Complaint Filed at CIAA Against Kulman Ghising
A complaint has been filed against Kulman Ghising, Managing Director of Nepal Electricity Authority (NEA), at the Commission for the Investigation of Abuse of Authority (CIAA) on…
Notice (8): Undefined index: id [APP/View/Elements/news_main.ctp, line 81]NEWS 1 min 40 sec to readCode Context<div class="listing-meta listing-center"><?php echo $this->Html->link($breaking['ArticleCategory']['name'],array('controller'=>'Articles', 'action' => 'index', $breaking['ArticleCategory']['id']),$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/news_main.ctp' $dataForView = array() $breaking_news = array( (int) 0 => array( 'Article' => array( 'id' => '21834', 'title' => 'Complaint Filed at CIAA Against Kulman Ghising ', 'article_category_id' => '1', 'article_date' => '2024-08-13 19:35:38', 'image' => '20240813073600_20210812100140_intr1 (Copy) (1).jpg', 'summary' => 'A complaint has been filed against Kulman Ghising, Managing Director of Nepal Electricity Authority (NEA), at the Commission for the Investigation of Abuse of Authority (CIAA) on Tuesday.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span><br /> KATHMANDU, August 13</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A complaint has been filed against Kulman Ghising, Managing Director of Nepal Electricity Authority (NEA), at the Commission for the Investigation of Abuse of Authority (CIAA) on Tuesday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Ramesh Prasad Kharel of the Anti-Corruption Network lodged the complaint, alleging Ghising of several irregularities and requesting a thorough investigation.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Ghising has been accused of committing fraud in Power Purchase Agreements (PPAs), purchasing of shares worth Rs 550 million at Rs 90 million to evade capital gains, and falsifying profits of NEA, among others, causing huge financial losses to the state.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The complaint mentions that Ghising has been involved in questionable activities since his appointment at the NEA. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kharel claimed that he has been carrying out an independent investigation on the matter for a year.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 1 => array( 'Article' => array( 'id' => '21833', 'title' => 'Parliamentary Special Committee Starts Questioning Directors of Problematic Cooperative', 'article_category_id' => '1', 'article_date' => '2024-08-13 19:31:31', 'image' => '20240813073157_20230713052749_parliament building.jpg', 'summary' => '', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report<br /> KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The owners of problematic cooperatives have requested additional time to return the savings of the general public. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">During an inquiry by the parliamentary special committee investigating the misappropriation of cooperative funds, they explained that repaying the savings depends on recovering outstanding loans and investments, which will require more time.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The committee has started questioning the directors of cooperatives that have failed to return public savings.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Committee chairman Surya Thapa said that they have been interrogating owners currently in jail for cooperative fraud as well. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">On Saturday, the committee questioned CB Lama, Chairman of Pashupati Multi-Purpose Cooperative and former chairman of Kantipur Savings and Credit Cooperative.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">On Sunday, Nunam Subba, Chairman of Civic Development Cooperative; Kedarnath Sharma, Chairman of Tulasi Multipurpose Cooperative Limited, and Kedarnath’s wife Geeta Sharma were interrogated.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The committee also questioned Hemraj Dahal, former Chairman of Sumeru Savings and Credit Cooperative in Pulchowk, alongside current Chairman Krishna Prasad Kandel, proposed Chairman Birendra Maharjan, and collected a statement from Raj Bahadur Singh, a shareholder of Sumeru Savings and Credit Cooperative on Sunday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, former Civil Savings and Credit Cooperative Society Limited Chairman Ichcharaj Tamang, National Cooperative Bank Limited (NCBL) chairman KB Upreti, and Kantipur Savings and Credit Cooperative director Himalaya Bikram Malla Thakuri were questioned on Monday.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Most of them blamed liquidity issues in cooperatives for their inability to return funds.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The directors said that inability to recover their investment in real estate and other business, and poor loan recovery made them unable to return the people’s savings, according to Committee Chairman Thapa.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The committee is set to interrogate the directors of twenty-nine cooperatives and twenty-six individuals accused in the ongoing investigation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Last week, following a discussion with Home Minister Ramesh Lekhak, the committee directed that a dozen and a half people, who are currently evading arrest and are involved in savings misappropriation, embezzlement, and fraud, be brought before them.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The National Cooperative Federation of Nepal (NCF), which oversees cooperatives across Nepal, has also called on Prime Minister KP Sharma Oli to address current issues within the cooperative sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">On Monday, a delegation from NCF led by its President Om Devi Malla urged the PM Oli to prioritise the establishment of a credit information centre, a debt recovery tribunal, and a savings and credit protection fund as outlined in the Cooperative Act, 2074.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The delegation also called on the government to offer concessional loans to cooperatives, prioritise data collection, and enhance regulation, monitoring, and promotion of the cooperatives.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Malla claimed the misinformation that loans from cooperatives do not need to be repaid brought the issue from the street to Parliament, worsening it further.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">She called for changes to around 47 laws that are hindering the effective use of cooperative capital in the productive sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Former minister and former federation chairman Keshav Badal suggested that the Prime Minister, Finance Minister, and Minister of Land Management, Cooperatives, and Poverty Alleviation should hold a serious discussion to find solve the cooperative issue.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 2 => array( 'Article' => array( 'id' => '21832', 'title' => 'NEPSE Records Minor Loss; Closes at 2923.46', 'article_category_id' => '1', 'article_date' => '2024-08-13 15:20:37', 'image' => '20240813032202_collage (97).jpg', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a slight decline on Tuesday, closing at 2923.46, down by 8.18 points or 0.27% from the previous day.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 13: The Nepal Stock Exchange (NEPSE) Index experienced a slight decline on Tuesday, closing at 2923.46, down by 8.18 points or 0.27% from the previous day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Seasoned investors and analysts described the market correction as a natural occurrence, suggesting that such correction is necessary for NEPSE to reach new heights in the future.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today’s trading session, 332 different stocks were traded via 241,665 transactions on the NEPSE. A total of 52,764,832 shares were exchanged, resulting in a turnover of Rs 21.51 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Nepal Finance Limited (NFS) led the market in turnover, with total transactions worth Rs 81 crores. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, Matribhumi Laghubitta Bittiya Sanstha Limited (MATRI), People’s Power Limited (PPL), and Dolti Power Limited (DOLTI) each saw a 10% increase, hitting the upper circuit limit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index dropped by 0.25%, while the Float Index and Sensitive Float Index fell by 0.21% and 0.34%, respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector performance, all indices closed in the red except for the Finance, Banking, Investment, Life Insurance, and Trading indices. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Hotels and Tourism Index saw the largest drop, falling by 2.25%, while the Finance Index recorded the highest gain of 1.57%.</span></span></p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 3 => array( 'Article' => array( 'id' => '21828', 'title' => 'Sugar Prices Surge ahead of Festive Season amid Govt’s Failure to Import Sugar', 'article_category_id' => '1', 'article_date' => '2024-08-13 13:55:09', 'image' => '20240813015549_sugar.jpg', 'summary' => 'The price of sugar has started to surge in the domestic market with the festive season just around the corner.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Prashant Khadka</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 13</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The price of sugar has started to surge in the domestic market with the festive season just around the corner. This price hike is primarily due to the repeated failure of the Government of Nepal to import sugar under the quota allocated by the Indian government.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Nepal Retailers Association (NRA) has raised the price of sugar by Rs 10 per kg, bringing it to Rs 120 per kg, effective from today (Tuesday).</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although India had halted sugar exports for some time, it granted Nepal an import quota of 25,000 tonnes last year. However, Nepal failed to fully utilize the quota. There is a high chance that the same thing could repeat this year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In addition to the import failure, the low sugar stocks held by the state-owned Salt Trading Corporation (STC) and the Food Management and Trading Company Limited (FMTC) suggest that sugar prices may continue to rise, according to traders. The STC and FMTC can only intervene to stabilize prices if they have sufficient stock.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Amulkaji Tuladhar, general secretary of the NRA, stated that government agencies responsible for market intervention lack adequate stock and have not succeeded in securing imports. He also pointed out that wholesalers have increased the price of sugar.