and Evaluation Bill-2080'.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">Minister for Communications and Information Technology, Rekha Sharma, on the behalf of Prime Minister Pushpa Kamal Dahal presented the proposal seeking the passage of the bill. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">The bill along with the report of the State Affairs and Good Governance Committee was passed after discussion in the HoR meeting. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">The bill that originated in the National Assembly has an objective of making monitoring and evaluation of development policies and plan, programme and project systematic. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">On the occasion, Minister Sharma shared that this law was necessary to ensure public accountability and for making the development process result-oriented and transparent. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">The government has set a target to make monitoring and evaluation activities regular and periodic and make heads of public bodies accountable specifying their responsibilities. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">The HoR will hold its next meeting on March 4. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-02', 'modified' => '2024-03-02', 'keywords' => '', 'description' => '', 'sortorder' => '20114', 'image' => '20240302011210_Parliament.jpg', 'article_date' => '2024-03-02 13:11:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '20386', 'article_category_id' => '1', 'title' => 'World Bank Supports USD 200 Million for Fiscal Reforms and Provincial and Local Roads Projects in Ne', 'sub_title' => '', 'summary' => 'March 1: The World Bank’s Board of Executive Directors on Thursday approved US$200 million in new financing for two projects in Nepal to support the country’s transition toward Green, Resilient, and Inclusive Development (GRID) and help improve the development and maintenance of Nepal’s provincial and local road network.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">March 1: The World Bank’s Board of Executive Directors on Thursday approved US$200 million in new financing for two projects in Nepal to support the country’s transition toward Green, Resilient, and Inclusive Development (GRID) and help improve the development and maintenance of Nepal’s provincial and local road network.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Thursday, the World Bank’s Country Director for Maldives, Nepal and Sri Lanka Faris Hadad-Zervos said that the World Bank is committed to supporting Nepal’s green, resilient, and inclusive development.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“Through the new projects financed by the World Bank’s International Development Association (IDA), we continue to focus our assistance on improving people’s lives including through infrastructure and services,” said Zervos.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank, the US$100 million Second Fiscal Policy for Growth, Recovery and Resilience Development Policy Credit aims to strengthen revenue collection, reduce fragmentation of debt management, and increase debt transparency. It also supports reforms to enhance climate-resilient infrastructure spending, lower Nepal’s minimum foreign direct investment (FDI) threshold to promote FDI inflows and facilitate automation to streamline the process of FDI.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“This operation will help strengthen the regulatory and institutional framework to support sustainable business growth, and enhance systems to protect the most vulnerable in Nepal” the statement quoted Sibel Kulaksiz, the World Bank’s Task Team leader for the program, as saying.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Similarly, the US$100 million credit for the Provincial and Local Roads Improvement Program will support the implementation of a comprehensive program for the development and maintenance of Nepal’s provincial and local road network, the World Bank added. It will help improve the efficiency of service delivery, strengthen the resilience of selected provincial roads and bridges, and ensure communities have safe access to markets and services.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">This first of a three-phased series of programs will be implemented in Madhesh, Karnali, and Sudurpaschim provinces and local levels with the potential to scale up in the future, the statement further reads.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“The project will strengthen the institutional, management, and implementation capacity of the subnational governments over the long term to improve inclusive connectivity and promote efficiency through reduced travel time and costs,” said Reenu Aneja, senior transport specialist and Task Team leader.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-01', 'modified' => '2024-03-01', 'keywords' => '', 'description' => '', 'sortorder' => '20113', 'image' => '20240301064057_20221101101708_World.jpg', 'article_date' => '2024-03-01 18:40:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '20385', 'article_category_id' => '1', 'title' => 'Microfinance Institutions Show Growing Interest in Secured Loans', 'sub_title' => '', 'summary' => 'March 1: Microfinance institutions were established to provide financial services to the underprivileged people by forming groups of people who do not have access to financial services.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 1: Microfinance institutions were established to provide financial services to the underprivileged people by forming groups of people who do not have access to financial services. Of late, microfinance institutions have emphasized on disbursing loans with collateral in order to secure their investment. The move also stems from the problems in recovery of loans and unhealthy competition among the microfinance institutions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the data of Nepal Rastra Bank, microfinance institutions disbursed 19.79 percent of the loans against collateral as of mid-January in the current fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">By mid-January of the previous fiscal year, only 19.19 percent of such loans were based on mortgages. Such loans have increased by 0.60 percentage point in one year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Analyzing the data of the last five years, it seems that the microfinance institutions have been attracted towards mortgage loans instead of the groups’ collective guarantee without collateral. However, experts in the field of microfinance say that this is against the principle and essence of microfinance.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Shankarman Shrestha, president of Swavalamban Development Center, said that it is not appropriate to give loans against collateral as microfinance services were started for the underprivileged who could not offer collateral. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"The job of microfinance is to give collateral-free loans," he said, "Increasing mortgage loans is a deviation from the core principles of microfinance." He said that the deviation has increased after the central bank increased the loan limit issued by microfinance institutions and allowed them to give up to Rs 1.5 million per person.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Executive Director of Nepal Rastra Bank Revati Prasad Nepal also says that the essence of microfinance is providing collateral-free loans. He said that microfinance institutions should work to uplift the poor by investing collateral-free loans under collective guarantee. Admitting that there were some deviations in the past, he claimed that the central bank is working to improve the microfinance sector.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">After public protests against the exploitation by microfinance companies, the central bank issued a directive in February last year and reduced the loan limit to Rs 700,000. Besides, the NRB also introduced a provision under which an individual could take loans from only one microfinance institution and those who take loans from microfinance could take loans from banks and financial institutions. Prior to this, microfinance institutions were allowed to give loans up to Rs 700,000 without collateral and up to Rs 1.5 million with collateral. Meanwhile, Nepal Rastra Bank officials claim that they have studied the problems related to microfinance institutions and have already started reforms according to the suggestions of the study reports.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-01', 'modified' => '2024-03-01', 'keywords' => '', 'description' => '', 'sortorder' => '20112', 'image' => '20240301025723_20230306023445_Clipboard06 (1).jpg', 'article_date' => '2024-03-01 14:56:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '20384', 'article_category_id' => '1', 'title' => 'Backlog of Huge Quantity of Powdered Milk, Butter Creating Problem for DDC in Paying Farmers ', 'sub_title' => '', 'summary' => 'March 1: The Dairy Development Corporation (DDC) is facing problem in paying the dairy farmers due to the backlog of huge quantity of powdered milk and butter. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 1: The Dairy Development Corporation (DDC) is facing problem in paying the dairy farmers due to the backlog of huge quantity of powdered milk and butter. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Though the DDC has been purchasing 140,000 litres of milk from farmers of different districts daily, it is facing problems as only 90,000 litres of milk is sold in the market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Deputy General Manager of DDC and Information Officer Rajendra Prasad Adhikari shared that they purchase 4.2 million litres of milk from farmers every month. “But only around 2.7 million litres of milk is sold. We have been storing butter and powdered milk equivalent to around 50,000 litres of milk every day," he said. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Adhikari further said there is now stock of 900,000 kilogrammes of powdered milk and 700,000 kilogrammes of butter worth Rs 1.25 billion with the DDC. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The DDC expects the sale of yoghurt to increase with onset of the summer season. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The DDC purchases milk produced in 43 districts through its own chilling centre and different cooperatives, and sells it to the general consumers. It has 64 chilling centres across the country. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-03-01', 'modified' => '2024-03-01', 'keywords' => '', 'description' => '', 'sortorder' => '20111', 'image' => '20240301022429_103084112_3076838389070127_780528565370612935_n.jpg', 'article_date' => '2024-03-01 14:23:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '20383', 'article_category_id' => '1', 'title' => 'Ministry of Physical Infrastructure Seeks Budget of Rs 200 Billion Despite Poor Spending', 'sub_title' => '', 'summary' => 'March 1: The Ministry of Physical Infrastructure and Transport (MoPIT), which has achieved 29 percent progress in budget expenditure in the current fiscal year (FY), has been given a budget ceiling of Rs 131 billion for the upcoming fiscal year.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 1: The Ministry of Physical Infrastructure and Transport (MoPIT), which has achieved 29 percent progress in budget expenditure in the current fiscal year (FY), has been given a budget ceiling of Rs 131 billion for the upcoming fiscal year. The ministry has estimated it will require a budget of Rs 200 billion.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ministry says that the ceiling fixed by the National Planning Commission is not sufficient. The ministry has said that it cannot initiate new programmes without a budget of 200 billion. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">MoPIT Secretary Keshav Kumar Sharma said that the budget should be increased by at least 10 percent for the upcoming year. He said that the ceiling fixed by the NPC is very low. According to Sharma, the budget is not enough money to pay for the projects with which the ministry has already signed contracts.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ministry said that the Kathmandu-Terai Fast Track alone will require a budget of Rs 50 billion and the Department of Roads will need Rs 100 billion in the upcoming fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ministry had achieved 23 percent progress in budget expenditure in the first seven months of the last fiscal year. Secretary Sharma said that the ministry is yet to pay the dues worth Rs 5 million of the last fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"The progress would have reached 35 percent if we could have released that amount," he said. With the current ceiling, we cannot start new programmes in the upcoming year," added Sharma. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Most of the budget allocated for this ministry goes to the Department of Roads. Sushilbabu Dhakal, director general of the Department of Roads, informed New Business Age that the department has achieved 26 percent material progress in the current fiscal year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Speaking at a discussion on 'Strategic road connecting constituencies' in the Infrastructure Development Committee of the House of Representatives on Thursday, Sharma said, “We have been given a low ceiling. It's like swimming with hands and feet tied.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ministry's budget in the fiscal year 2079/80 was Rs 165 billion. In the years since then, the budget allocated to the ministry has gradually decreased. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-03-01', 'modified' => '2024-03-01', 'keywords' => '', 'description' => '', 'sortorder' => '20110', 'image' => '20240301014149_budget.jpg', 'article_date' => '2024-03-01 13:40:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '20382', 'article_category_id' => '1', 'title' => 'Complaints of Labor Exploitation Increasing', 'sub_title' => 'Monitoring Team finds Banks not Paying Minimum Wages to Workers', 'summary' => 'March 1: The number of complaints related to workers not getting minimum wages, allowances or benefits as per the law has started to increase.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 1: The number of complaints related to workers not getting minimum wages, allowances or benefits as per the law has started to increase. Sujan Jojiju, head of Teku-based Labor Office of the government said that the number of complaints related to labour exploitation by organisations has increased of late.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to him, 324 people have filed personal complaints in the last two months (mid-December to mid-February) alone. According to him, most of the complaints received by the office are related to the minimum wage. After receiving the complaint, the office requests for necessary documents and accurate details. The office has conducted inquiries and investigations based on the details received and the complaints filed at the office.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Jojiju said that the Labour Office at first arranges negotiations between the petitioner and the employer to sort out the dispute. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"We reserve the right to either settle the dispute through a tripartite discussion and agreement or take a decision in accordance with the law," he told New Business Age.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Following the rise in the number of complaints, the Labour Office has started monitoring to find the facts.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Jojiju, the head of the Labour Office, said that they monitored 375 establishments in the last two months. He said that the monitoring teams found that some of the workers working in the establishments were not paid the minimum wage as required by the law. He added that the workers were not even paid for over-time work.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">During the monitoring, the Labour Office found that especially the workers of banks and financial institutions were made to work overtime and were not even paid the minimum wage.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"During the monitoring, we found that the banks employed employees for more than eight hours a day," he said, adding, "Many employees did not receive over-time wages. Some workers did not even get the minimum wage.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">While inspecting the situation of child labour, the Labour Office found some small hotels were using children. The office issued warnings to some of them while it took action against some hotels.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the office, it received 245 labor audit reports in the last two months, while it issued four new permits for labour supply. During that review period, 50 labour supply companies renewed their license.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Labour Office has also inspected labour supply companies. During the inspection of 33 companies, it was found that some of them employed workers without paying the minimum wage. This was especially prevalent among security companies.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-01', 'modified' => '2024-03-01', 'keywords' => '', 'description' => '', 'sortorder' => '20109', 'image' => '20240301123613_25013837258_712c424a9b_k-675px.jpg', 'article_date' => '2024-03-01 12:35:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '20381', 'article_category_id' => '1', 'title' => 'Nepal's Embassy Egypt Promoting Tourism', 'sub_title' => '', 'summary' => 'March 1: The Embassy of Nepal in Cairo organized a tourism promotional event in Cairo on February 28.', 'content' => '<p><span style="font-size:16px"><span style="font-family:"Arial Unicode MS","sans-serif"">March 1: The Embassy of Nepal in Cairo organized a tourism promotional event in Cairo on February 28. During the event, Everest Summiteer Adriana Brownlee and Gelje Sherpa made their presentation on nature and adventurous journey in the mountains of Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, educationists Dr Jared Harris and Courtney Bailey shared their trekking experiences during their visit to Nepal last year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Nepal's Ambassador to Egypt Sushil Kumar Lamsal shared about Nepal's unique cultural and natural heritages, urging the tourists to visit Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, he thanked the Egyptian media for their support to expand people-to-people relations between <strong>Nepal</strong> and Egypt. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Egyptian bloggers, social media influencers, artists, educationists, diplomats and media persons, among others were present on the occasion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the outstanding paintings selected from the competition "Nepal in the Eyes of Egyptian Children" were also put in display. Some 300 Egyptian students took part in the competition and expressed their understanding about Nepal's arts, culture, history, natural heritages and life through paintings and arts. -- RSS </span></span></p> ', 'published' => true, 'created' => '2024-03-01', 'modified' => '2024-03-01', 'keywords' => '', 'description' => '', 'sortorder' => '20108', 'image' => '20240301113613_egypt.jpg', 'article_date' => '2024-03-01 11:35:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '20380', 'article_category_id' => '1', 'title' => 'Upper House Members Call for Prioritizing Job Creation in Budget', 'sub_title' => '', 'summary' => 'March 1: National Assembly lawmakers have called for giving emphasis on employment generation and mobilization of youth by upholding good governance. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 1: National Assembly lawmakers have called for giving emphasis on employment generation and mobilization of youth by upholding good governance. They made such remarks during a discussion on the principles and priorities of the Appropriation Bill for the upcoming fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Finance Minister Dr Prakash Sharan Mahat had presented the Principles and Priorities of Appropriation Bill for the next fiscal year in the meeting of the National Assembly, the upper house of the Federal Parliament, on February 26.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Taking part in the debate in the NA meeting on Thursday, lawmakers underscored on making the budget functional. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, they emphasized on giving high priority to the agriculture sector, ensuring security to the health workers, making clear the responsibilities on service delivery of the three tiers of government, bringing a plan for consumption of electricity produced in Nepal within the country itself and also on increasing capital expenditure and revenue collection.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Prakash Pantha, Dil Kumari Rawal (Parbati), Dr Khimlal Devkota among other lawmakers participated in the discussions.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Dr Devkota on the occasion drew the attention of the government, saying those ministers who were supposed to participate in the meeting were not present in the meeting.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">President of the Legislation Management Committee, Jayanti Devi Rai, presented the Bill on Anti-Money Laundering and the Promotion of Business Environment, 2079 BS during Thursday’s meeting. She also presented the report of the onsite study programme on law-making process and practices of the local levels.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, the upper house lawmakers also drew the attention of the government towards the difficulties faced by the people for lack of drinking water and irrigation facilities in the Terai-Madhesh region.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">They expressed their concern on this issue while speaking in the 'zero hour' of the National Assembly meeting on Thursday.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Lawmaker Tulasa Kumari Dahal called on the government to make arrangements for providing pure drinking water to the people in the Madhes. She also stressed on conservation of the Chure ecosystem by stopping its over-exploitation and on making arrangements for irrigation in the Madhes which is the 'breadbasket' of the country.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Lawmaker Jaga Prasad Sharma called for putting an end to the trend of meager expenditure of the budget allocated for big projects, drawing the government's attention to finding a solution to this problem.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Taraman Swanr called on the government to expedite the construction of the Seti and Mahakali highways, considered as the backbone for the economy and development of the Sudurpaschim Province and to ensure a budget for these road projects in the next fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Bimala Ghimire drew the attention of the government for immediately addressing the demands of farmers and the victims of loan sharks.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Lawmaker Sumitra BC called for immediately taking ahead the process for reconstruction of houses of the earthquake-affected people of Jajarkot who are still living under tents even after nearly four months since the disaster. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-01', 'modified' => '2024-03-01', 'keywords' => '', 'description' => '', 'sortorder' => '20107', 'image' => '20240301110624_Parliament.jpg', 'article_date' => '2024-03-01 11:05:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '20379', 'article_category_id' => '1', 'title' => 'NAC Structural Reforms and Study Committee Submits its Report ', 'sub_title' => '', 'summary' => 'February 29: A report prepared by the Structural Reforms and Study Committee of Nepal Airlines Corporation has recommended the government to sell the shares of Soaltee Hotel owned by the state-owned airline company to make the NAC financially strong.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">February 29: A report prepared by the Structural Reforms and Study Committee of Nepal Airlines Corporation has recommended the government to sell the shares of Soaltee Hotel owned by the state-owned airline company to make the NAC financially strong.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Among the four main recommendations made by the committee, it has also recommended making internal audit of NAC more effective. Other recommendations include forming accounts committee and to formulate a realistic action plan.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The committee submitted its report to Minister for Culture, Tourism and Civil Aviation, Sudan Kirati, Secretary Deepak Kafle and Executive Chairperson of Nepal Airlines Corporation, Yubraj Adhikari on Thursday. </span></span></span><br /> <br /> </p> ', 'published' => true, 'created' => '2024-02-29', 'modified' => '2024-02-29', 'keywords' => '', 'description' => '', 'sortorder' => '20106', 'image' => '20240229051458_naccccc.jpg', 'article_date' => '2024-02-29 17:14:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '20378', 'article_category_id' => '1', 'title' => 'Banking Sector ‘Terrorized’ by Police Crackdown', 'sub_title' => '', 'summary' => 'February 29: The umbrella organizations of banks and financial institutions have protested against the police crackdown on bankers saying that the latest arrests have terrorized the financial sector.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">February 29: The umbrella organizations of banks and financial institutions have protested against the police crackdown on bankers saying that the latest arrests have terrorized the financial sector.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Nepal Bankers Association, Development Bankers Association, Nepal Financial Institutions Association and Nepal Microfinance Bankers Association issued a joint statement on Wednesday and requested the concerned agencies of the state to be serious as the police crackdown on an essential and sensitive sector like the banking sector has weakened the morale of the employees.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"Banks and financial institutions of Nepal have been conducting banking transactions in a transparent manner by following the prevalent laws and regulations as well as the principles of the banking sector," the statement said. If the arrest is not stopped, there may be a big challenge in this sector. So, we urge you to take this matter seriously.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The statement claimed that the employees and the board of directors of banks are working with good intentions in accordance with the law, but in the event that someone acts with mala fide intentions, the people involved in it have been and should be prosecuted according to the existing laws. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The bankers’ organisations said they are ready to cooperate if someone is involved in illegal activities but maintained that it is not appropriate to arrest someone who is not directly involved in any incident just because the employee signed a document or on the basis of his/her post.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"The investigation process related to banking offense should be 'first listen and then arrest', but the culture of 'first arrest and listen’ has become the norm," the statement said, adding, "It has seriously affected the mental and social well-being of the bankers, the morale of employees has diminished and it will affect the expansion of credit. And we want to inform everyone related that it will affect the development of the economy as a whole.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Associations have clarified that banks, financial institutions are disbursing loans subject to the instructions issued by the central bank. They urged the agencies concerned to ensure that the employees working in the financial sector can work without fear.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-02-29', 'modified' => '2024-02-29', 'keywords' => '', 'description' => '', 'sortorder' => '20105', 'image' => '20240229031433_Banks - Copy.jpg', 'article_date' => '2024-02-29 15:13:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '20377', 'article_category_id' => '1', 'title' => 'NEA Earns Profit of Rs 15.36 Billion in Six Months of Current Fiscal Year', 'sub_title' => '', 'summary' => 'February 29: Nepal Electricity Authority (NEA) made a profit of Rs 15.36 billion in the first six months (mid-July 2023 to mid-January 2024) of the current fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">February 29: Nepal Electricity Authority (NEA) made a profit of Rs 15.36 billion in the first six months (mid-July 2023 to mid-January 2024) of the current fiscal year. The authority informed that it earned a total of Rs 67.28 billion from the sale of electricity, interest and other headings. During the review period, the NEA earned a net profit of Rs 15.36 billion. In the corresponding period of last fiscal year, the NEA made a profit of Rs 10.91 billion.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The NEA’s profit in the first six months of the current fiscal year increased by more than Rs 4.44 billion compared to the first six months of the last fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The state-owned electricity utility’s profit in the first half of the current FY is more than the profit it made in the entire twelve months of last fiscal year. Last year's profit stood at Rs 12.33 billion. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The NEA, which suffered an annual loss of Rs 8.89 billion in the fiscal year 2072/73, has been making profit continuously in the following years. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Kulman Ghising, executive director of the NEA, said that the NEA earned a significant profit by curbing electricity leakage, increasing domestic consumption and exporting electricity to India.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">During the review period, the NEA spent Rs 51.92 billion for the purchase of electricity, administrative expenses, projects works. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">"Due to budget limitations, we have not been able to get enough funds for investment from the government. In such a complex situation, we are investing billions of rupees every year in infrastructure development and strengthening and electrification projects from the profits earned by the organization. The profit is being invested in electricity generation, transmission and distribution," said Executive Director Ghising, adding, "The country needs investment of more than Rs 1000 billion to become self-sufficient in electricity and to provide quality and reliable electricity to the consumers.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The NEA has collected Rs 45.49 billion from the sale of electricity in six months of the current year. During this period, electricity worth Rs 30.48 billion was purchased from energy producers within the country and from India. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The NEA has been exporting surplus electricity to India during the rainy season. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">However, the NEA purchases electricity from the southern neighbor with the onset of the dry season, when the flow of water in the rivers recede and the power generation of the hydropower projects has decreases in the country. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-02-29', 'modified' => '2024-02-29', 'keywords' => '', 'description' => '', 'sortorder' => '20104', 'image' => '20240229024907_NEA_eight by six.jpg', 'article_date' => '2024-02-29 14:48:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '20376', 'article_category_id' => '1', 'title' => 'PM Dahal Instructs All Stakeholders to Complete National Pride Projects on Time', 'sub_title' => '', 'summary' => 'February 29: Prime Minister Pushpa Kamal Dahal has instructed all stakeholders to complete the work of national pride projects within the stipulated time.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">February 29: Prime Minister Pushpa Kamal Dahal has instructed all stakeholders to complete the work of national pride projects within the stipulated time.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">He made such remarks in response to the progress report of the national pride projects which is not satisfactory in the first half of the current fiscal year. He told a meeting of the National Concern and Coordination Committee of the National Assembly on Wednesday that he has instructed the concerned authorities to complete the projects related road construction and irrigation which have been delayed for decades.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The prime minister asserted the upper house members that he has clearly instructed all stakeholders to complete the projects like Bheri Babai multi-purpose irrigation project, Sunkoshi Marine Diversion Project, Sikta irrigation project and road projects like Narayangadh-Butwal and North-South Corridor within the deadline.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">"Implementation of national pride projects is the highest priority of the government," he said, "I have been monitoring the progress by making a schedule from the action room set up at the Office of the Prime Minister and Council of Ministers."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">According to the details presented by the PM during the meeting, out of 24 projects of national pride, five have made less than 10 percent progress. The number of projects with the highest progress (above 80 percent) is four. Work is underway at war footing in Sunkoshi Marin Diversion Project, said the PM. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">PM Dahal said that discussions are underway on the land acquisition of Khokna, the starting point of the Kathmandu-Tarai Expressway, and initiatives are being taken to solve the problem. He also shed light on the progress about Budhi Gandaki Hydropower Project and Melamchi Water Supply Project. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The half-yearly review of the current fiscal year's budget, which was released some time ago, shows that the budget allocated for those projects was not spent enthusiastically. In the first six months of the current fiscal year, Rs 15.5 billion were spent out of the budget allocated for projects of national pride. This year, the government has allocated Rs 65.64 billion for such projects.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Among the national pride projects, the Upper Tamakoshi Hydropower Project, Gautam Buddha International Airport, Pokhara Regional International Airport and Melamchi Water Supply Project have been completed and are already operational. However, the dam of the Melamchi Water Supply Project is yet to be built.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-02-29', 'modified' => '2024-02-29', 'keywords' => '', 'description' => '', 'sortorder' => '20103', 'image' => '20240229020046_20220714055046_20170616052456_fast track nov 21.jpg', 'article_date' => '2024-02-29 14:00:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20375', 'article_category_id' => '1', 'title' => 'Business of Life Insurance Companies Up in mid-January to mid-February', 'sub_title' => '', 'summary' => 'February 29: The business of life insurance companies increased in the Nepali month of Magh (mid-January to mid-February), but that of non-life companies decreased. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">February 29: The business of life insurance companies increased in the Nepali month of Magh (mid-January to mid-February), but that of non-life companies decreased. According to the data of Nepal Insurance Authority, life insurance companies collected Rs 12.66 billion insurance fees from the sale and renewal of new insurance policies in the review month. The insurance premiums of life insurance companies increased by Rs 190 million in mid-January to mid-February compared to the previous month.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">In mid-January to mid-February, life insurance companies issued a total of 448,000 insurance policies and collected Rs 2.29 billion as the first installment of insurance fee. Similarly, the authority informed that the life insurance companies collected Rs 10.36 billion in insurance fee from the renewal of insurance policies.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">As of mid-February of the current fiscal year, the number of active life insurance policies is 103.7 million. The life insurance companies have collected Rs 86.88 billion in insurance fees from the 103.7 million clients. In the same period last year, the companies had collected Rs 83.39 billion in insurance fees.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, the business of non-life insurance companies, which showed some growth in mid-December to mid-January of the current fiscal year, slowed down in mid-January to mid-February. In the review month, they issued 250,000 insurance policies and collected Rs 2.99 billion in insurance fees. In mid-December to mid-January, they collected Rs 3.67 billion.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">As of mid-February of the current year, non-life insurance companies have issued 16,71,000 insurance policies and collected more than Rs 22.39 billion. By the same period last year, the companies had collected more than Rs 23.6 billion by issuing 16,36,000 insurance policies. Although the number of insurance policies has increased compared to last year, the insurance fee has decreased. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The business of insurance companies has been affected due to the decline in economic activities. As the credit flow of banks and financial institutions has decreased, economic activities have also been affected. Of late, insurers say that with the excess liquidity in the banks and the flexible monetary policy of the central bank, the insurance business has also started to improve.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-02-29', 'modified' => '2024-02-29', 'keywords' => '', 'description' => '', 'sortorder' => '20102', 'image' => '20240229125830_INSURANCE-COVERAGE.jpg', 'article_date' => '2024-02-29 12:57:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '20389', 'article_category_id' => '1', 'title' => 'Jyoti Bikash Bank Provides Furniture to School ', 'sub_title' => '', 'summary' => 'Jyoti Bikash Bank has provided support of 25 sets of desks and benches to the Basic School located in Ward No. 10 of Golbazar Municipality, Siraha, through its 'Our Development Promotion Fund'.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 3: Jyoti Bikash Bank has provided support of 25 sets of desks and benches to the Basic School located in Ward No. 10 of Golbazar Municipality, Siraha, through its 'Our Development Promotion Fund'.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"> The bank informed that this support is aimed at improving the learning environment for the students studying in the school, enhancing academic experiences, and overall educational development.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Amid a programme in the school, branch Manager Bhuban Dhamala of Golbazar Branch of the bank handed over furniture to the Head teacher of the school, Madhuram Mahato, in the presence of Golbazar Municipality Mayor Shyam Kumar Shrestha and the Chairman of Golbazar-10, and the Chairman of the School Management Committee, Upendra Mukhiya.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Mayor Shrestha of Golbazar Municipality appreciated the bank's assistance in creating a positive educational environment. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-03-03', 'modified' => '2024-03-03', 'keywords' => '', 'description' => '', 'sortorder' => '20116', 'image' => '20240303070303_collage (40).jpg', 'article_date' => '2024-03-03 07:01:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '20388', 'article_category_id' => '1', 'title' => 'Jomsom-Pokhara Flights Resume after Three Months ', 'sub_title' => '', 'summary' => 'March 2: The Jomsom-Pokhara flights have resumed after around three months. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 2: The Jomsom-Pokhara flights have resumed after around three months. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The flight service from Gandaki province headquarters, Pokhara, to tourism hub, Jomsom, of Mustang had remained closed since November, 2023 due to unfavourable weather conditions. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Summit Airlines that closed its air service since December 6 last year started boarding on passengers from March 1 (Friday), informed Jomsom Airport Chief Hiron Shah. Summit Airlines made two flights on Friday, he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tara Airlines that halted its service since November 26 has also made preparation to resume Jomsom-Pokhara flights. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"With the improvement in weather and the onset of tourist season, the Pokhara-Jomsom flights have resumed," Shah shared. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The resumption of flight service has brought respite to the locals of Mustang as well as pilgrims and tourists as Myagdi section of the Beni-Jomsom road is being upgraded at present. Inflow of tourists is expected to increase in Mustang with the resumption of flight services. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Ammapurna Conservation Area Project (ACAP), Jomsom, as many as 91,000 foreign tourists had visited Mustang in 2023. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Flow of vehicles heading towards Mustang through Beni-Jomsom road has gradually increased for the past couple of days with the rise in temperature, informed Chief of District Traffic Police Office, Rajkumar Thapa. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-03-02', 'modified' => '2024-03-02', 'keywords' => '', 'description' => '', 'sortorder' => '20115', 'image' => '20240302011934_jom.jpg', 'article_date' => '2024-03-02 13:18:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '20387', 'article_category_id' => '1', 'title' => 'HoR Unanimously Passes Monitoring and Evaluation Bill-2080', 'sub_title' => '', 'summary' => 'March 2: A meeting of the House of Representatives (HoR) on Friday unanimously passed the 'Monitoring and Evaluation Bill-2080'.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">March 2: A meeting of the House of Representatives (HoR) on Friday unanimously passed the 'Monitoring and Evaluation Bill-2080'.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">Minister for Communications and Information Technology, Rekha Sharma, on the behalf of Prime Minister Pushpa Kamal Dahal presented the proposal seeking the passage of the bill. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">The bill along with the report of the State Affairs and Good Governance Committee was passed after discussion in the HoR meeting. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">The bill that originated in the National Assembly has an objective of making monitoring and evaluation of development policies and plan, programme and project systematic. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">On the occasion, Minister Sharma shared that this law was necessary to ensure public accountability and for making the development process result-oriented and transparent. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">The government has set a target to make monitoring and evaluation activities regular and periodic and make heads of public bodies accountable specifying their responsibilities. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">The HoR will hold its next meeting on March 4. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-02', 'modified' => '2024-03-02', 'keywords' => '', 'description' => '', 'sortorder' => '20114', 'image' => '20240302011210_Parliament.jpg', 'article_date' => '2024-03-02 13:11:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '20386', 'article_category_id' => '1', 'title' => 'World Bank Supports USD 200 Million for Fiscal Reforms and Provincial and Local Roads Projects in Ne', 'sub_title' => '', 'summary' => 'March 1: The World Bank’s Board of Executive Directors on Thursday approved US$200 million in new financing for two projects in Nepal to support the country’s transition toward Green, Resilient, and Inclusive Development (GRID) and help improve the development and maintenance of Nepal’s provincial and local road network.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">March 1: The World Bank’s Board of Executive Directors on Thursday approved US$200 million in new financing for two projects in Nepal to support the country’s transition toward Green, Resilient, and Inclusive Development (GRID) and help improve the development and maintenance of Nepal’s provincial and local road network.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Thursday, the World Bank’s Country Director for Maldives, Nepal and Sri Lanka Faris Hadad-Zervos said that the World Bank is committed to supporting Nepal’s green, resilient, and inclusive development.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“Through the new projects financed by the World Bank’s International Development Association (IDA), we continue to focus our assistance on improving people’s lives including through infrastructure and services,” said Zervos.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank, the US$100 million Second Fiscal Policy for Growth, Recovery and Resilience Development Policy Credit aims to strengthen revenue collection, reduce fragmentation of debt management, and increase debt transparency. It also supports reforms to enhance climate-resilient infrastructure spending, lower Nepal’s minimum foreign direct investment (FDI) threshold to promote FDI inflows and facilitate automation to streamline the process of FDI.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“This operation will help strengthen the regulatory and institutional framework to support sustainable business growth, and enhance systems to protect the most vulnerable in Nepal” the statement quoted Sibel Kulaksiz, the World Bank’s Task Team leader for the program, as saying.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Similarly, the US$100 million credit for the Provincial and Local Roads Improvement Program will support the implementation of a comprehensive program for the development and maintenance of Nepal’s provincial and local road network, the World Bank added. It will help improve the efficiency of service delivery, strengthen the resilience of selected provincial roads and bridges, and ensure communities have safe access to markets and services.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">This first of a three-phased series of programs will be implemented in Madhesh, Karnali, and Sudurpaschim provinces and local levels with the potential to scale up in the future, the statement further reads.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“The project will strengthen the institutional, management, and implementation capacity of the subnational governments over the long term to improve inclusive connectivity and promote efficiency through reduced travel time and costs,” said Reenu Aneja, senior transport specialist and Task Team leader.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-01', 'modified' => '2024-03-01', 'keywords' => '', 'description' => '', 'sortorder' => '20113', 'image' => '20240301064057_20221101101708_World.jpg', 'article_date' => '2024-03-01 18:40:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '20385', 'article_category_id' => '1', 'title' => 'Microfinance Institutions Show Growing Interest in Secured Loans', 'sub_title' => '', 'summary' => 'March 1: Microfinance institutions were established to provide financial services to the underprivileged people by forming groups of people who do not have access to financial services.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 1: Microfinance institutions were established to provide financial services to the underprivileged people by forming groups of people who do not have access to financial services. Of late, microfinance institutions have emphasized on disbursing loans with collateral in order to secure their investment. The move also stems from the problems in recovery of loans and unhealthy competition among the microfinance institutions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the data of Nepal Rastra Bank, microfinance institutions disbursed 19.79 percent of the loans against collateral as of mid-January in the current fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">By mid-January of the previous fiscal year, only 19.19 percent of such loans were based on mortgages. Such loans have increased by 0.60 percentage point in one year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Analyzing the data of the last five years, it seems that the microfinance institutions have been attracted towards mortgage loans instead of the groups’ collective guarantee without collateral. However, experts in the field of microfinance say that this is against the principle and essence of microfinance.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Shankarman Shrestha, president of Swavalamban Development Center, said that it is not appropriate to give loans against collateral as microfinance services were started for the underprivileged who could not offer collateral. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"The job of microfinance is to give collateral-free loans," he said, "Increasing mortgage loans is a deviation from the core principles of microfinance." He said that the deviation has increased after the central bank increased the loan limit issued by microfinance institutions and allowed them to give up to Rs 1.5 million per person.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Executive Director of Nepal Rastra Bank Revati Prasad Nepal also says that the essence of microfinance is providing collateral-free loans. He said that microfinance institutions should work to uplift the poor by investing collateral-free loans under collective guarantee. Admitting that there were some deviations in the past, he claimed that the central bank is working to improve the microfinance sector.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">After public protests against the exploitation by microfinance companies, the central bank issued a directive in February last year and reduced the loan limit to Rs 700,000. Besides, the NRB also introduced a provision under which an individual could take loans from only one microfinance institution and those who take loans from microfinance could take loans from banks and financial institutions. Prior to this, microfinance institutions were allowed to give loans up to Rs 700,000 without collateral and up to Rs 1.5 million with collateral. Meanwhile, Nepal Rastra Bank officials claim that they have studied the problems related to microfinance institutions and have already started reforms according to the suggestions of the study reports.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-01', 'modified' => '2024-03-01', 'keywords' => '', 'description' => '', 'sortorder' => '20112', 'image' => '20240301025723_20230306023445_Clipboard06 (1).jpg', 'article_date' => '2024-03-01 14:56:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '20384', 'article_category_id' => '1', 'title' => 'Backlog of Huge Quantity of Powdered Milk, Butter Creating Problem for DDC in Paying Farmers ', 'sub_title' => '', 'summary' => 'March 1: The Dairy Development Corporation (DDC) is facing problem in paying the dairy farmers due to the backlog of huge quantity of powdered milk and butter. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 1: The Dairy Development Corporation (DDC) is facing problem in paying the dairy farmers due to the backlog of huge quantity of powdered milk and butter. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Though the DDC has been purchasing 140,000 litres of milk from farmers of different districts daily, it is facing problems as only 90,000 litres of milk is sold in the market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Deputy General Manager of DDC and Information Officer Rajendra Prasad Adhikari shared that they purchase 4.2 million litres of milk from farmers every month. “But only around 2.7 million litres of milk is sold. We have been storing butter and powdered milk equivalent to around 50,000 litres of milk every day," he said. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Adhikari further said there is now stock of 900,000 kilogrammes of powdered milk and 700,000 kilogrammes of butter worth Rs 1.25 billion with the DDC. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The DDC expects the sale of yoghurt to increase with onset of the summer season. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The DDC purchases milk produced in 43 districts through its own chilling centre and different cooperatives, and sells it to the general consumers. It has 64 chilling centres across the country. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-03-01', 'modified' => '2024-03-01', 'keywords' => '', 'description' => '', 'sortorder' => '20111', 'image' => '20240301022429_103084112_3076838389070127_780528565370612935_n.jpg', 'article_date' => '2024-03-01 14:23:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '20383', 'article_category_id' => '1', 'title' => 'Ministry of Physical Infrastructure Seeks Budget of Rs 200 Billion Despite Poor Spending', 'sub_title' => '', 'summary' => 'March 1: The Ministry of Physical Infrastructure and Transport (MoPIT), which has achieved 29 percent progress in budget expenditure in the current fiscal year (FY), has been given a budget ceiling of Rs 131 billion for the upcoming fiscal year.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 1: The Ministry of Physical Infrastructure and Transport (MoPIT), which has achieved 29 percent progress in budget expenditure in the current fiscal year (FY), has been given a budget ceiling of Rs 131 billion for the upcoming fiscal year. The ministry has estimated it will require a budget of Rs 200 billion.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ministry says that the ceiling fixed by the National Planning Commission is not sufficient. The ministry has said that it cannot initiate new programmes without a budget of 200 billion. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">MoPIT Secretary Keshav Kumar Sharma said that the budget should be increased by at least 10 percent for the upcoming year. He said that the ceiling fixed by the NPC is very low. According to Sharma, the budget is not enough money to pay for the projects with which the ministry has already signed contracts.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ministry said that the Kathmandu-Terai Fast Track alone will require a budget of Rs 50 billion and the Department of Roads will need Rs 100 billion in the upcoming fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ministry had achieved 23 percent progress in budget expenditure in the first seven months of the last fiscal year. Secretary Sharma said that the ministry is yet to pay the dues worth Rs 5 million of the last fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"The progress would have reached 35 percent if we could have released that amount," he said. With the current ceiling, we cannot start new programmes in the upcoming year," added Sharma. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Most of the budget allocated for this ministry goes to the Department of Roads. Sushilbabu Dhakal, director general of the Department of Roads, informed New Business Age that the department has achieved 26 percent material progress in the current fiscal year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Speaking at a discussion on 'Strategic road connecting constituencies' in the Infrastructure Development Committee of the House of Representatives on Thursday, Sharma said, “We have been given a low ceiling. It's like swimming with hands and feet tied.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ministry's budget in the fiscal year 2079/80 was Rs 165 billion. In the years since then, the budget allocated to the ministry has gradually decreased. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-03-01', 'modified' => '2024-03-01', 'keywords' => '', 'description' => '', 'sortorder' => '20110', 'image' => '20240301014149_budget.jpg', 'article_date' => '2024-03-01 13:40:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '20382', 'article_category_id' => '1', 'title' => 'Complaints of Labor Exploitation Increasing', 'sub_title' => 'Monitoring Team finds Banks not Paying Minimum Wages to Workers', 'summary' => 'March 1: The number of complaints related to workers not getting minimum wages, allowances or benefits as per the law has started to increase.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 1: The number of complaints related to workers not getting minimum wages, allowances or benefits as per the law has started to increase. Sujan Jojiju, head of Teku-based Labor Office of the government said that the number of complaints related to labour exploitation by organisations has increased of late.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to him, 324 people have filed personal complaints in the last two months (mid-December to mid-February) alone. According to him, most of the complaints received by the office are related to the minimum wage. After receiving the complaint, the office requests for necessary documents and accurate details. The office has conducted inquiries and investigations based on the details received and the complaints filed at the office.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Jojiju said that the Labour Office at first arranges negotiations between the petitioner and the employer to sort out the dispute. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"We reserve the right to either settle the dispute through a tripartite discussion and agreement or take a decision in accordance with the law," he told New Business Age.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Following the rise in the number of complaints, the Labour Office has started monitoring to find the facts.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Jojiju, the head of the Labour Office, said that they monitored 375 establishments in the last two months. He said that the monitoring teams found that some of the workers working in the establishments were not paid the minimum wage as required by the law. He added that the workers were not even paid for over-time work.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">During the monitoring, the Labour Office found that especially the workers of banks and financial institutions were made to work overtime and were not even paid the minimum wage.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"During the monitoring, we found that the banks employed employees for more than eight hours a day," he said, adding, "Many employees did not receive over-time wages. Some workers did not even get the minimum wage.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">While inspecting the situation of child labour, the Labour Office found some small hotels were using children. The office issued warnings to some of them while it took action against some hotels.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the office, it received 245 labor audit reports in the last two months, while it issued four new permits for labour supply. During that review period, 50 labour supply companies renewed their license.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Labour Office has also inspected labour supply companies. During the inspection of 33 companies, it was found that some of them employed workers without paying the minimum wage. This was especially prevalent among security companies.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-01', 'modified' => '2024-03-01', 'keywords' => '', 'description' => '', 'sortorder' => '20109', 'image' => '20240301123613_25013837258_712c424a9b_k-675px.jpg', 'article_date' => '2024-03-01 12:35:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '20381', 'article_category_id' => '1', 'title' => 'Nepal's Embassy Egypt Promoting Tourism', 'sub_title' => '', 'summary' => 'March 1: The Embassy of Nepal in Cairo organized a tourism promotional event in Cairo on February 28.', 'content' => '<p><span style="font-size:16px"><span style="font-family:"Arial Unicode MS","sans-serif"">March 1: The Embassy of Nepal in Cairo organized a tourism promotional event in Cairo on February 28. During the event, Everest Summiteer Adriana Brownlee and Gelje Sherpa made their presentation on nature and adventurous journey in the mountains of Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, educationists Dr Jared Harris and Courtney Bailey shared their trekking experiences during their visit to Nepal last year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Nepal's Ambassador to Egypt Sushil Kumar Lamsal shared about Nepal's unique cultural and natural heritages, urging the tourists to visit Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, he thanked the Egyptian media for their support to expand people-to-people relations between <strong>Nepal</strong> and Egypt. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Egyptian bloggers, social media influencers, artists, educationists, diplomats and media persons, among others were present on the occasion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the outstanding paintings selected from the competition "Nepal in the Eyes of Egyptian Children" were also put in display. Some 300 Egyptian students took part in the competition and expressed their understanding about Nepal's arts, culture, history, natural heritages and life through paintings and arts. -- RSS </span></span></p> ', 'published' => true, 'created' => '2024-03-01', 'modified' => '2024-03-01', 'keywords' => '', 'description' => '', 'sortorder' => '20108', 'image' => '20240301113613_egypt.jpg', 'article_date' => '2024-03-01 11:35:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '20380', 'article_category_id' => '1', 'title' => 'Upper House Members Call for Prioritizing Job Creation in Budget', 'sub_title' => '', 'summary' => 'March 1: National Assembly lawmakers have called for giving emphasis on employment generation and mobilization of youth by upholding good governance. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 1: National Assembly lawmakers have called for giving emphasis on employment generation and mobilization of youth by upholding good governance. They made such remarks during a discussion on the principles and priorities of the Appropriation Bill for the upcoming fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Finance Minister Dr Prakash Sharan Mahat had presented the Principles and Priorities of Appropriation Bill for the next fiscal year in the meeting of the National Assembly, the upper house of the Federal Parliament, on February 26.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Taking part in the debate in the NA meeting on Thursday, lawmakers underscored on making the budget functional. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, they emphasized on giving high priority to the agriculture sector, ensuring security to the health workers, making clear the responsibilities on service delivery of the three tiers of government, bringing a plan for consumption of electricity produced in Nepal within the country itself and also on increasing capital expenditure and revenue collection.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Prakash Pantha, Dil Kumari Rawal (Parbati), Dr Khimlal Devkota among other lawmakers participated in the discussions.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Dr Devkota on the occasion drew the attention of the government, saying those ministers who were supposed to participate in the meeting were not present in the meeting.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">President of the Legislation Management Committee, Jayanti Devi Rai, presented the Bill on Anti-Money Laundering and the Promotion of Business Environment, 2079 BS during Thursday’s meeting. She also presented the report of the onsite study programme on law-making process and practices of the local levels.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, the upper house lawmakers also drew the attention of the government towards the difficulties faced by the people for lack of drinking water and irrigation facilities in the Terai-Madhesh region.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">They expressed their concern on this issue while speaking in the 'zero hour' of the National Assembly meeting on Thursday.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Lawmaker Tulasa Kumari Dahal called on the government to make arrangements for providing pure drinking water to the people in the Madhes. She also stressed on conservation of the Chure ecosystem by stopping its over-exploitation and on making arrangements for irrigation in the Madhes which is the 'breadbasket' of the country.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Lawmaker Jaga Prasad Sharma called for putting an end to the trend of meager expenditure of the budget allocated for big projects, drawing the government's attention to finding a solution to this problem.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Taraman Swanr called on the government to expedite the construction of the Seti and Mahakali highways, considered as the backbone for the economy and development of the Sudurpaschim Province and to ensure a budget for these road projects in the next fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Bimala Ghimire drew the attention of the government for immediately addressing the demands of farmers and the victims of loan sharks.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Lawmaker Sumitra BC called for immediately taking ahead the process for reconstruction of houses of the earthquake-affected people of Jajarkot who are still living under tents even after nearly four months since the disaster. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-01', 'modified' => '2024-03-01', 'keywords' => '', 'description' => '', 'sortorder' => '20107', 'image' => '20240301110624_Parliament.jpg', 'article_date' => '2024-03-01 11:05:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '20379', 'article_category_id' => '1', 'title' => 'NAC Structural Reforms and Study Committee Submits its Report ', 'sub_title' => '', 'summary' => 'February 29: A report prepared by the Structural Reforms and Study Committee of Nepal Airlines Corporation has recommended the government to sell the shares of Soaltee Hotel owned by the state-owned airline company to make the NAC financially strong.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">February 29: A report prepared by the Structural Reforms and Study Committee of Nepal Airlines Corporation has recommended the government to sell the shares of Soaltee Hotel owned by the state-owned airline company to make the NAC financially strong.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Among the four main recommendations made by the committee, it has also recommended making internal audit of NAC more effective. Other recommendations include forming accounts committee and to formulate a realistic action plan.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The committee submitted its report to Minister for Culture, Tourism and Civil Aviation, Sudan Kirati, Secretary Deepak Kafle and Executive Chairperson of Nepal Airlines Corporation, Yubraj Adhikari on Thursday. </span></span></span><br /> <br /> </p> ', 'published' => true, 'created' => '2024-02-29', 'modified' => '2024-02-29', 'keywords' => '', 'description' => '', 'sortorder' => '20106', 'image' => '20240229051458_naccccc.jpg', 'article_date' => '2024-02-29 17:14:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '20378', 'article_category_id' => '1', 'title' => 'Banking Sector ‘Terrorized’ by Police Crackdown', 'sub_title' => '', 'summary' => 'February 29: The umbrella organizations of banks and financial institutions have protested against the police crackdown on bankers saying that the latest arrests have terrorized the financial sector.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">February 29: The umbrella organizations of banks and financial institutions have protested against the police crackdown on bankers saying that the latest arrests have terrorized the financial sector.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Nepal Bankers Association, Development Bankers Association, Nepal Financial Institutions Association and Nepal Microfinance Bankers Association issued a joint statement on Wednesday and requested the concerned agencies of the state to be serious as the police crackdown on an essential and sensitive sector like the banking sector has weakened the morale of the employees.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"Banks and financial institutions of Nepal have been conducting banking transactions in a transparent manner by following the prevalent laws and regulations as well as the principles of the banking sector," the statement said. If the arrest is not stopped, there may be a big challenge in this sector. So, we urge you to take this matter seriously.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The statement claimed that the employees and the board of directors of banks are working with good intentions in accordance with the law, but in the event that someone acts with mala fide intentions, the people involved in it have been and should be prosecuted according to the existing laws. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The bankers’ organisations said they are ready to cooperate if someone is involved in illegal activities but maintained that it is not appropriate to arrest someone who is not directly involved in any incident just because the employee signed a document or on the basis of his/her post.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"The investigation process related to banking offense should be 'first listen and then arrest', but the culture of 'first arrest and listen’ has become the norm," the statement said, adding, "It has seriously affected the mental and social well-being of the bankers, the morale of employees has diminished and it will affect the expansion of credit. And we want to inform everyone related that it will affect the development of the economy as a whole.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Associations have clarified that banks, financial institutions are disbursing loans subject to the instructions issued by the central bank. They urged the agencies concerned to ensure that the employees working in the financial sector can work without fear.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-02-29', 'modified' => '2024-02-29', 'keywords' => '', 'description' => '', 'sortorder' => '20105', 'image' => '20240229031433_Banks - Copy.jpg', 'article_date' => '2024-02-29 15:13:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '20377', 'article_category_id' => '1', 'title' => 'NEA Earns Profit of Rs 15.36 Billion in Six Months of Current Fiscal Year', 'sub_title' => '', 'summary' => 'February 29: Nepal Electricity Authority (NEA) made a profit of Rs 15.36 billion in the first six months (mid-July 2023 to mid-January 2024) of the current fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">February 29: Nepal Electricity Authority (NEA) made a profit of Rs 15.36 billion in the first six months (mid-July 2023 to mid-January 2024) of the current fiscal year. The authority informed that it earned a total of Rs 67.28 billion from the sale of electricity, interest and other headings. During the review period, the NEA earned a net profit of Rs 15.36 billion. In the corresponding period of last fiscal year, the NEA made a profit of Rs 10.91 billion.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The NEA’s profit in the first six months of the current fiscal year increased by more than Rs 4.44 billion compared to the first six months of the last fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The state-owned electricity utility’s profit in the first half of the current FY is more than the profit it made in the entire twelve months of last fiscal year. Last year's profit stood at Rs 12.33 billion. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The NEA, which suffered an annual loss of Rs 8.89 billion in the fiscal year 2072/73, has been making profit continuously in the following years. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Kulman Ghising, executive director of the NEA, said that the NEA earned a significant profit by curbing electricity leakage, increasing domestic consumption and exporting electricity to India.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">During the review period, the NEA spent Rs 51.92 billion for the purchase of electricity, administrative expenses, projects works. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">"Due to budget limitations, we have not been able to get enough funds for investment from the government. In such a complex situation, we are investing billions of rupees every year in infrastructure development and strengthening and electrification projects from the profits earned by the organization. The profit is being invested in electricity generation, transmission and distribution," said Executive Director Ghising, adding, "The country needs investment of more than Rs 1000 billion to become self-sufficient in electricity and to provide quality and reliable electricity to the consumers.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The NEA has collected Rs 45.49 billion from the sale of electricity in six months of the current year. During this period, electricity worth Rs 30.48 billion was purchased from energy producers within the country and from India. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The NEA has been exporting surplus electricity to India during the rainy season. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">However, the NEA purchases electricity from the southern neighbor with the onset of the dry season, when the flow of water in the rivers recede and the power generation of the hydropower projects has decreases in the country. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-02-29', 'modified' => '2024-02-29', 'keywords' => '', 'description' => '', 'sortorder' => '20104', 'image' => '20240229024907_NEA_eight by six.jpg', 'article_date' => '2024-02-29 14:48:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '20376', 'article_category_id' => '1', 'title' => 'PM Dahal Instructs All Stakeholders to Complete National Pride Projects on Time', 'sub_title' => '', 'summary' => 'February 29: Prime Minister Pushpa Kamal Dahal has instructed all stakeholders to complete the work of national pride projects within the stipulated time.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">February 29: Prime Minister Pushpa Kamal Dahal has instructed all stakeholders to complete the work of national pride projects within the stipulated time.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">He made such remarks in response to the progress report of the national pride projects which is not satisfactory in the first half of the current fiscal year. He told a meeting of the National Concern and Coordination Committee of the National Assembly on Wednesday that he has instructed the concerned authorities to complete the projects related road construction and irrigation which have been delayed for decades.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The prime minister asserted the upper house members that he has clearly instructed all stakeholders to complete the projects like Bheri Babai multi-purpose irrigation project, Sunkoshi Marine Diversion Project, Sikta irrigation project and road projects like Narayangadh-Butwal and North-South Corridor within the deadline.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">"Implementation of national pride projects is the highest priority of the government," he said, "I have been monitoring the progress by making a schedule from the action room set up at the Office of the Prime Minister and Council of Ministers."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">According to the details presented by the PM during the meeting, out of 24 projects of national pride, five have made less than 10 percent progress. The number of projects with the highest progress (above 80 percent) is four. Work is underway at war footing in Sunkoshi Marin Diversion Project, said the PM. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">PM Dahal said that discussions are underway on the land acquisition of Khokna, the starting point of the Kathmandu-Tarai Expressway, and initiatives are being taken to solve the problem. He also shed light on the progress about Budhi Gandaki Hydropower Project and Melamchi Water Supply Project. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The half-yearly review of the current fiscal year's budget, which was released some time ago, shows that the budget allocated for those projects was not spent enthusiastically. In the first six months of the current fiscal year, Rs 15.5 billion were spent out of the budget allocated for projects of national pride. This year, the government has allocated Rs 65.64 billion for such projects.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Among the national pride projects, the Upper Tamakoshi Hydropower Project, Gautam Buddha International Airport, Pokhara Regional International Airport and Melamchi Water Supply Project have been completed and are already operational. However, the dam of the Melamchi Water Supply Project is yet to be built.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-02-29', 'modified' => '2024-02-29', 'keywords' => '', 'description' => '', 'sortorder' => '20103', 'image' => '20240229020046_20220714055046_20170616052456_fast track nov 21.jpg', 'article_date' => '2024-02-29 14:00:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20375', 'article_category_id' => '1', 'title' => 'Business of Life Insurance Companies Up in mid-January to mid-February', 'sub_title' => '', 'summary' => 'February 29: The business of life insurance companies increased in the Nepali month of Magh (mid-January to mid-February), but that of non-life companies decreased. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">February 29: The business of life insurance companies increased in the Nepali month of Magh (mid-January to mid-February), but that of non-life companies decreased. According to the data of Nepal Insurance Authority, life insurance companies collected Rs 12.66 billion insurance fees from the sale and renewal of new insurance policies in the review month. The insurance premiums of life insurance companies increased by Rs 190 million in mid-January to mid-February compared to the previous month.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">In mid-January to mid-February, life insurance companies issued a total of 448,000 insurance policies and collected Rs 2.29 billion as the first installment of insurance fee. Similarly, the authority informed that the life insurance companies collected Rs 10.36 billion in insurance fee from the renewal of insurance policies.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">As of mid-February of the current fiscal year, the number of active life insurance policies is 103.7 million. The life insurance companies have collected Rs 86.88 billion in insurance fees from the 103.7 million clients. In the same period last year, the companies had collected Rs 83.39 billion in insurance fees.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, the business of non-life insurance companies, which showed some growth in mid-December to mid-January of the current fiscal year, slowed down in mid-January to mid-February. In the review month, they issued 250,000 insurance policies and collected Rs 2.99 billion in insurance fees. In mid-December to mid-January, they collected Rs 3.67 billion.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">As of mid-February of the current year, non-life insurance companies have issued 16,71,000 insurance policies and collected more than Rs 22.39 billion. By the same period last year, the companies had collected more than Rs 23.6 billion by issuing 16,36,000 insurance policies. Although the number of insurance policies has increased compared to last year, the insurance fee has decreased. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The business of insurance companies has been affected due to the decline in economic activities. As the credit flow of banks and financial institutions has decreased, economic activities have also been affected. Of late, insurers say that with the excess liquidity in the banks and the flexible monetary policy of the central bank, the insurance business has also started to improve.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-02-29', 'modified' => '2024-02-29', 'keywords' => '', 'description' => '', 'sortorder' => '20102', 'image' => '20240229125830_INSURANCE-COVERAGE.jpg', 'article_date' => '2024-02-29 12:57:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '20389', 'article_category_id' => '1', 'title' => 'Jyoti Bikash Bank Provides Furniture to School ', 'sub_title' => '', 'summary' => 'Jyoti Bikash Bank has provided support of 25 sets of desks and benches to the Basic School located in Ward No. 10 of Golbazar Municipality, Siraha, through its 'Our Development Promotion Fund'.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 3: Jyoti Bikash Bank has provided support of 25 sets of desks and benches to the Basic School located in Ward No. 10 of Golbazar Municipality, Siraha, through its 'Our Development Promotion Fund'.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"> The bank informed that this support is aimed at improving the learning environment for the students studying in the school, enhancing academic experiences, and overall educational development.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Amid a programme in the school, branch Manager Bhuban Dhamala of Golbazar Branch of the bank handed over furniture to the Head teacher of the school, Madhuram Mahato, in the presence of Golbazar Municipality Mayor Shyam Kumar Shrestha and the Chairman of Golbazar-10, and the Chairman of the School Management Committee, Upendra Mukhiya.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Mayor Shrestha of Golbazar Municipality appreciated the bank's assistance in creating a positive educational environment. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-03-03', 'modified' => '2024-03-03', 'keywords' => '', 'description' => '', 'sortorder' => '20116', 'image' => '20240303070303_collage (40).jpg', 'article_date' => '2024-03-03 07:01:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '20388', 'article_category_id' => '1', 'title' => 'Jomsom-Pokhara Flights Resume after Three Months ', 'sub_title' => '', 'summary' => 'March 2: The Jomsom-Pokhara flights have resumed after around three months. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 2: The Jomsom-Pokhara flights have resumed after around three months. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The flight service from Gandaki province headquarters, Pokhara, to tourism hub, Jomsom, of Mustang had remained closed since November, 2023 due to unfavourable weather conditions. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Summit Airlines that closed its air service since December 6 last year started boarding on passengers from March 1 (Friday), informed Jomsom Airport Chief Hiron Shah. Summit Airlines made two flights on Friday, he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tara Airlines that halted its service since November 26 has also made preparation to resume Jomsom-Pokhara flights. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"With the improvement in weather and the onset of tourist season, the Pokhara-Jomsom flights have resumed," Shah shared. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The resumption of flight service has brought respite to the locals of Mustang as well as pilgrims and tourists as Myagdi section of the Beni-Jomsom road is being upgraded at present. Inflow of tourists is expected to increase in Mustang with the resumption of flight services. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Ammapurna Conservation Area Project (ACAP), Jomsom, as many as 91,000 foreign tourists had visited Mustang in 2023. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Flow of vehicles heading towards Mustang through Beni-Jomsom road has gradually increased for the past couple of days with the rise in temperature, informed Chief of District Traffic Police Office, Rajkumar Thapa. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-03-02', 'modified' => '2024-03-02', 'keywords' => '', 'description' => '', 'sortorder' => '20115', 'image' => '20240302011934_jom.jpg', 'article_date' => '2024-03-02 13:18:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '20387', 'article_category_id' => '1', 'title' => 'HoR Unanimously Passes Monitoring and Evaluation Bill-2080', 'sub_title' => '', 'summary' => 'March 2: A meeting of the House of Representatives (HoR) on Friday unanimously passed the 'Monitoring and Evaluation Bill-2080'.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">March 2: A meeting of the House of Representatives (HoR) on Friday unanimously passed the 'Monitoring and Evaluation Bill-2080'.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">Minister for Communications and Information Technology, Rekha Sharma, on the behalf of Prime Minister Pushpa Kamal Dahal presented the proposal seeking the passage of the bill. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">The bill along with the report of the State Affairs and Good Governance Committee was passed after discussion in the HoR meeting. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">The bill that originated in the National Assembly has an objective of making monitoring and evaluation of development policies and plan, programme and project systematic. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">On the occasion, Minister Sharma shared that this law was necessary to ensure public accountability and for making the development process result-oriented and transparent. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">The government has set a target to make monitoring and evaluation activities regular and periodic and make heads of public bodies accountable specifying their responsibilities. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">The HoR will hold its next meeting on March 4. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-02', 'modified' => '2024-03-02', 'keywords' => '', 'description' => '', 'sortorder' => '20114', 'image' => '20240302011210_Parliament.jpg', 'article_date' => '2024-03-02 13:11:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '20386', 'article_category_id' => '1', 'title' => 'World Bank Supports USD 200 Million for Fiscal Reforms and Provincial and Local Roads Projects in Ne', 'sub_title' => '', 'summary' => 'March 1: The World Bank’s Board of Executive Directors on Thursday approved US$200 million in new financing for two projects in Nepal to support the country’s transition toward Green, Resilient, and Inclusive Development (GRID) and help improve the development and maintenance of Nepal’s provincial and local road network.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">March 1: The World Bank’s Board of Executive Directors on Thursday approved US$200 million in new financing for two projects in Nepal to support the country’s transition toward Green, Resilient, and Inclusive Development (GRID) and help improve the development and maintenance of Nepal’s provincial and local road network.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Thursday, the World Bank’s Country Director for Maldives, Nepal and Sri Lanka Faris Hadad-Zervos said that the World Bank is committed to supporting Nepal’s green, resilient, and inclusive development.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“Through the new projects financed by the World Bank’s International Development Association (IDA), we continue to focus our assistance on improving people’s lives including through infrastructure and services,” said Zervos.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank, the US$100 million Second Fiscal Policy for Growth, Recovery and Resilience Development Policy Credit aims to strengthen revenue collection, reduce fragmentation of debt management, and increase debt transparency. It also supports reforms to enhance climate-resilient infrastructure spending, lower Nepal’s minimum foreign direct investment (FDI) threshold to promote FDI inflows and facilitate automation to streamline the process of FDI.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“This operation will help strengthen the regulatory and institutional framework to support sustainable business growth, and enhance systems to protect the most vulnerable in Nepal” the statement quoted Sibel Kulaksiz, the World Bank’s Task Team leader for the program, as saying.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Similarly, the US$100 million credit for the Provincial and Local Roads Improvement Program will support the implementation of a comprehensive program for the development and maintenance of Nepal’s provincial and local road network, the World Bank added. It will help improve the efficiency of service delivery, strengthen the resilience of selected provincial roads and bridges, and ensure communities have safe access to markets and services.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">This first of a three-phased series of programs will be implemented in Madhesh, Karnali, and Sudurpaschim provinces and local levels with the potential to scale up in the future, the statement further reads.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“The project will strengthen the institutional, management, and implementation capacity of the subnational governments over the long term to improve inclusive connectivity and promote efficiency through reduced travel time and costs,” said Reenu Aneja, senior transport specialist and Task Team leader.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-01', 'modified' => '2024-03-01', 'keywords' => '', 'description' => '', 'sortorder' => '20113', 'image' => '20240301064057_20221101101708_World.jpg', 'article_date' => '2024-03-01 18:40:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '20385', 'article_category_id' => '1', 'title' => 'Microfinance Institutions Show Growing Interest in Secured Loans', 'sub_title' => '', 'summary' => 'March 1: Microfinance institutions were established to provide financial services to the underprivileged people by forming groups of people who do not have access to financial services.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 1: Microfinance institutions were established to provide financial services to the underprivileged people by forming groups of people who do not have access to financial services. Of late, microfinance institutions have emphasized on disbursing loans with collateral in order to secure their investment. The move also stems from the problems in recovery of loans and unhealthy competition among the microfinance institutions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the data of Nepal Rastra Bank, microfinance institutions disbursed 19.79 percent of the loans against collateral as of mid-January in the current fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">By mid-January of the previous fiscal year, only 19.19 percent of such loans were based on mortgages. Such loans have increased by 0.60 percentage point in one year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Analyzing the data of the last five years, it seems that the microfinance institutions have been attracted towards mortgage loans instead of the groups’ collective guarantee without collateral. However, experts in the field of microfinance say that this is against the principle and essence of microfinance.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Shankarman Shrestha, president of Swavalamban Development Center, said that it is not appropriate to give loans against collateral as microfinance services were started for the underprivileged who could not offer collateral. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"The job of microfinance is to give collateral-free loans," he said, "Increasing mortgage loans is a deviation from the core principles of microfinance." He said that the deviation has increased after the central bank increased the loan limit issued by microfinance institutions and allowed them to give up to Rs 1.5 million per person.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Executive Director of Nepal Rastra Bank Revati Prasad Nepal also says that the essence of microfinance is providing collateral-free loans. He said that microfinance institutions should work to uplift the poor by investing collateral-free loans under collective guarantee. Admitting that there were some deviations in the past, he claimed that the central bank is working to improve the microfinance sector.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">After public protests against the exploitation by microfinance companies, the central bank issued a directive in February last year and reduced the loan limit to Rs 700,000. Besides, the NRB also introduced a provision under which an individual could take loans from only one microfinance institution and those who take loans from microfinance could take loans from banks and financial institutions. Prior to this, microfinance institutions were allowed to give loans up to Rs 700,000 without collateral and up to Rs 1.5 million with collateral. Meanwhile, Nepal Rastra Bank officials claim that they have studied the problems related to microfinance institutions and have already started reforms according to the suggestions of the study reports.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-01', 'modified' => '2024-03-01', 'keywords' => '', 'description' => '', 'sortorder' => '20112', 'image' => '20240301025723_20230306023445_Clipboard06 (1).jpg', 'article_date' => '2024-03-01 14:56:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '20384', 'article_category_id' => '1', 'title' => 'Backlog of Huge Quantity of Powdered Milk, Butter Creating Problem for DDC in Paying Farmers ', 'sub_title' => '', 'summary' => 'March 1: The Dairy Development Corporation (DDC) is facing problem in paying the dairy farmers due to the backlog of huge quantity of powdered milk and butter. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 1: The Dairy Development Corporation (DDC) is facing problem in paying the dairy farmers due to the backlog of huge quantity of powdered milk and butter. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Though the DDC has been purchasing 140,000 litres of milk from farmers of different districts daily, it is facing problems as only 90,000 litres of milk is sold in the market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Deputy General Manager of DDC and Information Officer Rajendra Prasad Adhikari shared that they purchase 4.2 million litres of milk from farmers every month. “But only around 2.7 million litres of milk is sold. We have been storing butter and powdered milk equivalent to around 50,000 litres of milk every day," he said. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Adhikari further said there is now stock of 900,000 kilogrammes of powdered milk and 700,000 kilogrammes of butter worth Rs 1.25 billion with the DDC. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The DDC expects the sale of yoghurt to increase with onset of the summer season. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The DDC purchases milk produced in 43 districts through its own chilling centre and different cooperatives, and sells it to the general consumers. It has 64 chilling centres across the country. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-03-01', 'modified' => '2024-03-01', 'keywords' => '', 'description' => '', 'sortorder' => '20111', 'image' => '20240301022429_103084112_3076838389070127_780528565370612935_n.jpg', 'article_date' => '2024-03-01 14:23:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '20383', 'article_category_id' => '1', 'title' => 'Ministry of Physical Infrastructure Seeks Budget of Rs 200 Billion Despite Poor Spending', 'sub_title' => '', 'summary' => 'March 1: The Ministry of Physical Infrastructure and Transport (MoPIT), which has achieved 29 percent progress in budget expenditure in the current fiscal year (FY), has been given a budget ceiling of Rs 131 billion for the upcoming fiscal year.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 1: The Ministry of Physical Infrastructure and Transport (MoPIT), which has achieved 29 percent progress in budget expenditure in the current fiscal year (FY), has been given a budget ceiling of Rs 131 billion for the upcoming fiscal year. The ministry has estimated it will require a budget of Rs 200 billion.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ministry says that the ceiling fixed by the National Planning Commission is not sufficient. The ministry has said that it cannot initiate new programmes without a budget of 200 billion. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">MoPIT Secretary Keshav Kumar Sharma said that the budget should be increased by at least 10 percent for the upcoming year. He said that the ceiling fixed by the NPC is very low. According to Sharma, the budget is not enough money to pay for the projects with which the ministry has already signed contracts.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ministry said that the Kathmandu-Terai Fast Track alone will require a budget of Rs 50 billion and the Department of Roads will need Rs 100 billion in the upcoming fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ministry had achieved 23 percent progress in budget expenditure in the first seven months of the last fiscal year. Secretary Sharma said that the ministry is yet to pay the dues worth Rs 5 million of the last fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"The progress would have reached 35 percent if we could have released that amount," he said. With the current ceiling, we cannot start new programmes in the upcoming year," added Sharma. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Most of the budget allocated for this ministry goes to the Department of Roads. Sushilbabu Dhakal, director general of the Department of Roads, informed New Business Age that the department has achieved 26 percent material progress in the current fiscal year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Speaking at a discussion on 'Strategic road connecting constituencies' in the Infrastructure Development Committee of the House of Representatives on Thursday, Sharma said, “We have been given a low ceiling. It's like swimming with hands and feet tied.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ministry's budget in the fiscal year 2079/80 was Rs 165 billion. In the years since then, the budget allocated to the ministry has gradually decreased. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-03-01', 'modified' => '2024-03-01', 'keywords' => '', 'description' => '', 'sortorder' => '20110', 'image' => '20240301014149_budget.jpg', 'article_date' => '2024-03-01 13:40:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '20382', 'article_category_id' => '1', 'title' => 'Complaints of Labor Exploitation Increasing', 'sub_title' => 'Monitoring Team finds Banks not Paying Minimum Wages to Workers', 'summary' => 'March 1: The number of complaints related to workers not getting minimum wages, allowances or benefits as per the law has started to increase.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 1: The number of complaints related to workers not getting minimum wages, allowances or benefits as per the law has started to increase. Sujan Jojiju, head of Teku-based Labor Office of the government said that the number of complaints related to labour exploitation by organisations has increased of late.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to him, 324 people have filed personal complaints in the last two months (mid-December to mid-February) alone. According to him, most of the complaints received by the office are related to the minimum wage. After receiving the complaint, the office requests for necessary documents and accurate details. The office has conducted inquiries and investigations based on the details received and the complaints filed at the office.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Jojiju said that the Labour Office at first arranges negotiations between the petitioner and the employer to sort out the dispute. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"We reserve the right to either settle the dispute through a tripartite discussion and agreement or take a decision in accordance with the law," he told New Business Age.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Following the rise in the number of complaints, the Labour Office has started monitoring to find the facts.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Jojiju, the head of the Labour Office, said that they monitored 375 establishments in the last two months. He said that the monitoring teams found that some of the workers working in the establishments were not paid the minimum wage as required by the law. He added that the workers were not even paid for over-time work.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">During the monitoring, the Labour Office found that especially the workers of banks and financial institutions were made to work overtime and were not even paid the minimum wage.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"During the monitoring, we found that the banks employed employees for more than eight hours a day," he said, adding, "Many employees did not receive over-time wages. Some workers did not even get the minimum wage.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">While inspecting the situation of child labour, the Labour Office found some small hotels were using children. The office issued warnings to some of them while it took action against some hotels.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the office, it received 245 labor audit reports in the last two months, while it issued four new permits for labour supply. During that review period, 50 labour supply companies renewed their license.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Labour Office has also inspected labour supply companies. During the inspection of 33 companies, it was found that some of them employed workers without paying the minimum wage. This was especially prevalent among security companies.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-01', 'modified' => '2024-03-01', 'keywords' => '', 'description' => '', 'sortorder' => '20109', 'image' => '20240301123613_25013837258_712c424a9b_k-675px.jpg', 'article_date' => '2024-03-01 12:35:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '20381', 'article_category_id' => '1', 'title' => 'Nepal's Embassy Egypt Promoting Tourism', 'sub_title' => '', 'summary' => 'March 1: The Embassy of Nepal in Cairo organized a tourism promotional event in Cairo on February 28.', 'content' => '<p><span style="font-size:16px"><span style="font-family:"Arial Unicode MS","sans-serif"">March 1: The Embassy of Nepal in Cairo organized a tourism promotional event in Cairo on February 28. During the event, Everest Summiteer Adriana Brownlee and Gelje Sherpa made their presentation on nature and adventurous journey in the mountains of Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, educationists Dr Jared Harris and Courtney Bailey shared their trekking experiences during their visit to Nepal last year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Nepal's Ambassador to Egypt Sushil Kumar Lamsal shared about Nepal's unique cultural and natural heritages, urging the tourists to visit Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, he thanked the Egyptian media for their support to expand people-to-people relations between <strong>Nepal</strong> and Egypt. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Egyptian bloggers, social media influencers, artists, educationists, diplomats and media persons, among others were present on the occasion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the outstanding paintings selected from the competition "Nepal in the Eyes of Egyptian Children" were also put in display. Some 300 Egyptian students took part in the competition and expressed their understanding about Nepal's arts, culture, history, natural heritages and life through paintings and arts. -- RSS </span></span></p> ', 'published' => true, 'created' => '2024-03-01', 'modified' => '2024-03-01', 'keywords' => '', 'description' => '', 'sortorder' => '20108', 'image' => '20240301113613_egypt.jpg', 'article_date' => '2024-03-01 11:35:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '20380', 'article_category_id' => '1', 'title' => 'Upper House Members Call for Prioritizing Job Creation in Budget', 'sub_title' => '', 'summary' => 'March 1: National Assembly lawmakers have called for giving emphasis on employment generation and mobilization of youth by upholding good governance. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 1: National Assembly lawmakers have called for giving emphasis on employment generation and mobilization of youth by upholding good governance. They made such remarks during a discussion on the principles and priorities of the Appropriation Bill for the upcoming fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Finance Minister Dr Prakash Sharan Mahat had presented the Principles and Priorities of Appropriation Bill for the next fiscal year in the meeting of the National Assembly, the upper house of the Federal Parliament, on February 26.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Taking part in the debate in the NA meeting on Thursday, lawmakers underscored on making the budget functional. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, they emphasized on giving high priority to the agriculture sector, ensuring security to the health workers, making clear the responsibilities on service delivery of the three tiers of government, bringing a plan for consumption of electricity produced in Nepal within the country itself and also on increasing capital expenditure and revenue collection.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Prakash Pantha, Dil Kumari Rawal (Parbati), Dr Khimlal Devkota among other lawmakers participated in the discussions.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Dr Devkota on the occasion drew the attention of the government, saying those ministers who were supposed to participate in the meeting were not present in the meeting.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">President of the Legislation Management Committee, Jayanti Devi Rai, presented the Bill on Anti-Money Laundering and the Promotion of Business Environment, 2079 BS during Thursday’s meeting. She also presented the report of the onsite study programme on law-making process and practices of the local levels.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, the upper house lawmakers also drew the attention of the government towards the difficulties faced by the people for lack of drinking water and irrigation facilities in the Terai-Madhesh region.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">They expressed their concern on this issue while speaking in the 'zero hour' of the National Assembly meeting on Thursday.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Lawmaker Tulasa Kumari Dahal called on the government to make arrangements for providing pure drinking water to the people in the Madhes. She also stressed on conservation of the Chure ecosystem by stopping its over-exploitation and on making arrangements for irrigation in the Madhes which is the 'breadbasket' of the country.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Lawmaker Jaga Prasad Sharma called for putting an end to the trend of meager expenditure of the budget allocated for big projects, drawing the government's attention to finding a solution to this problem.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Taraman Swanr called on the government to expedite the construction of the Seti and Mahakali highways, considered as the backbone for the economy and development of the Sudurpaschim Province and to ensure a budget for these road projects in the next fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Bimala Ghimire drew the attention of the government for immediately addressing the demands of farmers and the victims of loan sharks.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Lawmaker Sumitra BC called for immediately taking ahead the process for reconstruction of houses of the earthquake-affected people of Jajarkot who are still living under tents even after nearly four months since the disaster. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-01', 'modified' => '2024-03-01', 'keywords' => '', 'description' => '', 'sortorder' => '20107', 'image' => '20240301110624_Parliament.jpg', 'article_date' => '2024-03-01 11:05:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '20379', 'article_category_id' => '1', 'title' => 'NAC Structural Reforms and Study Committee Submits its Report ', 'sub_title' => '', 'summary' => 'February 29: A report prepared by the Structural Reforms and Study Committee of Nepal Airlines Corporation has recommended the government to sell the shares of Soaltee Hotel owned by the state-owned airline company to make the NAC financially strong.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">February 29: A report prepared by the Structural Reforms and Study Committee of Nepal Airlines Corporation has recommended the government to sell the shares of Soaltee Hotel owned by the state-owned airline company to make the NAC financially strong.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Among the four main recommendations made by the committee, it has also recommended making internal audit of NAC more effective. Other recommendations include forming accounts committee and to formulate a realistic action plan.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The committee submitted its report to Minister for Culture, Tourism and Civil Aviation, Sudan Kirati, Secretary Deepak Kafle and Executive Chairperson of Nepal Airlines Corporation, Yubraj Adhikari on Thursday. </span></span></span><br /> <br /> </p> ', 'published' => true, 'created' => '2024-02-29', 'modified' => '2024-02-29', 'keywords' => '', 'description' => '', 'sortorder' => '20106', 'image' => '20240229051458_naccccc.jpg', 'article_date' => '2024-02-29 17:14:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '20378', 'article_category_id' => '1', 'title' => 'Banking Sector ‘Terrorized’ by Police Crackdown', 'sub_title' => '', 'summary' => 'February 29: The umbrella organizations of banks and financial institutions have protested against the police crackdown on bankers saying that the latest arrests have terrorized the financial sector.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">February 29: The umbrella organizations of banks and financial institutions have protested against the police crackdown on bankers saying that the latest arrests have terrorized the financial sector.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Nepal Bankers Association, Development Bankers Association, Nepal Financial Institutions Association and Nepal Microfinance Bankers Association issued a joint statement on Wednesday and requested the concerned agencies of the state to be serious as the police crackdown on an essential and sensitive sector like the banking sector has weakened the morale of the employees.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"Banks and financial institutions of Nepal have been conducting banking transactions in a transparent manner by following the prevalent laws and regulations as well as the principles of the banking sector," the statement said. If the arrest is not stopped, there may be a big challenge in this sector. So, we urge you to take this matter seriously.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The statement claimed that the employees and the board of directors of banks are working with good intentions in accordance with the law, but in the event that someone acts with mala fide intentions, the people involved in it have been and should be prosecuted according to the existing laws. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The bankers’ organisations said they are ready to cooperate if someone is involved in illegal activities but maintained that it is not appropriate to arrest someone who is not directly involved in any incident just because the employee signed a document or on the basis of his/her post.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"The investigation process related to banking offense should be 'first listen and then arrest', but the culture of 'first arrest and listen’ has become the norm," the statement said, adding, "It has seriously affected the mental and social well-being of the bankers, the morale of employees has diminished and it will affect the expansion of credit. And we want to inform everyone related that it will affect the development of the economy as a whole.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Associations have clarified that banks, financial institutions are disbursing loans subject to the instructions issued by the central bank. They urged the agencies concerned to ensure that the employees working in the financial sector can work without fear.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-02-29', 'modified' => '2024-02-29', 'keywords' => '', 'description' => '', 'sortorder' => '20105', 'image' => '20240229031433_Banks - Copy.jpg', 'article_date' => '2024-02-29 15:13:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '20377', 'article_category_id' => '1', 'title' => 'NEA Earns Profit of Rs 15.36 Billion in Six Months of Current Fiscal Year', 'sub_title' => '', 'summary' => 'February 29: Nepal Electricity Authority (NEA) made a profit of Rs 15.36 billion in the first six months (mid-July 2023 to mid-January 2024) of the current fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">February 29: Nepal Electricity Authority (NEA) made a profit of Rs 15.36 billion in the first six months (mid-July 2023 to mid-January 2024) of the current fiscal year. The authority informed that it earned a total of Rs 67.28 billion from the sale of electricity, interest and other headings. During the review period, the NEA earned a net profit of Rs 15.36 billion. In the corresponding period of last fiscal year, the NEA made a profit of Rs 10.91 billion.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The NEA’s profit in the first six months of the current fiscal year increased by more than Rs 4.44 billion compared to the first six months of the last fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The state-owned electricity utility’s profit in the first half of the current FY is more than the profit it made in the entire twelve months of last fiscal year. Last year's profit stood at Rs 12.33 billion. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The NEA, which suffered an annual loss of Rs 8.89 billion in the fiscal year 2072/73, has been making profit continuously in the following years. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Kulman Ghising, executive director of the NEA, said that the NEA earned a significant profit by curbing electricity leakage, increasing domestic consumption and exporting electricity to India.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">During the review period, the NEA spent Rs 51.92 billion for the purchase of electricity, administrative expenses, projects works. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">"Due to budget limitations, we have not been able to get enough funds for investment from the government. In such a complex situation, we are investing billions of rupees every year in infrastructure development and strengthening and electrification projects from the profits earned by the organization. The profit is being invested in electricity generation, transmission and distribution," said Executive Director Ghising, adding, "The country needs investment of more than Rs 1000 billion to become self-sufficient in electricity and to provide quality and reliable electricity to the consumers.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The NEA has collected Rs 45.49 billion from the sale of electricity in six months of the current year. During this period, electricity worth Rs 30.48 billion was purchased from energy producers within the country and from India. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The NEA has been exporting surplus electricity to India during the rainy season. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">However, the NEA purchases electricity from the southern neighbor with the onset of the dry season, when the flow of water in the rivers recede and the power generation of the hydropower projects has decreases in the country. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-02-29', 'modified' => '2024-02-29', 'keywords' => '', 'description' => '', 'sortorder' => '20104', 'image' => '20240229024907_NEA_eight by six.jpg', 'article_date' => '2024-02-29 14:48:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '20376', 'article_category_id' => '1', 'title' => 'PM Dahal Instructs All Stakeholders to Complete National Pride Projects on Time', 'sub_title' => '', 'summary' => 'February 29: Prime Minister Pushpa Kamal Dahal has instructed all stakeholders to complete the work of national pride projects within the stipulated time.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">February 29: Prime Minister Pushpa Kamal Dahal has instructed all stakeholders to complete the work of national pride projects within the stipulated time.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">He made such remarks in response to the progress report of the national pride projects which is not satisfactory in the first half of the current fiscal year. He told a meeting of the National Concern and Coordination Committee of the National Assembly on Wednesday that he has instructed the concerned authorities to complete the projects related road construction and irrigation which have been delayed for decades.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The prime minister asserted the upper house members that he has clearly instructed all stakeholders to complete the projects like Bheri Babai multi-purpose irrigation project, Sunkoshi Marine Diversion Project, Sikta irrigation project and road projects like Narayangadh-Butwal and North-South Corridor within the deadline.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">"Implementation of national pride projects is the highest priority of the government," he said, "I have been monitoring the progress by making a schedule from the action room set up at the Office of the Prime Minister and Council of Ministers."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">According to the details presented by the PM during the meeting, out of 24 projects of national pride, five have made less than 10 percent progress. The number of projects with the highest progress (above 80 percent) is four. Work is underway at war footing in Sunkoshi Marin Diversion Project, said the PM. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">PM Dahal said that discussions are underway on the land acquisition of Khokna, the starting point of the Kathmandu-Tarai Expressway, and initiatives are being taken to solve the problem. He also shed light on the progress about Budhi Gandaki Hydropower Project and Melamchi Water Supply Project. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The half-yearly review of the current fiscal year's budget, which was released some time ago, shows that the budget allocated for those projects was not spent enthusiastically. In the first six months of the current fiscal year, Rs 15.5 billion were spent out of the budget allocated for projects of national pride. This year, the government has allocated Rs 65.64 billion for such projects.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Among the national pride projects, the Upper Tamakoshi Hydropower Project, Gautam Buddha International Airport, Pokhara Regional International Airport and Melamchi Water Supply Project have been completed and are already operational. However, the dam of the Melamchi Water Supply Project is yet to be built.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-02-29', 'modified' => '2024-02-29', 'keywords' => '', 'description' => '', 'sortorder' => '20103', 'image' => '20240229020046_20220714055046_20170616052456_fast track nov 21.jpg', 'article_date' => '2024-02-29 14:00:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20375', 'article_category_id' => '1', 'title' => 'Business of Life Insurance Companies Up in mid-January to mid-February', 'sub_title' => '', 'summary' => 'February 29: The business of life insurance companies increased in the Nepali month of Magh (mid-January to mid-February), but that of non-life companies decreased. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">February 29: The business of life insurance companies increased in the Nepali month of Magh (mid-January to mid-February), but that of non-life companies decreased. According to the data of Nepal Insurance Authority, life insurance companies collected Rs 12.66 billion insurance fees from the sale and renewal of new insurance policies in the review month. The insurance premiums of life insurance companies increased by Rs 190 million in mid-January to mid-February compared to the previous month.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">In mid-January to mid-February, life insurance companies issued a total of 448,000 insurance policies and collected Rs 2.29 billion as the first installment of insurance fee. Similarly, the authority informed that the life insurance companies collected Rs 10.36 billion in insurance fee from the renewal of insurance policies.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">As of mid-February of the current fiscal year, the number of active life insurance policies is 103.7 million. The life insurance companies have collected Rs 86.88 billion in insurance fees from the 103.7 million clients. In the same period last year, the companies had collected Rs 83.39 billion in insurance fees.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, the business of non-life insurance companies, which showed some growth in mid-December to mid-January of the current fiscal year, slowed down in mid-January to mid-February. In the review month, they issued 250,000 insurance policies and collected Rs 2.99 billion in insurance fees. In mid-December to mid-January, they collected Rs 3.67 billion.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">As of mid-February of the current year, non-life insurance companies have issued 16,71,000 insurance policies and collected more than Rs 22.39 billion. By the same period last year, the companies had collected more than Rs 23.6 billion by issuing 16,36,000 insurance policies. Although the number of insurance policies has increased compared to last year, the insurance fee has decreased. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The business of insurance companies has been affected due to the decline in economic activities. As the credit flow of banks and financial institutions has decreased, economic activities have also been affected. Of late, insurers say that with the excess liquidity in the banks and the flexible monetary policy of the central bank, the insurance business has also started to improve.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-02-29', 'modified' => '2024-02-29', 'keywords' => '', 'description' => '', 'sortorder' => '20102', 'image' => '20240229125830_INSURANCE-COVERAGE.jpg', 'article_date' => '2024-02-29 12:57:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 133]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '20389', 'article_category_id' => '1', 'title' => 'Jyoti Bikash Bank Provides Furniture to School ', 'sub_title' => '', 'summary' => 'Jyoti Bikash Bank has provided support of 25 sets of desks and benches to the Basic School located in Ward No. 10 of Golbazar Municipality, Siraha, through its 'Our Development Promotion Fund'.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 3: Jyoti Bikash Bank has provided support of 25 sets of desks and benches to the Basic School located in Ward No. 10 of Golbazar Municipality, Siraha, through its 'Our Development Promotion Fund'.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"> The bank informed that this support is aimed at improving the learning environment for the students studying in the school, enhancing academic experiences, and overall educational development.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Amid a programme in the school, branch Manager Bhuban Dhamala of Golbazar Branch of the bank handed over furniture to the Head teacher of the school, Madhuram Mahato, in the presence of Golbazar Municipality Mayor Shyam Kumar Shrestha and the Chairman of Golbazar-10, and the Chairman of the School Management Committee, Upendra Mukhiya.