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“It now costs us at least Rs 115 per kg when we buy from wholesalers,” Tuladhar said. “So, we have set the price for consumers at Rs 120 per kg.” Tuladhar expressed frustration that retailers are often blamed for price hikes, when the government should have taken steps to import sugar months before the festive season.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Retailers fear that the price of sugar could exceed Rs 145 per kg during Dashain and Tihar, similar to last year when consumers had to pay around Rs 150 per kg.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, the STC has only 1,800 tonnes of sugar in stock, according to its Information Officer, Kumar Rajbhandari. FMTC officials stated that they currently have no sugar in stock. Both companies are still awaiting government permission to import the necessary sugar for the festive season.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Rajbhandari remarked that sugar prices tend to rise every year as festivals approach. “If the state fails to take responsibility, consumers will be affected during the festivals,” he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Two months ago, on June 12, the Ministry of Industry, Commerce, and Supplies sent a letter to the Department of Industry to initiate the process for the private sector to import 19,000 tonnes of sugar from India. In response, the department invited applications from industries that use sugar as a raw material.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although 10 private companies, including Agro Thai Foods, Goodlife Beverages, and others, received import permits, they later refused to import sugar, citing the high costs due to the lack of customs exemption.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On August 7, the Department of Commerce, Supply, and Consumer Protection issued a new call for applications from private firms to import the 19,000 tonnes of sugar, with a five-day deadline. A total of 71 private firms applied for the import, according to Rakesh Pandey, Information Officer at the department. He added that the deadline set by the Indian government for Nepal to import the sugar ends on September 30.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The government is, therefore, obliged to ensure the import of the specified quantity,” Pandey said. “Of the companies that applied, seven will receive permission to import no less than 2,600 tonnes of sugar, which must be sold to consumers at the price set by the STC.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal can only import the specified quantity of sugar from India's National Cooperative Export Pvt. Ltd., which stakeholders claim drives up the cost in Nepal. Although sugar prices in India are around INR 40 or Rs 64 per kg, Nepali companies must purchase it at INR 50 per kg, or Rs 80 per kg, from the Indian company.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Government officials are skeptical about whether the companies that applied for sugar import will follow through, as the total cost, including transportation, is high, and importers are required to sell it at the government-fixed price.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Data from the Ministry of Agriculture and Livestock Development shows that both the area of sugarcane farming and production have declined in recent years. The farming area has decreased by 1,521 hectares over the last three years, and production has dropped by 53,834 metric tons. In the fiscal year 2021/22, the sugarcane cultivation area was 64,354 hectares, which shrank to 62,833 hectares in 2022/23. According to the STC, Nepal's annual sugar consumption is approximately 250,000 metric tons.</span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 4 => array( 'Article' => array( 'id' => '21830', 'title' => 'Price of Gold Reaches All-Time High in Nepal', 'article_category_id' => '1', 'article_date' => '2024-08-13 14:04:25', 'image' => '20240813020521_20240801032633_cd5483b7.jpeg', 'summary' => 'The price of fine gold surged to Rs 150,800 per tola (11.66 grams) in the domestic market on Tuesday to set the new record.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of fine gold surged to Rs 150,800 per tola (11.66 grams) in the domestic market on Tuesday to set the new record.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It was traded at Rs 148,700 on Monday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The yellow metal became dearer by Rs 2,100 per tola on Tuesday, according to the Federation of Nepal Gold and Silver Dealers' Association, taking up the worked gold price to Rs 150,100 per tola.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Earlier on August 5, gold price had touched Rs 150,000 per tola-mark for the first time in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Meanwhile, the price of silver remained stable for the day at Rs 1,740 per tola.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 5 => array( 'Article' => array( 'id' => '21831', 'title' => 'Kajaria Ramesh Tiles Limited Brings into Operation its Manufacturing Facility in Bhairahawa', 'article_category_id' => '266', 'article_date' => '2024-08-13 14:08:41', 'image' => '20240813020927_DSC_5875.jpg', 'summary' => 'Kajaria Ramesh Tiles Limited announced the opening of its new manufacturing facility in Bhairahawa amid an event on Tuesday (August 12). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">BHAIRAHAWA, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kajaria Ramesh Tiles Limited announced the opening of its new manufacturing facility in Bhairahawa amid an event on Tuesday (August 12). </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The event saw the participation of Ashok Kajaria, chairman and managing director of Kajaria Ceramics Limited, among other guests, the company said in a statement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The ceremony marked a significant milestone for the company as it commences its production in Nepal,” the statement reads. “The new facility, equipped with cutting-edge technology, will enable Kajaria Ramesh Tiles Limited to produce a wider range of high-quality tiles to meet the evolving demands of the country.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“This state-of-the-art plant signifies our commitment to innovation and quality, enabling us to better serve the growing market in Nepal and contribute to the country’s infrastructure development,” said Kajaria.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kajaria Ramesh Tiles Limited is a joint venture between Ramesh Corp and India’s leading tile manufacturer Kajaria Ceramics Ltd.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It is establishing Nepal’s largest tile manufacturing plant in Nawalparasi, according to the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">With a vision to make Nepal self-reliant in tiles, the plant will produce 5.1 million square meters of tiles annually using local raw materials.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Rs 4 billion investment aims to boost the economy, and offer world-class Kajaria tiles at affordable prices. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The plant will significantly boost the local economy and provide thousands of job opportunities, enriching the lives of the local community and fostering growth and development.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'Corporate announcements' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 6 => array( 'Article' => array( 'id' => '21829', 'title' => 'BFIN to Host Conference in Kathmandu on Wednesday', 'article_category_id' => '1', 'article_date' => '2024-08-13 14:01:21', 'image' => '20240813020231_bfin-management.jpg', 'summary' => 'The Banking Finance and Insurance Institute of Nepal (BFIN) is set to host a conference on ‘Financial Stability and Digital Transformation in', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report<br /> KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Banking Finance and Insurance Institute of Nepal (BFIN) is set to host a conference on ‘Financial Stability and Digital Transformation in</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Uncertain Times’, marking its 6th anniversary, in Kathmandu on Wednesday (August 14).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The conference, which aims to bring together leading experts, policymakers, and industry leaders from Nepal, India, and Sri Lanka, will be held at the Radisson Hotel, BFIN said in a statement on Tuesday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The conference will focus on maintaining financial stability through the strategic use of digital technologies and effective risk management in banking, finance, and insurance sectors,” the statement reads. “The attendees will explore the role of AI, Fintech Revolution and Cybersecurity in Digital Banking and how it can aid in risk mitigation and management; derive creative strategies to manage and thrive amidst economic uncertainties.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">BFIN hopes the event will be a platform to explore an opportunity for enhanced cooperation and collaboration among the regional countries and also allow an opportunity for networking and collaboration among industry</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">leaders.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The conference will highlight a major milestone with the signing of a Memorandum of Understanding (MoU) between BFIN and two leading Indian institutions—the Global Institute of Business Studies (GIBS) in Bangalore and Fintram Global LLP in New Delhi. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Governor of the Nepal Rastra Bank Maha Prasad Adhikari will deliver the keynote address as the Chief Guest.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The conference will have presentations and panel discussion by</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">distinguished international and national speakers on three main topics: Pathways to Stability: Exploring Financial Resilience; Digital Frontier: Innovations, Insights and Security in Banking & Insurance; and Navigating Uncertainty: Assessing and Managing Risks in the Banking, Insurance and Financial Sector. </span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 7 => array( 'Article' => array( 'id' => '21826', 'title' => 'Government Proposes Formation of New Authority to Regulate Cooperatives', 'article_category_id' => '1', 'article_date' => '2024-08-13 12:55:23', 'image' => '20240813125625_cooperative-new.jpg', 'summary' => '', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">YADAV HUMAGAIN</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 13</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has proposed the formation of 'Financial Cooperative Regulation and Supervision Authority’, a new regulatory body to oversee the savings and credit cooperatives. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry of Land Management, Cooperatives, and Poverty Alleviation is preparing the draft of the 'Financial Cooperatives (Regulation and Supervision) Act, 2081,' which includes plans for this new authority.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the draft, the authority will be responsible for licensing, regulating and supervising the cooperatives.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It will have the power to set minimum capital requirements, issue licences, classify cooperatives, and oversee their operations to ensure compliance and proper functioning.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The proposal is in line with the current fiscal year’s budget plan, which outlines the establishment of a dedicated regulator for financial cooperatives. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A ministry official, asking not to be named, confirmed to New Business Age that the draft includes provisions for the formation of this new regulatory body. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We have drafted the law with provisions for monitoring financial cooperatives through the authority,” the official said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the draft, the proposed authority will be a self-governing and organised body with distinct legal recognition. It will be responsible for the effective supervision, regulation, operation, management, inspection, and monitoring of financial cooperative organisations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> It will be led by a seven-member board, with the chairman, serving as the executive head, appointed by the government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Other members would include the executive director of Nepal Rastra Bank; two joint secretaries, each from the Ministry of Land Management, Cooperatives, and Poverty Alleviation and the Ministry of Finance; the registrar of the cooperative department; and two members nominated by the government including at least one woman.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The draft bill also specifies that cooperatives with a turnover over Rs 500 million, capital exceeding Rs 150 million, and personal savings greater than Rs 1 million must obtain a licence from the authority.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Even the existing cooperatives are required to obtain the licences within one year of the act's enactment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, it also states that the authority will periodically determine the minimum share capital which the cooperatives would have to maintain within the set deadline.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Additionally, the authority will classify the cooperatives into A, B and C categories based on their share capital, nature of business and scope of work. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The bill will also specify the permissible activities for each category.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 8 => array( 'Article' => array( 'id' => '21825', 'title' => 'Lower Seti Hydropower Project Acquires o500 Ropanis of Land', 'article_category_id' => '1', 'article_date' => '2024-08-13 09:11:41', 'image' => '20240813091228_hydro.jpg', 'summary' => 'KATHMANDU, August 13: The Tanahun Hydropower Project has acquired 500 ropanis of land for the Lower Seti Hydropower Project, which has a capacity to produce 126 MW of electricity. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 13: The Tanahun Hydropower Project has acquired 500 ropanis of land for the Lower Seti Hydropower Project, which has a capacity to produce 126 MW of electricity. Shyamji Bhandari, head of the hydropower project, informed that an estimated Rs 700 million will be spent on building the necessary structures, including compensation distribution, reservoir, powerhouse, and staff accommodation. The project is expected to affect ward number 1 and 3 of Rishing Rural Municipality, Bandipur Rural Municipality-6, Devghat Rural Municipality-2, 3, and 4, Ambukhairni Rural Municipality-5 and 6, Wards 13 and 14 of Byas Municipality, and ward number 29 of Bharatpur Metropolitan Municipality in Chitwan.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chief Bhandari stated that a dam measuring 213 meters in length, 32 meters in height, and 200 meters in width will be constructed near Saranghat, on the border of Bandipur Rural Municipality-6 and Devghat Rural Municipality-3. The Tanahun Hydropower Project, fully owned by Nepal Electricity Authority, has initiated the Lower Seti Hydropower Project with a capacity of 126 MW.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Project Managing Director Kiran Shrestha reported that with the construction of the 140 MW Tanahun Hydropower Project, the company has begun work on the Lower Seti Hydropower Project.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Shrestha mentioned that the electricity produced will be connected to the 220 KV Damauli-New Bharatpur transmission line, built by the Tanahun Hydropower Project, and fed into the national electricity grid. Electricity will be generated by constructing a semi-underground powerhouse at Devghat-4. He also noted that about two kilometers of transmission line will need to be constructed for this purpose. </span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 9 => array( 'Article' => array( 'id' => '21824', 'title' => 'Experts, Manpower Agencies at Odds Over Draft of Labour Migration Policy ', 'article_category_id' => '1', 'article_date' => '2024-08-13 09:04:56', 'image' => '20240813090715_20201223122011_1608680357.Clipboard12.jpg', 'summary' => 'A newly formulated draft of the labour migration policy has put the experts and the manpower agencies at odds.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">PAWAN PANDEY</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A newly formulated draft of the labour migration policy has put the experts and the manpower agencies at odds.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It took the team, under the coordination of senior labour migration expert Dr. Ganesh Gurung, nine months to prepare the draft, which was submitted to the Minister for Labour, Employment and Social Security Sarat Singh Bhandari on Sunday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Dr. Keshav Bashyal, Dr. Amrita Sharma, Manju Gurung and Juna Mathema were the other members in the team while Deepak Dhakal was its member secretary.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The draft has envisioned making labour migration a choice instead of an obligation and prioritising sending skilled and semi-skilled workers. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“We need to stop sending unskilled workers aboard as they have been the most vulnerable overseas,” Gurung said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">But, more than half of the Nepalis working abroad belong to the unskilled category, the Labour Migration Report 2022, which categorises Nepali migrant workers as unskilled, semi-skilled, skilled, highly skilled and professional, shows. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The report also shows a steady rise in the number of skilled workers going abroad, from 32.6% in fiscal year 2019/20 to 38.35 in fiscal year 2021/22.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Despite a steep surge in remittance inflow to the country in recent years, a total of 13,722 workers have died and 3,330 others have been injured while working abroad, according to Tika Ram Dhakal, spokesperson at the Foreign Employment Board, the government agency responsible for the welfare of Nepali migrant workers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The actual figure might be much higher as the board’s data includes the records of only the documented workers whose families have claimed and received the compensation in case of deaths and injuries. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Remittance inflow to the country increased by 19.3% to Rs 1,327.51 billion in the first 11 months, until mid-June, of the last fiscal year, compared to an increase of 22.7% in the same period of the previous year, according to the Nepal Rastra Bank.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In the review period, a total of 422,936 Nepalis, both institutional and individual, took the first time approval for foreign employment and as many as 262,705 others renewed their labour permits.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The team has prioritised ensuring safe and decent foreign jobs by identifying the domestic labour market demand and creating to the labour force accordingly; lifting the bar for women to work abroad; and starting regulating Nepalis working in India.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">One of the most important aspects of the new policy, according to Gurung, is the requirement for the government to study and identify the domestic labour market demand before sending workers abroad.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The relevant authorities, then, need to search for markets with a similar demand abroad,” said Gurung. “It will help Nepali youths to find a job or become self-employed after returning home, ultimately helping in their reintegration which has been a neglected issue.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The draft has also articulated that a worker should be able to go to work abroad for free. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Either employers should bear all the cost or the government can set up a mechanism for financing it,” said Gurung. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Recruiting agencies, however, say the zero-cost jobs are practically impossible.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Despite Gurung’s claim that the team held discussions with all the concerned stakeholders to draft the policy, Rajendra Bhandari, president of the Nepal Association of Foreign Employment Agencies (NAFEA), denied it, saying that the zero-cost job provision has been included in the policy randomly.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Can it be implemented?” asked Bhandari. “Moreover, who can actually determine it? A labour sending country or the receiving one?”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Previous attempts of the government to make employers pay the recruiting charges have been unsuccessful. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The government implemented the free-visa, free-ticket rule nine years ago, making it compulsory for employers in Malaysia, Qatar, Saudi Arabia, the United Arab Emirates, Kuwait, Bahrain and Oman to bear all the cost of the visa processing and air tickets when they hire Nepali workers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the rule, workers need to pay no more than Rs 10,000 to recruiting agencies in service fees if their employers would not bear the cost. But, its implementation has been poor as workers flying to these countries still pay a huge sum in recruitment fees. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Bhandari argued that further discussions need to be held on the whole migration cycle before finalising the labour migration policy. “We are not happy with the draft submitted,” Bhandari added. “It cannot be accepted.