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Mayor Shrestha of Golbazar Municipality appreciated the bank's assistance in creating a positive educational environment. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-03-03', 'modified' => '2024-03-03', 'keywords' => '', 'description' => '', 'sortorder' => '20116', 'image' => '20240303070303_collage (40).jpg', 'article_date' => '2024-03-03 07:01:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '20388', 'article_category_id' => '1', 'title' => 'Jomsom-Pokhara Flights Resume after Three Months ', 'sub_title' => '', 'summary' => 'March 2: The Jomsom-Pokhara flights have resumed after around three months. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 2: The Jomsom-Pokhara flights have resumed after around three months. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The flight service from Gandaki province headquarters, Pokhara, to tourism hub, Jomsom, of Mustang had remained closed since November, 2023 due to unfavourable weather conditions. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Summit Airlines that closed its air service since December 6 last year started boarding on passengers from March 1 (Friday), informed Jomsom Airport Chief Hiron Shah. Summit Airlines made two flights on Friday, he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tara Airlines that halted its service since November 26 has also made preparation to resume Jomsom-Pokhara flights. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"With the improvement in weather and the onset of tourist season, the Pokhara-Jomsom flights have resumed," Shah shared. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The resumption of flight service has brought respite to the locals of Mustang as well as pilgrims and tourists as Myagdi section of the Beni-Jomsom road is being upgraded at present. Inflow of tourists is expected to increase in Mustang with the resumption of flight services. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Ammapurna Conservation Area Project (ACAP), Jomsom, as many as 91,000 foreign tourists had visited Mustang in 2023. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Flow of vehicles heading towards Mustang through Beni-Jomsom road has gradually increased for the past couple of days with the rise in temperature, informed Chief of District Traffic Police Office, Rajkumar Thapa. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-03-02', 'modified' => '2024-03-02', 'keywords' => '', 'description' => '', 'sortorder' => '20115', 'image' => '20240302011934_jom.jpg', 'article_date' => '2024-03-02 13:18:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '20387', 'article_category_id' => '1', 'title' => 'HoR Unanimously Passes Monitoring and Evaluation Bill-2080', 'sub_title' => '', 'summary' => 'March 2: A meeting of the House of Representatives (HoR) on Friday unanimously passed the 'Monitoring and Evaluation Bill-2080'.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">March 2: A meeting of the House of Representatives (HoR) on Friday unanimously passed the 'Monitoring and Evaluation Bill-2080'.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">Minister for Communications and Information Technology, Rekha Sharma, on the behalf of Prime Minister Pushpa Kamal Dahal presented the proposal seeking the passage of the bill. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">The bill along with the report of the State Affairs and Good Governance Committee was passed after discussion in the HoR meeting. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">The bill that originated in the National Assembly has an objective of making monitoring and evaluation of development policies and plan, programme and project systematic. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">On the occasion, Minister Sharma shared that this law was necessary to ensure public accountability and for making the development process result-oriented and transparent. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">The government has set a target to make monitoring and evaluation activities regular and periodic and make heads of public bodies accountable specifying their responsibilities. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:16.0pt">The HoR will hold its next meeting on March 4. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-02', 'modified' => '2024-03-02', 'keywords' => '', 'description' => '', 'sortorder' => '20114', 'image' => '20240302011210_Parliament.jpg', 'article_date' => '2024-03-02 13:11:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '20386', 'article_category_id' => '1', 'title' => 'World Bank Supports USD 200 Million for Fiscal Reforms and Provincial and Local Roads Projects in Ne', 'sub_title' => '', 'summary' => 'March 1: The World Bank’s Board of Executive Directors on Thursday approved US$200 million in new financing for two projects in Nepal to support the country’s transition toward Green, Resilient, and Inclusive Development (GRID) and help improve the development and maintenance of Nepal’s provincial and local road network.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">March 1: The World Bank’s Board of Executive Directors on Thursday approved US$200 million in new financing for two projects in Nepal to support the country’s transition toward Green, Resilient, and Inclusive Development (GRID) and help improve the development and maintenance of Nepal’s provincial and local road network.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Thursday, the World Bank’s Country Director for Maldives, Nepal and Sri Lanka Faris Hadad-Zervos said that the World Bank is committed to supporting Nepal’s green, resilient, and inclusive development.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“Through the new projects financed by the World Bank’s International Development Association (IDA), we continue to focus our assistance on improving people’s lives including through infrastructure and services,” said Zervos.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank, the US$100 million Second Fiscal Policy for Growth, Recovery and Resilience Development Policy Credit aims to strengthen revenue collection, reduce fragmentation of debt management, and increase debt transparency. It also supports reforms to enhance climate-resilient infrastructure spending, lower Nepal’s minimum foreign direct investment (FDI) threshold to promote FDI inflows and facilitate automation to streamline the process of FDI.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“This operation will help strengthen the regulatory and institutional framework to support sustainable business growth, and enhance systems to protect the most vulnerable in Nepal” the statement quoted Sibel Kulaksiz, the World Bank’s Task Team leader for the program, as saying.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Similarly, the US$100 million credit for the Provincial and Local Roads Improvement Program will support the implementation of a comprehensive program for the development and maintenance of Nepal’s provincial and local road network, the World Bank added. It will help improve the efficiency of service delivery, strengthen the resilience of selected provincial roads and bridges, and ensure communities have safe access to markets and services.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">This first of a three-phased series of programs will be implemented in Madhesh, Karnali, and Sudurpaschim provinces and local levels with the potential to scale up in the future, the statement further reads.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">“The project will strengthen the institutional, management, and implementation capacity of the subnational governments over the long term to improve inclusive connectivity and promote efficiency through reduced travel time and costs,” said Reenu Aneja, senior transport specialist and Task Team leader.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-01', 'modified' => '2024-03-01', 'keywords' => '', 'description' => '', 'sortorder' => '20113', 'image' => '20240301064057_20221101101708_World.jpg', 'article_date' => '2024-03-01 18:40:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '20385', 'article_category_id' => '1', 'title' => 'Microfinance Institutions Show Growing Interest in Secured Loans', 'sub_title' => '', 'summary' => 'March 1: Microfinance institutions were established to provide financial services to the underprivileged people by forming groups of people who do not have access to financial services.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 1: Microfinance institutions were established to provide financial services to the underprivileged people by forming groups of people who do not have access to financial services. Of late, microfinance institutions have emphasized on disbursing loans with collateral in order to secure their investment. The move also stems from the problems in recovery of loans and unhealthy competition among the microfinance institutions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the data of Nepal Rastra Bank, microfinance institutions disbursed 19.79 percent of the loans against collateral as of mid-January in the current fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">By mid-January of the previous fiscal year, only 19.19 percent of such loans were based on mortgages. Such loans have increased by 0.60 percentage point in one year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Analyzing the data of the last five years, it seems that the microfinance institutions have been attracted towards mortgage loans instead of the groups’ collective guarantee without collateral. However, experts in the field of microfinance say that this is against the principle and essence of microfinance.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Shankarman Shrestha, president of Swavalamban Development Center, said that it is not appropriate to give loans against collateral as microfinance services were started for the underprivileged who could not offer collateral. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"The job of microfinance is to give collateral-free loans," he said, "Increasing mortgage loans is a deviation from the core principles of microfinance." He said that the deviation has increased after the central bank increased the loan limit issued by microfinance institutions and allowed them to give up to Rs 1.5 million per person.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Executive Director of Nepal Rastra Bank Revati Prasad Nepal also says that the essence of microfinance is providing collateral-free loans. He said that microfinance institutions should work to uplift the poor by investing collateral-free loans under collective guarantee. Admitting that there were some deviations in the past, he claimed that the central bank is working to improve the microfinance sector.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">After public protests against the exploitation by microfinance companies, the central bank issued a directive in February last year and reduced the loan limit to Rs 700,000. Besides, the NRB also introduced a provision under which an individual could take loans from only one microfinance institution and those who take loans from microfinance could take loans from banks and financial institutions. Prior to this, microfinance institutions were allowed to give loans up to Rs 700,000 without collateral and up to Rs 1.5 million with collateral. Meanwhile, Nepal Rastra Bank officials claim that they have studied the problems related to microfinance institutions and have already started reforms according to the suggestions of the study reports.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-01', 'modified' => '2024-03-01', 'keywords' => '', 'description' => '', 'sortorder' => '20112', 'image' => '20240301025723_20230306023445_Clipboard06 (1).jpg', 'article_date' => '2024-03-01 14:56:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '20384', 'article_category_id' => '1', 'title' => 'Backlog of Huge Quantity of Powdered Milk, Butter Creating Problem for DDC in Paying Farmers ', 'sub_title' => '', 'summary' => 'March 1: The Dairy Development Corporation (DDC) is facing problem in paying the dairy farmers due to the backlog of huge quantity of powdered milk and butter. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 1: The Dairy Development Corporation (DDC) is facing problem in paying the dairy farmers due to the backlog of huge quantity of powdered milk and butter. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Though the DDC has been purchasing 140,000 litres of milk from farmers of different districts daily, it is facing problems as only 90,000 litres of milk is sold in the market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Deputy General Manager of DDC and Information Officer Rajendra Prasad Adhikari shared that they purchase 4.2 million litres of milk from farmers every month. “But only around 2.7 million litres of milk is sold. We have been storing butter and powdered milk equivalent to around 50,000 litres of milk every day," he said. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Adhikari further said there is now stock of 900,000 kilogrammes of powdered milk and 700,000 kilogrammes of butter worth Rs 1.25 billion with the DDC. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The DDC expects the sale of yoghurt to increase with onset of the summer season. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The DDC purchases milk produced in 43 districts through its own chilling centre and different cooperatives, and sells it to the general consumers. It has 64 chilling centres across the country. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-03-01', 'modified' => '2024-03-01', 'keywords' => '', 'description' => '', 'sortorder' => '20111', 'image' => '20240301022429_103084112_3076838389070127_780528565370612935_n.jpg', 'article_date' => '2024-03-01 14:23:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '20383', 'article_category_id' => '1', 'title' => 'Ministry of Physical Infrastructure Seeks Budget of Rs 200 Billion Despite Poor Spending', 'sub_title' => '', 'summary' => 'March 1: The Ministry of Physical Infrastructure and Transport (MoPIT), which has achieved 29 percent progress in budget expenditure in the current fiscal year (FY), has been given a budget ceiling of Rs 131 billion for the upcoming fiscal year.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 1: The Ministry of Physical Infrastructure and Transport (MoPIT), which has achieved 29 percent progress in budget expenditure in the current fiscal year (FY), has been given a budget ceiling of Rs 131 billion for the upcoming fiscal year. The ministry has estimated it will require a budget of Rs 200 billion.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ministry says that the ceiling fixed by the National Planning Commission is not sufficient. The ministry has said that it cannot initiate new programmes without a budget of 200 billion. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">MoPIT Secretary Keshav Kumar Sharma said that the budget should be increased by at least 10 percent for the upcoming year. He said that the ceiling fixed by the NPC is very low. According to Sharma, the budget is not enough money to pay for the projects with which the ministry has already signed contracts.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ministry said that the Kathmandu-Terai Fast Track alone will require a budget of Rs 50 billion and the Department of Roads will need Rs 100 billion in the upcoming fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ministry had achieved 23 percent progress in budget expenditure in the first seven months of the last fiscal year. Secretary Sharma said that the ministry is yet to pay the dues worth Rs 5 million of the last fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"The progress would have reached 35 percent if we could have released that amount," he said. With the current ceiling, we cannot start new programmes in the upcoming year," added Sharma. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Most of the budget allocated for this ministry goes to the Department of Roads. Sushilbabu Dhakal, director general of the Department of Roads, informed New Business Age that the department has achieved 26 percent material progress in the current fiscal year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Speaking at a discussion on 'Strategic road connecting constituencies' in the Infrastructure Development Committee of the House of Representatives on Thursday, Sharma said, “We have been given a low ceiling. It's like swimming with hands and feet tied.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ministry's budget in the fiscal year 2079/80 was Rs 165 billion. In the years since then, the budget allocated to the ministry has gradually decreased. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-03-01', 'modified' => '2024-03-01', 'keywords' => '', 'description' => '', 'sortorder' => '20110', 'image' => '20240301014149_budget.jpg', 'article_date' => '2024-03-01 13:40:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '20382', 'article_category_id' => '1', 'title' => 'Complaints of Labor Exploitation Increasing', 'sub_title' => 'Monitoring Team finds Banks not Paying Minimum Wages to Workers', 'summary' => 'March 1: The number of complaints related to workers not getting minimum wages, allowances or benefits as per the law has started to increase.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 1: The number of complaints related to workers not getting minimum wages, allowances or benefits as per the law has started to increase. Sujan Jojiju, head of Teku-based Labor Office of the government said that the number of complaints related to labour exploitation by organisations has increased of late.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to him, 324 people have filed personal complaints in the last two months (mid-December to mid-February) alone. According to him, most of the complaints received by the office are related to the minimum wage. After receiving the complaint, the office requests for necessary documents and accurate details. The office has conducted inquiries and investigations based on the details received and the complaints filed at the office.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Jojiju said that the Labour Office at first arranges negotiations between the petitioner and the employer to sort out the dispute. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"We reserve the right to either settle the dispute through a tripartite discussion and agreement or take a decision in accordance with the law," he told New Business Age.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Following the rise in the number of complaints, the Labour Office has started monitoring to find the facts.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Jojiju, the head of the Labour Office, said that they monitored 375 establishments in the last two months. He said that the monitoring teams found that some of the workers working in the establishments were not paid the minimum wage as required by the law. He added that the workers were not even paid for over-time work.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">During the monitoring, the Labour Office found that especially the workers of banks and financial institutions were made to work overtime and were not even paid the minimum wage.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"During the monitoring, we found that the banks employed employees for more than eight hours a day," he said, adding, "Many employees did not receive over-time wages. Some workers did not even get the minimum wage.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">While inspecting the situation of child labour, the Labour Office found some small hotels were using children. The office issued warnings to some of them while it took action against some hotels.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the office, it received 245 labor audit reports in the last two months, while it issued four new permits for labour supply. During that review period, 50 labour supply companies renewed their license.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Labour Office has also inspected labour supply companies. During the inspection of 33 companies, it was found that some of them employed workers without paying the minimum wage. This was especially prevalent among security companies.