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The experts have also said that women should not be barred from working overseas.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepali women have faced a series of prohibitions from the government in labour mobility over the years. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While men are under immense pressure to seek foreign jobs, the patriarchal society sees women from the victim-centric lens and tries to restrict their movement within the country, migration researchers claim.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The state continues to impose certain conditions, allegedly ‘almost impossible’, on women for working as domestic help in Gulf countries, one of the most available jobs for Nepali women overseas.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Observers argue that such restrictive policies over the years have compelled women to take dangerous and ‘illegal’ routes to go abroad, making them vulnerable to trafficking. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Instead of barring their movement citing various reasons, women should be provided training for foreign job opportunities,” Gurung added.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The draft has mentioned bringing Nepalis who travel to India for jobs under a regulation. Such workers have often been neglected by the state. There is no official data on them. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Most of the Nepalis working in India face typical issues, different from those working overseas,” said Gurung. “A separate body such as the Foreign Employment Board can be set up to address them.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Local units can provide them an identity card which would help them in their travel and to the authorities to keep their record,” Gurung added.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Receiving the draft, Minister Bhandari said that labour movement cannot be stopped as “the alternative to employment is better employment.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Our policies must prioritise making labour migration more orderly and producing the human resource demanded in the global market,” said Bhandari. </span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 10 => array( 'Article' => array( 'id' => '21823', 'title' => 'Bardiya National Park Sees Increase in Tourist Arrivals', 'article_category_id' => '1', 'article_date' => '2024-08-13 08:52:41', 'image' => '20240813085312_20220715030645_bardiya-national-park-1.jpg', 'summary' => 'GULARIYA, August 13: Bardiya National Park (BNP), a popular tourist destination in the far-western Tarai region, has recorded a rise in tourist arrivals. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">GULARIYA, August 13: Bardiya National Park (BNP), a popular tourist destination in the far-western Tarai region, has recorded a rise in tourist arrivals. The park, known for its rich biodiversity, attracts visitors eager to see tigers, gharials, and a variety of bird species.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Conservation Officer Purushottam Wagle stated that the increased tourist influx has provided a boost to tourism enterprises, which were severely impacted by COVID-19 and are now gradually recovering. The rise in tourist numbers has also contributed to increased revenue.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the fiscal year 2022/23, BNP welcomed a total of 24,324 tourists, generating Rs 22 million in revenue. This number increased to 26,131 in the fiscal year 2023/24, boosting revenue to Rs 28.4 million.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In response to the growing number of visitors, BNP has focused on improving service delivery and tourism infrastructure. Jungle trails have been developed for walking and driving in the park, Wagle added. Additionally, efforts are underway to increase the number of hotels and homestays to ensure sufficient amenities for visitors.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Both domestic and foreign tourists visit BNP. Tourism entrepreneur Ramaji Thapa noted that the influx of new visitors has uplifted the spirits of the local community. Park visitors are particularly drawn to Tharu culture, including their cuisine and festivals.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"Foreign tourists are mesmerized by the biodiversity here," he said, adding that if safari vehicles fail to operate in BNP, the park ensures the immediate rescue of tourists.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to tourist guide Anuram Chaudhari, there are over 30 tourist hotels and homestays in the BNP area. He also noted that foreign tourists often prefer walking safaris over vehicle safaris in the park. -- RSS</span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 11 => array( 'Article' => array( 'id' => '21820', 'title' => '173 People Die in Disaster Incidents since June 10', 'article_category_id' => '1', 'article_date' => '2024-08-13 07:51:48', 'image' => '20240813075238_20240710125955_SS-Kanchanpur-24DSC00097(1)copy.jpg', 'summary' => 'KATHMANDU, August 13: A total of 173 people have lost their lives in natural disasters, including landslides and floods, across various parts of the country since June 10, according to the Police Headquarters.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 13: A total of 173 people have lost their lives in natural disasters, including landslides and floods, across various parts of the country since June 10, according to the Police Headquarters. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Deputy Inspector General Dan Bahadur Karki informed that the casualties include three in Kathmandu Valley, 26 in Koshi Province, seven in Madhes Province, 31 in Bagmati Province, 54 in Gandaki Province, 33 in Lumbini Province, eight in Karnali Province, and 11 in Sudurpaschim Province.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In addition, 223 people have been injured including 11 in Kathmandu Valley, 37 in Koshi Province, 11 in Madhes Province, 23 in Bagmati Province, 46 in Gandaki Province, 13 in Lumbini Province, 54 in Karnali Province, and 28 in Sudurpaschim Province.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The police said rescue operations helped save 28 people in Kathmandu Valley, 49 in Koshi Province, 12 in Bagmati Province, 14 in Gandaki Province, three in Lumbini Province, two in Karnali Province, and five in Sudurpaschim Province.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Karki also shared that two people are missing in Koshi Province, 41 in Bagmati Province, two in Gandaki Province, and one each in Lumbini, Karnali, and Sudurpaschim provinces. Search efforts for the missing individuals are ongoing, said DIG Karki.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The disasters have also caused significant damage to infrastructure. According to the police, 384 houses were inundated by floods while 275 houses suffered damages. In addition, 104 huts, 43 bridges, two school buildings, and two government offices were also damaged. Furthermore, 4,322 families have been displaced, and 812 cattle have died during this period. -- RSS</span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ) ) $i = (int) 1 $breaking = array( 'Article' => array( 'id' => '21834', 'title' => 'Complaint Filed at CIAA Against Kulman Ghising ', 'article_category_id' => '1', 'article_date' => '2024-08-13 19:35:38', 'image' => '20240813073600_20210812100140_intr1 (Copy) (1).jpg', 'summary' => 'A complaint has been filed against Kulman Ghising, Managing Director of Nepal Electricity Authority (NEA), at the Commission for the Investigation of Abuse of Authority (CIAA) on Tuesday.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span><br /> KATHMANDU, August 13</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A complaint has been filed against Kulman Ghising, Managing Director of Nepal Electricity Authority (NEA), at the Commission for the Investigation of Abuse of Authority (CIAA) on Tuesday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Ramesh Prasad Kharel of the Anti-Corruption Network lodged the complaint, alleging Ghising of several irregularities and requesting a thorough investigation.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Ghising has been accused of committing fraud in Power Purchase Agreements (PPAs), purchasing of shares worth Rs 550 million at Rs 90 million to evade capital gains, and falsifying profits of NEA, among others, causing huge financial losses to the state.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The complaint mentions that Ghising has been involved in questionable activities since his appointment at the NEA. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kharel claimed that he has been carrying out an independent investigation on the matter for a year.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( 'article_id' => '21834', 'hit' => '276' ) ), 'Slider' => array() )include - APP/View/Elements/news_main.ctp, line 81 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/Pages/homes.ctp, line 16 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
A complaint has been filed against Kulman Ghising, Managing Director of Nepal Electricity Authority (NEA), at the Commission for the Investigation of Abuse of Authority (CIAA) on Tuesday.
Notice (8): Undefined index: id [APP/View/Elements/news_main.ctp, line 189]NEWS 5 min 23 sec to readCode Context<div class="listing-meta listing-center"><?php echo $this->Html->link($breaking['ArticleCategory']['name'],array('controller'=>'Articles', 'action' => 'index', $breaking['ArticleCategory']['id']),$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/news_main.ctp' $dataForView = array() $breaking_news = array( (int) 0 => array( 'Article' => array( 'id' => '21834', 'title' => 'Complaint Filed at CIAA Against Kulman Ghising ', 'article_category_id' => '1', 'article_date' => '2024-08-13 19:35:38', 'image' => '20240813073600_20210812100140_intr1 (Copy) (1).jpg', 'summary' => 'A complaint has been filed against Kulman Ghising, Managing Director of Nepal Electricity Authority (NEA), at the Commission for the Investigation of Abuse of Authority (CIAA) on Tuesday.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span><br /> KATHMANDU, August 13</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A complaint has been filed against Kulman Ghising, Managing Director of Nepal Electricity Authority (NEA), at the Commission for the Investigation of Abuse of Authority (CIAA) on Tuesday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Ramesh Prasad Kharel of the Anti-Corruption Network lodged the complaint, alleging Ghising of several irregularities and requesting a thorough investigation.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Ghising has been accused of committing fraud in Power Purchase Agreements (PPAs), purchasing of shares worth Rs 550 million at Rs 90 million to evade capital gains, and falsifying profits of NEA, among others, causing huge financial losses to the state.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The complaint mentions that Ghising has been involved in questionable activities since his appointment at the NEA. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kharel claimed that he has been carrying out an independent investigation on the matter for a year.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 1 => array( 'Article' => array( 'id' => '21833', 'title' => 'Parliamentary Special Committee Starts Questioning Directors of Problematic Cooperative', 'article_category_id' => '1', 'article_date' => '2024-08-13 19:31:31', 'image' => '20240813073157_20230713052749_parliament building.jpg', 'summary' => '', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report<br /> KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The owners of problematic cooperatives have requested additional time to return the savings of the general public. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">During an inquiry by the parliamentary special committee investigating the misappropriation of cooperative funds, they explained that repaying the savings depends on recovering outstanding loans and investments, which will require more time.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The committee has started questioning the directors of cooperatives that have failed to return public savings.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Committee chairman Surya Thapa said that they have been interrogating owners currently in jail for cooperative fraud as well. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">On Saturday, the committee questioned CB Lama, Chairman of Pashupati Multi-Purpose Cooperative and former chairman of Kantipur Savings and Credit Cooperative.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">On Sunday, Nunam Subba, Chairman of Civic Development Cooperative; Kedarnath Sharma, Chairman of Tulasi Multipurpose Cooperative Limited, and Kedarnath’s wife Geeta Sharma were interrogated.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The committee also questioned Hemraj Dahal, former Chairman of Sumeru Savings and Credit Cooperative in Pulchowk, alongside current Chairman Krishna Prasad Kandel, proposed Chairman Birendra Maharjan, and collected a statement from Raj Bahadur Singh, a shareholder of Sumeru Savings and Credit Cooperative on Sunday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, former Civil Savings and Credit Cooperative Society Limited Chairman Ichcharaj Tamang, National Cooperative Bank Limited (NCBL) chairman KB Upreti, and Kantipur Savings and Credit Cooperative director Himalaya Bikram Malla Thakuri were questioned on Monday.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Most of them blamed liquidity issues in cooperatives for their inability to return funds.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The directors said that inability to recover their investment in real estate and other business, and poor loan recovery made them unable to return the people’s savings, according to Committee Chairman Thapa.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The committee is set to interrogate the directors of twenty-nine cooperatives and twenty-six individuals accused in the ongoing investigation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Last week, following a discussion with Home Minister Ramesh Lekhak, the committee directed that a dozen and a half people, who are currently evading arrest and are involved in savings misappropriation, embezzlement, and fraud, be brought before them.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The National Cooperative Federation of Nepal (NCF), which oversees cooperatives across Nepal, has also called on Prime Minister KP Sharma Oli to address current issues within the cooperative sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">On Monday, a delegation from NCF led by its President Om Devi Malla urged the PM Oli to prioritise the establishment of a credit information centre, a debt recovery tribunal, and a savings and credit protection fund as outlined in the Cooperative Act, 2074.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The delegation also called on the government to offer concessional loans to cooperatives, prioritise data collection, and enhance regulation, monitoring, and promotion of the cooperatives.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Malla claimed the misinformation that loans from cooperatives do not need to be repaid brought the issue from the street to Parliament, worsening it further.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">She called for changes to around 47 laws that are hindering the effective use of cooperative capital in the productive sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Former minister and former federation chairman Keshav Badal suggested that the Prime Minister, Finance Minister, and Minister of Land Management, Cooperatives, and Poverty Alleviation should hold a serious discussion to find solve the cooperative issue.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 2 => array( 'Article' => array( 'id' => '21832', 'title' => 'NEPSE Records Minor Loss; Closes at 2923.46', 'article_category_id' => '1', 'article_date' => '2024-08-13 15:20:37', 'image' => '20240813032202_collage (97).jpg', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a slight decline on Tuesday, closing at 2923.46, down by 8.18 points or 0.27% from the previous day.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 13: The Nepal Stock Exchange (NEPSE) Index experienced a slight decline on Tuesday, closing at 2923.46, down by 8.18 points or 0.27% from the previous day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Seasoned investors and analysts described the market correction as a natural occurrence, suggesting that such correction is necessary for NEPSE to reach new heights in the future.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today’s trading session, 332 different stocks were traded via 241,665 transactions on the NEPSE. A total of 52,764,832 shares were exchanged, resulting in a turnover of Rs 21.51 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Nepal Finance Limited (NFS) led the market in turnover, with total transactions worth Rs 81 crores. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, Matribhumi Laghubitta Bittiya Sanstha Limited (MATRI), People’s Power Limited (PPL), and Dolti Power Limited (DOLTI) each saw a 10% increase, hitting the upper circuit limit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index dropped by 0.25%, while the Float Index and Sensitive Float Index fell by 0.21% and 0.34%, respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector performance, all indices closed in the red except for the Finance, Banking, Investment, Life Insurance, and Trading indices. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Hotels and Tourism Index saw the largest drop, falling by 2.25%, while the Finance Index recorded the highest gain of 1.57%.</span></span></p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 3 => array( 'Article' => array( 'id' => '21828', 'title' => 'Sugar Prices Surge ahead of Festive Season amid Govt’s Failure to Import Sugar', 'article_category_id' => '1', 'article_date' => '2024-08-13 13:55:09', 'image' => '20240813015549_sugar.jpg', 'summary' => 'The price of sugar has started to surge in the domestic market with the festive season just around the corner.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Prashant Khadka</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 13</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The price of sugar has started to surge in the domestic market with the festive season just around the corner. This price hike is primarily due to the repeated failure of the Government of Nepal to import sugar under the quota allocated by the Indian government.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Nepal Retailers Association (NRA) has raised the price of sugar by Rs 10 per kg, bringing it to Rs 120 per kg, effective from today (Tuesday).</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although India had halted sugar exports for some time, it granted Nepal an import quota of 25,000 tonnes last year. However, Nepal failed to fully utilize the quota. There is a high chance that the same thing could repeat this year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In addition to the import failure, the low sugar stocks held by the state-owned Salt Trading Corporation (STC) and the Food Management and Trading Company Limited (FMTC) suggest that sugar prices may continue to rise, according to traders. The STC and FMTC can only intervene to stabilize prices if they have sufficient stock.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Amulkaji Tuladhar, general secretary of the NRA, stated that government agencies responsible for market intervention lack adequate stock and have not succeeded in securing imports. He also pointed out that wholesalers have increased the price of sugar.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“It now costs us at least Rs 115 per kg when we buy from wholesalers,” Tuladhar said. “So, we have set the price for consumers at Rs 120 per kg.” Tuladhar expressed frustration that retailers are often blamed for price hikes, when the government should have taken steps to import sugar months before the festive season.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Retailers fear that the price of sugar could exceed Rs 145 per kg during Dashain and Tihar, similar to last year when consumers had to pay around Rs 150 per kg.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, the STC has only 1,800 tonnes of sugar in stock, according to its Information Officer, Kumar Rajbhandari. FMTC officials stated that they currently have no sugar in stock. Both companies are still awaiting government permission to import the necessary sugar for the festive season.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Rajbhandari remarked that sugar prices tend to rise every year as festivals approach. “If the state fails to take responsibility, consumers will be affected during the festivals,” he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Two months ago, on June 12, the Ministry of Industry, Commerce, and Supplies sent a letter to the Department of Industry to initiate the process for the private sector to import 19,000 tonnes of sugar from India. In response, the department invited applications from industries that use sugar as a raw material.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although 10 private companies, including Agro Thai Foods, Goodlife Beverages, and others, received import permits, they later refused to import sugar, citing the high costs due to the lack of customs exemption.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On August 7, the Department of Commerce, Supply, and Consumer Protection issued a new call for applications from private firms to import the 19,000 tonnes of sugar, with a five-day deadline. A total of 71 private firms applied for the import, according to Rakesh Pandey, Information Officer at the department. He added that the deadline set by the Indian government for Nepal to import the sugar ends on September 30.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The government is, therefore, obliged to ensure the import of the specified quantity,” Pandey said. “Of the companies that applied, seven will receive permission to import no less than 2,600 tonnes of sugar, which must be sold to consumers at the price set by the STC.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal can only import the specified quantity of sugar from India's National Cooperative Export Pvt. Ltd., which stakeholders claim drives up the cost in Nepal. Although sugar prices in India are around INR 40 or Rs 64 per kg, Nepali companies must purchase it at INR 50 per kg, or Rs 80 per kg, from the Indian company.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Government officials are skeptical about whether the companies that applied for sugar import will follow through, as the total cost, including transportation, is high, and importers are required to sell it at the government-fixed price.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Data from the Ministry of Agriculture and Livestock Development shows that both the area of sugarcane farming and production have declined in recent years. The farming area has decreased by 1,521 hectares over the last three years, and production has dropped by 53,834 metric tons. In the fiscal year 2021/22, the sugarcane cultivation area was 64,354 hectares, which shrank to 62,833 hectares in 2022/23. According to the STC, Nepal's annual sugar consumption is approximately 250,000 metric tons.</span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 4 => array( 'Article' => array( 'id' => '21830', 'title' => 'Price of Gold Reaches All-Time High in Nepal', 'article_category_id' => '1', 'article_date' => '2024-08-13 14:04:25', 'image' => '20240813020521_20240801032633_cd5483b7.jpeg', 'summary' => 'The price of fine gold surged to Rs 150,800 per tola (11.66 grams) in the domestic market on Tuesday to set the new record.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of fine gold surged to Rs 150,800 per tola (11.66 grams) in the domestic market on Tuesday to set the new record.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It was traded at Rs 148,700 on Monday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The yellow metal became dearer by Rs 2,100 per tola on Tuesday, according to the Federation of Nepal Gold and Silver Dealers' Association, taking up the worked gold price to Rs 150,100 per tola.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Earlier on August 5, gold price had touched Rs 150,000 per tola-mark for the first time in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Meanwhile, the price of silver remained stable for the day at Rs 1,740 per tola.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 5 => array( 'Article' => array( 'id' => '21831', 'title' => 'Kajaria Ramesh Tiles Limited Brings into Operation its Manufacturing Facility in Bhairahawa', 'article_category_id' => '266', 'article_date' => '2024-08-13 14:08:41', 'image' => '20240813020927_DSC_5875.jpg', 'summary' => 'Kajaria Ramesh Tiles Limited announced the opening of its new manufacturing facility in Bhairahawa amid an event on Tuesday (August 12). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">BHAIRAHAWA, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kajaria Ramesh Tiles Limited announced the opening of its new manufacturing facility in Bhairahawa amid an event on Tuesday (August 12). </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The event saw the participation of Ashok Kajaria, chairman and managing director of Kajaria Ceramics Limited, among other guests, the company said in a statement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The ceremony marked a significant milestone for the company as it commences its production in Nepal,” the statement reads. “The new facility, equipped with cutting-edge technology, will enable Kajaria Ramesh Tiles Limited to produce a wider range of high-quality tiles to meet the evolving demands of the country.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“This state-of-the-art plant signifies our commitment to innovation and quality, enabling us to better serve the growing market in Nepal and contribute to the country’s infrastructure development,” said Kajaria.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kajaria Ramesh Tiles Limited is a joint venture between Ramesh Corp and India’s leading tile manufacturer Kajaria Ceramics Ltd.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It is establishing Nepal’s largest tile manufacturing plant in Nawalparasi, according to the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">With a vision to make Nepal self-reliant in tiles, the plant will produce 5.1 million square meters of tiles annually using local raw materials.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Rs 4 billion investment aims to boost the economy, and offer world-class Kajaria tiles at affordable prices. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The plant will significantly boost the local economy and provide thousands of job opportunities, enriching the lives of the local community and fostering growth and development.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'Corporate announcements' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 6 => array( 'Article' => array( 'id' => '21829', 'title' => 'BFIN to Host Conference in Kathmandu on Wednesday', 'article_category_id' => '1', 'article_date' => '2024-08-13 14:01:21', 'image' => '20240813020231_bfin-management.jpg', 'summary' => 'The Banking Finance and Insurance Institute of Nepal (BFIN) is set to host a conference on ‘Financial Stability and Digital Transformation in', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report<br /> KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Banking Finance and Insurance Institute of Nepal (BFIN) is set to host a conference on ‘Financial Stability and Digital Transformation in</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Uncertain Times’, marking its 6th anniversary, in Kathmandu on Wednesday (August 14).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The conference, which aims to bring together leading experts, policymakers, and industry leaders from Nepal, India, and Sri Lanka, will be held at the Radisson Hotel, BFIN said in a statement on Tuesday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The conference will focus on maintaining financial stability through the strategic use of digital technologies and effective risk management in banking, finance, and insurance sectors,” the statement reads. “The attendees will explore the role of AI, Fintech Revolution and Cybersecurity in Digital Banking and how it can aid in risk mitigation and management; derive creative strategies to manage and thrive amidst economic uncertainties.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">BFIN hopes the event will be a platform to explore an opportunity for enhanced cooperation and collaboration among the regional countries and also allow an opportunity for networking and collaboration among industry</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">leaders.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The conference will highlight a major milestone with the signing of a Memorandum of Understanding (MoU) between BFIN and two leading Indian institutions—the Global Institute of Business Studies (GIBS) in Bangalore and Fintram Global LLP in New Delhi. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Governor of the Nepal Rastra Bank Maha Prasad Adhikari will deliver the keynote address as the Chief Guest.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The conference will have presentations and panel discussion by</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">distinguished international and national speakers on three main topics: Pathways to Stability: Exploring Financial Resilience; Digital Frontier: Innovations, Insights and Security in Banking & Insurance; and Navigating Uncertainty: Assessing and Managing Risks in the Banking, Insurance and Financial Sector. </span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 7 => array( 'Article' => array( 'id' => '21826', 'title' => 'Government Proposes Formation of New Authority to Regulate Cooperatives', 'article_category_id' => '1', 'article_date' => '2024-08-13 12:55:23', 'image' => '20240813125625_cooperative-new.jpg', 'summary' => '', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">YADAV HUMAGAIN</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 13</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has proposed the formation of 'Financial Cooperative Regulation and Supervision Authority’, a new regulatory body to oversee the savings and credit cooperatives. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry of Land Management, Cooperatives, and Poverty Alleviation is preparing the draft of the 'Financial Cooperatives (Regulation and Supervision) Act, 2081,' which includes plans for this new authority.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the draft, the authority will be responsible for licensing, regulating and supervising the cooperatives.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It will have the power to set minimum capital requirements, issue licences, classify cooperatives, and oversee their operations to ensure compliance and proper functioning.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The proposal is in line with the current fiscal year’s budget plan, which outlines the establishment of a dedicated regulator for financial cooperatives. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A ministry official, asking not to be named, confirmed to New Business Age that the draft includes provisions for the formation of this new regulatory body. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We have drafted the law with provisions for monitoring financial cooperatives through the authority,” the official said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the draft, the proposed authority will be a self-governing and organised body with distinct legal recognition. It will be responsible for the effective supervision, regulation, operation, management, inspection, and monitoring of financial cooperative organisations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> It will be led by a seven-member board, with the chairman, serving as the executive head, appointed by the government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Other members would include the executive director of Nepal Rastra Bank; two joint secretaries, each from the Ministry of Land Management, Cooperatives, and Poverty Alleviation and the Ministry of Finance; the registrar of the cooperative department; and two members nominated by the government including at least one woman.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The draft bill also specifies that cooperatives with a turnover over Rs 500 million, capital exceeding Rs 150 million, and personal savings greater than Rs 1 million must obtain a licence from the authority.