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-01', 'modified' => '2024-03-01', 'keywords' => '', 'description' => '', 'sortorder' => '20109', 'image' => '20240301123613_25013837258_712c424a9b_k-675px.jpg', 'article_date' => '2024-03-01 12:35:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '20381', 'article_category_id' => '1', 'title' => 'Nepal's Embassy Egypt Promoting Tourism', 'sub_title' => '', 'summary' => 'March 1: The Embassy of Nepal in Cairo organized a tourism promotional event in Cairo on February 28.', 'content' => '<p><span style="font-size:16px"><span style="font-family:"Arial Unicode MS","sans-serif"">March 1: The Embassy of Nepal in Cairo organized a tourism promotional event in Cairo on February 28. During the event, Everest Summiteer Adriana Brownlee and Gelje Sherpa made their presentation on nature and adventurous journey in the mountains of Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, educationists Dr Jared Harris and Courtney Bailey shared their trekking experiences during their visit to Nepal last year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Nepal's Ambassador to Egypt Sushil Kumar Lamsal shared about Nepal's unique cultural and natural heritages, urging the tourists to visit Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, he thanked the Egyptian media for their support to expand people-to-people relations between <strong>Nepal</strong> and Egypt. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Egyptian bloggers, social media influencers, artists, educationists, diplomats and media persons, among others were present on the occasion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the outstanding paintings selected from the competition "Nepal in the Eyes of Egyptian Children" were also put in display. Some 300 Egyptian students took part in the competition and expressed their understanding about Nepal's arts, culture, history, natural heritages and life through paintings and arts. -- RSS </span></span></p> ', 'published' => true, 'created' => '2024-03-01', 'modified' => '2024-03-01', 'keywords' => '', 'description' => '', 'sortorder' => '20108', 'image' => '20240301113613_egypt.jpg', 'article_date' => '2024-03-01 11:35:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '20380', 'article_category_id' => '1', 'title' => 'Upper House Members Call for Prioritizing Job Creation in Budget', 'sub_title' => '', 'summary' => 'March 1: National Assembly lawmakers have called for giving emphasis on employment generation and mobilization of youth by upholding good governance. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 1: National Assembly lawmakers have called for giving emphasis on employment generation and mobilization of youth by upholding good governance. They made such remarks during a discussion on the principles and priorities of the Appropriation Bill for the upcoming fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Finance Minister Dr Prakash Sharan Mahat had presented the Principles and Priorities of Appropriation Bill for the next fiscal year in the meeting of the National Assembly, the upper house of the Federal Parliament, on February 26.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Taking part in the debate in the NA meeting on Thursday, lawmakers underscored on making the budget functional. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, they emphasized on giving high priority to the agriculture sector, ensuring security to the health workers, making clear the responsibilities on service delivery of the three tiers of government, bringing a plan for consumption of electricity produced in Nepal within the country itself and also on increasing capital expenditure and revenue collection.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Prakash Pantha, Dil Kumari Rawal (Parbati), Dr Khimlal Devkota among other lawmakers participated in the discussions.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Dr Devkota on the occasion drew the attention of the government, saying those ministers who were supposed to participate in the meeting were not present in the meeting.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">President of the Legislation Management Committee, Jayanti Devi Rai, presented the Bill on Anti-Money Laundering and the Promotion of Business Environment, 2079 BS during Thursday’s meeting. She also presented the report of the onsite study programme on law-making process and practices of the local levels.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, the upper house lawmakers also drew the attention of the government towards the difficulties faced by the people for lack of drinking water and irrigation facilities in the Terai-Madhesh region.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">They expressed their concern on this issue while speaking in the 'zero hour' of the National Assembly meeting on Thursday.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Lawmaker Tulasa Kumari Dahal called on the government to make arrangements for providing pure drinking water to the people in the Madhes. She also stressed on conservation of the Chure ecosystem by stopping its over-exploitation and on making arrangements for irrigation in the Madhes which is the 'breadbasket' of the country.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Lawmaker Jaga Prasad Sharma called for putting an end to the trend of meager expenditure of the budget allocated for big projects, drawing the government's attention to finding a solution to this problem.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Taraman Swanr called on the government to expedite the construction of the Seti and Mahakali highways, considered as the backbone for the economy and development of the Sudurpaschim Province and to ensure a budget for these road projects in the next fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Bimala Ghimire drew the attention of the government for immediately addressing the demands of farmers and the victims of loan sharks.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Lawmaker Sumitra BC called for immediately taking ahead the process for reconstruction of houses of the earthquake-affected people of Jajarkot who are still living under tents even after nearly four months since the disaster. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-01', 'modified' => '2024-03-01', 'keywords' => '', 'description' => '', 'sortorder' => '20107', 'image' => '20240301110624_Parliament.jpg', 'article_date' => '2024-03-01 11:05:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '20379', 'article_category_id' => '1', 'title' => 'NAC Structural Reforms and Study Committee Submits its Report ', 'sub_title' => '', 'summary' => 'February 29: A report prepared by the Structural Reforms and Study Committee of Nepal Airlines Corporation has recommended the government to sell the shares of Soaltee Hotel owned by the state-owned airline company to make the NAC financially strong.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">February 29: A report prepared by the Structural Reforms and Study Committee of Nepal Airlines Corporation has recommended the government to sell the shares of Soaltee Hotel owned by the state-owned airline company to make the NAC financially strong.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Among the four main recommendations made by the committee, it has also recommended making internal audit of NAC more effective. Other recommendations include forming accounts committee and to formulate a realistic action plan.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The committee submitted its report to Minister for Culture, Tourism and Civil Aviation, Sudan Kirati, Secretary Deepak Kafle and Executive Chairperson of Nepal Airlines Corporation, Yubraj Adhikari on Thursday. </span></span></span><br /> <br /> </p> ', 'published' => true, 'created' => '2024-02-29', 'modified' => '2024-02-29', 'keywords' => '', 'description' => '', 'sortorder' => '20106', 'image' => '20240229051458_naccccc.jpg', 'article_date' => '2024-02-29 17:14:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '20378', 'article_category_id' => '1', 'title' => 'Banking Sector ‘Terrorized’ by Police Crackdown', 'sub_title' => '', 'summary' => 'February 29: The umbrella organizations of banks and financial institutions have protested against the police crackdown on bankers saying that the latest arrests have terrorized the financial sector.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">February 29: The umbrella organizations of banks and financial institutions have protested against the police crackdown on bankers saying that the latest arrests have terrorized the financial sector.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Nepal Bankers Association, Development Bankers Association, Nepal Financial Institutions Association and Nepal Microfinance Bankers Association issued a joint statement on Wednesday and requested the concerned agencies of the state to be serious as the police crackdown on an essential and sensitive sector like the banking sector has weakened the morale of the employees.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"Banks and financial institutions of Nepal have been conducting banking transactions in a transparent manner by following the prevalent laws and regulations as well as the principles of the banking sector," the statement said. If the arrest is not stopped, there may be a big challenge in this sector. So, we urge you to take this matter seriously.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The statement claimed that the employees and the board of directors of banks are working with good intentions in accordance with the law, but in the event that someone acts with mala fide intentions, the people involved in it have been and should be prosecuted according to the existing laws. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The bankers’ organisations said they are ready to cooperate if someone is involved in illegal activities but maintained that it is not appropriate to arrest someone who is not directly involved in any incident just because the employee signed a document or on the basis of his/her post.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"The investigation process related to banking offense should be 'first listen and then arrest', but the culture of 'first arrest and listen’ has become the norm," the statement said, adding, "It has seriously affected the mental and social well-being of the bankers, the morale of employees has diminished and it will affect the expansion of credit. And we want to inform everyone related that it will affect the development of the economy as a whole.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Associations have clarified that banks, financial institutions are disbursing loans subject to the instructions issued by the central bank. They urged the agencies concerned to ensure that the employees working in the financial sector can work without fear.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-02-29', 'modified' => '2024-02-29', 'keywords' => '', 'description' => '', 'sortorder' => '20105', 'image' => '20240229031433_Banks - Copy.jpg', 'article_date' => '2024-02-29 15:13:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '20377', 'article_category_id' => '1', 'title' => 'NEA Earns Profit of Rs 15.36 Billion in Six Months of Current Fiscal Year', 'sub_title' => '', 'summary' => 'February 29: Nepal Electricity Authority (NEA) made a profit of Rs 15.36 billion in the first six months (mid-July 2023 to mid-January 2024) of the current fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">February 29: Nepal Electricity Authority (NEA) made a profit of Rs 15.36 billion in the first six months (mid-July 2023 to mid-January 2024) of the current fiscal year. The authority informed that it earned a total of Rs 67.28 billion from the sale of electricity, interest and other headings. During the review period, the NEA earned a net profit of Rs 15.36 billion. In the corresponding period of last fiscal year, the NEA made a profit of Rs 10.91 billion.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The NEA’s profit in the first six months of the current fiscal year increased by more than Rs 4.44 billion compared to the first six months of the last fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The state-owned electricity utility’s profit in the first half of the current FY is more than the profit it made in the entire twelve months of last fiscal year. Last year's profit stood at Rs 12.33 billion. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The NEA, which suffered an annual loss of Rs 8.89 billion in the fiscal year 2072/73, has been making profit continuously in the following years. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Kulman Ghising, executive director of the NEA, said that the NEA earned a significant profit by curbing electricity leakage, increasing domestic consumption and exporting electricity to India.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">During the review period, the NEA spent Rs 51.92 billion for the purchase of electricity, administrative expenses, projects works. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">"Due to budget limitations, we have not been able to get enough funds for investment from the government. In such a complex situation, we are investing billions of rupees every year in infrastructure development and strengthening and electrification projects from the profits earned by the organization. The profit is being invested in electricity generation, transmission and distribution," said Executive Director Ghising, adding, "The country needs investment of more than Rs 1000 billion to become self-sufficient in electricity and to provide quality and reliable electricity to the consumers.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The NEA has collected Rs 45.49 billion from the sale of electricity in six months of the current year. During this period, electricity worth Rs 30.48 billion was purchased from energy producers within the country and from India. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The NEA has been exporting surplus electricity to India during the rainy season. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">However, the NEA purchases electricity from the southern neighbor with the onset of the dry season, when the flow of water in the rivers recede and the power generation of the hydropower projects has decreases in the country. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-02-29', 'modified' => '2024-02-29', 'keywords' => '', 'description' => '', 'sortorder' => '20104', 'image' => '20240229024907_NEA_eight by six.jpg', 'article_date' => '2024-02-29 14:48:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '20376', 'article_category_id' => '1', 'title' => 'PM Dahal Instructs All Stakeholders to Complete National Pride Projects on Time', 'sub_title' => '', 'summary' => 'February 29: Prime Minister Pushpa Kamal Dahal has instructed all stakeholders to complete the work of national pride projects within the stipulated time.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">February 29: Prime Minister Pushpa Kamal Dahal has instructed all stakeholders to complete the work of national pride projects within the stipulated time.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">He made such remarks in response to the progress report of the national pride projects which is not satisfactory in the first half of the current fiscal year. He told a meeting of the National Concern and Coordination Committee of the National Assembly on Wednesday that he has instructed the concerned authorities to complete the projects related road construction and irrigation which have been delayed for decades.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The prime minister asserted the upper house members that he has clearly instructed all stakeholders to complete the projects like Bheri Babai multi-purpose irrigation project, Sunkoshi Marine Diversion Project, Sikta irrigation project and road projects like Narayangadh-Butwal and North-South Corridor within the deadline.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">"Implementation of national pride projects is the highest priority of the government," he said, "I have been monitoring the progress by making a schedule from the action room set up at the Office of the Prime Minister and Council of Ministers."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">According to the details presented by the PM during the meeting, out of 24 projects of national pride, five have made less than 10 percent progress. The number of projects with the highest progress (above 80 percent) is four. Work is underway at war footing in Sunkoshi Marin Diversion Project, said the PM. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">PM Dahal said that discussions are underway on the land acquisition of Khokna, the starting point of the Kathmandu-Tarai Expressway, and initiatives are being taken to solve the problem. He also shed light on the progress about Budhi Gandaki Hydropower Project and Melamchi Water Supply Project. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The half-yearly review of the current fiscal year's budget, which was released some time ago, shows that the budget allocated for those projects was not spent enthusiastically. In the first six months of the current fiscal year, Rs 15.5 billion were spent out of the budget allocated for projects of national pride. This year, the government has allocated Rs 65.64 billion for such projects.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Among the national pride projects, the Upper Tamakoshi Hydropower Project, Gautam Buddha International Airport, Pokhara Regional International Airport and Melamchi Water Supply Project have been completed and are already operational. However, the dam of the Melamchi Water Supply Project is yet to be built.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-02-29', 'modified' => '2024-02-29', 'keywords' => '', 'description' => '', 'sortorder' => '20103', 'image' => '20240229020046_20220714055046_20170616052456_fast track nov 21.jpg', 'article_date' => '2024-02-29 14:00:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20375', 'article_category_id' => '1', 'title' => 'Business of Life Insurance Companies Up in mid-January to mid-February', 'sub_title' => '', 'summary' => 'February 29: The business of life insurance companies increased in the Nepali month of Magh (mid-January to mid-February), but that of non-life companies decreased. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">February 29: The business of life insurance companies increased in the Nepali month of Magh (mid-January to mid-February), but that of non-life companies decreased. According to the data of Nepal Insurance Authority, life insurance companies collected Rs 12.66 billion insurance fees from the sale and renewal of new insurance policies in the review month. The insurance premiums of life insurance companies increased by Rs 190 million in mid-January to mid-February compared to the previous month.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">In mid-January to mid-February, life insurance companies issued a total of 448,000 insurance policies and collected Rs 2.29 billion as the first installment of insurance fee. Similarly, the authority informed that the life insurance companies collected Rs 10.36 billion in insurance fee from the renewal of insurance policies.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">As of mid-February of the current fiscal year, the number of active life insurance policies is 103.7 million. The life insurance companies have collected Rs 86.88 billion in insurance fees from the 103.7 million clients. In the same period last year, the companies had collected Rs 83.39 billion in insurance fees.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, the business of non-life insurance companies, which showed some growth in mid-December to mid-January of the current fiscal year, slowed down in mid-January to mid-February. In the review month, they issued 250,000 insurance policies and collected Rs 2.99 billion in insurance fees. In mid-December to mid-January, they collected Rs 3.67 billion.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">As of mid-February of the current year, non-life insurance companies have issued 16,71,000 insurance policies and collected more than Rs 22.39 billion. By the same period last year, the companies had collected more than Rs 23.6 billion by issuing 16,36,000 insurance policies. Although the number of insurance policies has increased compared to last year, the insurance fee has decreased. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The business of insurance companies has been affected due to the decline in economic activities. As the credit flow of banks and financial institutions has decreased, economic activities have also been affected. Of late, insurers say that with the excess liquidity in the banks and the flexible monetary policy of the central bank, the insurance business has also started to improve.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-02-29', 'modified' => '2024-02-29', 'keywords' => '', 'description' => '', 'sortorder' => '20102', 'image' => '20240229125830_INSURANCE-COVERAGE.jpg', 'article_date' => '2024-02-29 12:57:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