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Even the existing cooperatives are required to obtain the licences within one year of the act's enactment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, it also states that the authority will periodically determine the minimum share capital which the cooperatives would have to maintain within the set deadline.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Additionally, the authority will classify the cooperatives into A, B and C categories based on their share capital, nature of business and scope of work. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The bill will also specify the permissible activities for each category.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 8 => array( 'Article' => array( 'id' => '21825', 'title' => 'Lower Seti Hydropower Project Acquires o500 Ropanis of Land', 'article_category_id' => '1', 'article_date' => '2024-08-13 09:11:41', 'image' => '20240813091228_hydro.jpg', 'summary' => 'KATHMANDU, August 13: The Tanahun Hydropower Project has acquired 500 ropanis of land for the Lower Seti Hydropower Project, which has a capacity to produce 126 MW of electricity. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 13: The Tanahun Hydropower Project has acquired 500 ropanis of land for the Lower Seti Hydropower Project, which has a capacity to produce 126 MW of electricity. Shyamji Bhandari, head of the hydropower project, informed that an estimated Rs 700 million will be spent on building the necessary structures, including compensation distribution, reservoir, powerhouse, and staff accommodation. The project is expected to affect ward number 1 and 3 of Rishing Rural Municipality, Bandipur Rural Municipality-6, Devghat Rural Municipality-2, 3, and 4, Ambukhairni Rural Municipality-5 and 6, Wards 13 and 14 of Byas Municipality, and ward number 29 of Bharatpur Metropolitan Municipality in Chitwan.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chief Bhandari stated that a dam measuring 213 meters in length, 32 meters in height, and 200 meters in width will be constructed near Saranghat, on the border of Bandipur Rural Municipality-6 and Devghat Rural Municipality-3. The Tanahun Hydropower Project, fully owned by Nepal Electricity Authority, has initiated the Lower Seti Hydropower Project with a capacity of 126 MW.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Project Managing Director Kiran Shrestha reported that with the construction of the 140 MW Tanahun Hydropower Project, the company has begun work on the Lower Seti Hydropower Project.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Shrestha mentioned that the electricity produced will be connected to the 220 KV Damauli-New Bharatpur transmission line, built by the Tanahun Hydropower Project, and fed into the national electricity grid. Electricity will be generated by constructing a semi-underground powerhouse at Devghat-4. He also noted that about two kilometers of transmission line will need to be constructed for this purpose. </span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 9 => array( 'Article' => array( 'id' => '21824', 'title' => 'Experts, Manpower Agencies at Odds Over Draft of Labour Migration Policy ', 'article_category_id' => '1', 'article_date' => '2024-08-13 09:04:56', 'image' => '20240813090715_20201223122011_1608680357.Clipboard12.jpg', 'summary' => 'A newly formulated draft of the labour migration policy has put the experts and the manpower agencies at odds.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">PAWAN PANDEY</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A newly formulated draft of the labour migration policy has put the experts and the manpower agencies at odds.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It took the team, under the coordination of senior labour migration expert Dr. Ganesh Gurung, nine months to prepare the draft, which was submitted to the Minister for Labour, Employment and Social Security Sarat Singh Bhandari on Sunday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Dr. Keshav Bashyal, Dr. Amrita Sharma, Manju Gurung and Juna Mathema were the other members in the team while Deepak Dhakal was its member secretary.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The draft has envisioned making labour migration a choice instead of an obligation and prioritising sending skilled and semi-skilled workers. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“We need to stop sending unskilled workers aboard as they have been the most vulnerable overseas,” Gurung said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">But, more than half of the Nepalis working abroad belong to the unskilled category, the Labour Migration Report 2022, which categorises Nepali migrant workers as unskilled, semi-skilled, skilled, highly skilled and professional, shows. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The report also shows a steady rise in the number of skilled workers going abroad, from 32.6% in fiscal year 2019/20 to 38.35 in fiscal year 2021/22.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Despite a steep surge in remittance inflow to the country in recent years, a total of 13,722 workers have died and 3,330 others have been injured while working abroad, according to Tika Ram Dhakal, spokesperson at the Foreign Employment Board, the government agency responsible for the welfare of Nepali migrant workers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The actual figure might be much higher as the board’s data includes the records of only the documented workers whose families have claimed and received the compensation in case of deaths and injuries. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Remittance inflow to the country increased by 19.3% to Rs 1,327.51 billion in the first 11 months, until mid-June, of the last fiscal year, compared to an increase of 22.7% in the same period of the previous year, according to the Nepal Rastra Bank.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In the review period, a total of 422,936 Nepalis, both institutional and individual, took the first time approval for foreign employment and as many as 262,705 others renewed their labour permits.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The team has prioritised ensuring safe and decent foreign jobs by identifying the domestic labour market demand and creating to the labour force accordingly; lifting the bar for women to work abroad; and starting regulating Nepalis working in India.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">One of the most important aspects of the new policy, according to Gurung, is the requirement for the government to study and identify the domestic labour market demand before sending workers abroad.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The relevant authorities, then, need to search for markets with a similar demand abroad,” said Gurung. “It will help Nepali youths to find a job or become self-employed after returning home, ultimately helping in their reintegration which has been a neglected issue.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The draft has also articulated that a worker should be able to go to work abroad for free. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Either employers should bear all the cost or the government can set up a mechanism for financing it,” said Gurung. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Recruiting agencies, however, say the zero-cost jobs are practically impossible.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Despite Gurung’s claim that the team held discussions with all the concerned stakeholders to draft the policy, Rajendra Bhandari, president of the Nepal Association of Foreign Employment Agencies (NAFEA), denied it, saying that the zero-cost job provision has been included in the policy randomly.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Can it be implemented?” asked Bhandari. “Moreover, who can actually determine it? A labour sending country or the receiving one?”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Previous attempts of the government to make employers pay the recruiting charges have been unsuccessful. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The government implemented the free-visa, free-ticket rule nine years ago, making it compulsory for employers in Malaysia, Qatar, Saudi Arabia, the United Arab Emirates, Kuwait, Bahrain and Oman to bear all the cost of the visa processing and air tickets when they hire Nepali workers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the rule, workers need to pay no more than Rs 10,000 to recruiting agencies in service fees if their employers would not bear the cost. But, its implementation has been poor as workers flying to these countries still pay a huge sum in recruitment fees. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Bhandari argued that further discussions need to be held on the whole migration cycle before finalising the labour migration policy. “We are not happy with the draft submitted,” Bhandari added. “It cannot be accepted.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The experts have also said that women should not be barred from working overseas.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepali women have faced a series of prohibitions from the government in labour mobility over the years. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While men are under immense pressure to seek foreign jobs, the patriarchal society sees women from the victim-centric lens and tries to restrict their movement within the country, migration researchers claim.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The state continues to impose certain conditions, allegedly ‘almost impossible’, on women for working as domestic help in Gulf countries, one of the most available jobs for Nepali women overseas.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Observers argue that such restrictive policies over the years have compelled women to take dangerous and ‘illegal’ routes to go abroad, making them vulnerable to trafficking. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Instead of barring their movement citing various reasons, women should be provided training for foreign job opportunities,” Gurung added.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The draft has mentioned bringing Nepalis who travel to India for jobs under a regulation. Such workers have often been neglected by the state. There is no official data on them. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Most of the Nepalis working in India face typical issues, different from those working overseas,” said Gurung. “A separate body such as the Foreign Employment Board can be set up to address them.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Local units can provide them an identity card which would help them in their travel and to the authorities to keep their record,” Gurung added.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Receiving the draft, Minister Bhandari said that labour movement cannot be stopped as “the alternative to employment is better employment.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Our policies must prioritise making labour migration more orderly and producing the human resource demanded in the global market,” said Bhandari. </span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 10 => array( 'Article' => array( 'id' => '21823', 'title' => 'Bardiya National Park Sees Increase in Tourist Arrivals', 'article_category_id' => '1', 'article_date' => '2024-08-13 08:52:41', 'image' => '20240813085312_20220715030645_bardiya-national-park-1.jpg', 'summary' => 'GULARIYA, August 13: Bardiya National Park (BNP), a popular tourist destination in the far-western Tarai region, has recorded a rise in tourist arrivals. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">GULARIYA, August 13: Bardiya National Park (BNP), a popular tourist destination in the far-western Tarai region, has recorded a rise in tourist arrivals. The park, known for its rich biodiversity, attracts visitors eager to see tigers, gharials, and a variety of bird species.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Conservation Officer Purushottam Wagle stated that the increased tourist influx has provided a boost to tourism enterprises, which were severely impacted by COVID-19 and are now gradually recovering. The rise in tourist numbers has also contributed to increased revenue.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the fiscal year 2022/23, BNP welcomed a total of 24,324 tourists, generating Rs 22 million in revenue. This number increased to 26,131 in the fiscal year 2023/24, boosting revenue to Rs 28.4 million.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In response to the growing number of visitors, BNP has focused on improving service delivery and tourism infrastructure. Jungle trails have been developed for walking and driving in the park, Wagle added. Additionally, efforts are underway to increase the number of hotels and homestays to ensure sufficient amenities for visitors.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Both domestic and foreign tourists visit BNP. Tourism entrepreneur Ramaji Thapa noted that the influx of new visitors has uplifted the spirits of the local community. Park visitors are particularly drawn to Tharu culture, including their cuisine and festivals.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"Foreign tourists are mesmerized by the biodiversity here," he said, adding that if safari vehicles fail to operate in BNP, the park ensures the immediate rescue of tourists.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to tourist guide Anuram Chaudhari, there are over 30 tourist hotels and homestays in the BNP area. He also noted that foreign tourists often prefer walking safaris over vehicle safaris in the park. -- RSS</span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 11 => array( 'Article' => array( 'id' => '21820', 'title' => '173 People Die in Disaster Incidents since June 10', 'article_category_id' => '1', 'article_date' => '2024-08-13 07:51:48', 'image' => '20240813075238_20240710125955_SS-Kanchanpur-24DSC00097(1)copy.jpg', 'summary' => 'KATHMANDU, August 13: A total of 173 people have lost their lives in natural disasters, including landslides and floods, across various parts of the country since June 10, according to the Police Headquarters.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 13: A total of 173 people have lost their lives in natural disasters, including landslides and floods, across various parts of the country since June 10, according to the Police Headquarters. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Deputy Inspector General Dan Bahadur Karki informed that the casualties include three in Kathmandu Valley, 26 in Koshi Province, seven in Madhes Province, 31 in Bagmati Province, 54 in Gandaki Province, 33 in Lumbini Province, eight in Karnali Province, and 11 in Sudurpaschim Province.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In addition, 223 people have been injured including 11 in Kathmandu Valley, 37 in Koshi Province, 11 in Madhes Province, 23 in Bagmati Province, 46 in Gandaki Province, 13 in Lumbini Province, 54 in Karnali Province, and 28 in Sudurpaschim Province.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The police said rescue operations helped save 28 people in Kathmandu Valley, 49 in Koshi Province, 12 in Bagmati Province, 14 in Gandaki Province, three in Lumbini Province, two in Karnali Province, and five in Sudurpaschim Province.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Karki also shared that two people are missing in Koshi Province, 41 in Bagmati Province, two in Gandaki Province, and one each in Lumbini, Karnali, and Sudurpaschim provinces. Search efforts for the missing individuals are ongoing, said DIG Karki.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The disasters have also caused significant damage to infrastructure. According to the police, 384 houses were inundated by floods while 275 houses suffered damages. In addition, 104 huts, 43 bridges, two school buildings, and two government offices were also damaged. Furthermore, 4,322 families have been displaced, and 812 cattle have died during this period. -- RSS</span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ) ) $i = (int) 2 $breaking = array( 'Article' => array( 'id' => '21833', 'title' => 'Parliamentary Special Committee Starts Questioning Directors of Problematic Cooperative', 'article_category_id' => '1', 'article_date' => '2024-08-13 19:31:31', 'image' => '20240813073157_20230713052749_parliament building.jpg', 'summary' => '', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report<br /> KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The owners of problematic cooperatives have requested additional time to return the savings of the general public. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">During an inquiry by the parliamentary special committee investigating the misappropriation of cooperative funds, they explained that repaying the savings depends on recovering outstanding loans and investments, which will require more time.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The committee has started questioning the directors of cooperatives that have failed to return public savings.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Committee chairman Surya Thapa said that they have been interrogating owners currently in jail for cooperative fraud as well. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">On Saturday, the committee questioned CB Lama, Chairman of Pashupati Multi-Purpose Cooperative and former chairman of Kantipur Savings and Credit Cooperative.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">On Sunday, Nunam Subba, Chairman of Civic Development Cooperative; Kedarnath Sharma, Chairman of Tulasi Multipurpose Cooperative Limited, and Kedarnath’s wife Geeta Sharma were interrogated.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The committee also questioned Hemraj Dahal, former Chairman of Sumeru Savings and Credit Cooperative in Pulchowk, alongside current Chairman Krishna Prasad Kandel, proposed Chairman Birendra Maharjan, and collected a statement from Raj Bahadur Singh, a shareholder of Sumeru Savings and Credit Cooperative on Sunday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, former Civil Savings and Credit Cooperative Society Limited Chairman Ichcharaj Tamang, National Cooperative Bank Limited (NCBL) chairman KB Upreti, and Kantipur Savings and Credit Cooperative director Himalaya Bikram Malla Thakuri were questioned on Monday.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Most of them blamed liquidity issues in cooperatives for their inability to return funds.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The directors said that inability to recover their investment in real estate and other business, and poor loan recovery made them unable to return the people’s savings, according to Committee Chairman Thapa.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The committee is set to interrogate the directors of twenty-nine cooperatives and twenty-six individuals accused in the ongoing investigation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Last week, following a discussion with Home Minister Ramesh Lekhak, the committee directed that a dozen and a half people, who are currently evading arrest and are involved in savings misappropriation, embezzlement, and fraud, be brought before them.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The National Cooperative Federation of Nepal (NCF), which oversees cooperatives across Nepal, has also called on Prime Minister KP Sharma Oli to address current issues within the cooperative sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">On Monday, a delegation from NCF led by its President Om Devi Malla urged the PM Oli to prioritise the establishment of a credit information centre, a debt recovery tribunal, and a savings and credit protection fund as outlined in the Cooperative Act, 2074.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The delegation also called on the government to offer concessional loans to cooperatives, prioritise data collection, and enhance regulation, monitoring, and promotion of the cooperatives.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Malla claimed the misinformation that loans from cooperatives do not need to be repaid brought the issue from the street to Parliament, worsening it further.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">She called for changes to around 47 laws that are hindering the effective use of cooperative capital in the productive sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Former minister and former federation chairman Keshav Badal suggested that the Prime Minister, Finance Minister, and Minister of Land Management, Cooperatives, and Poverty Alleviation should hold a serious discussion to find solve the cooperative issue.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' 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Notice (8): Undefined index: id [APP/View/Elements/news_main.ctp, line 189]NEWS 1 min 35 sec to readCode Context<div class="listing-meta listing-center"><?php echo $this->Html->link($breaking['ArticleCategory']['name'],array('controller'=>'Articles', 'action' => 'index', $breaking['ArticleCategory']['id']),$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/news_main.ctp' $dataForView = array() $breaking_news = array( (int) 0 => array( 'Article' => array( 'id' => '21834', 'title' => 'Complaint Filed at CIAA Against Kulman Ghising ', 'article_category_id' => '1', 'article_date' => '2024-08-13 19:35:38', 'image' => '20240813073600_20210812100140_intr1 (Copy) (1).jpg', 'summary' => 'A complaint has been filed against Kulman Ghising, Managing Director of Nepal Electricity Authority (NEA), at the Commission for the Investigation of Abuse of Authority (CIAA) on Tuesday.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span><br /> KATHMANDU, August 13</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A complaint has been filed against Kulman Ghising, Managing Director of Nepal Electricity Authority (NEA), at the Commission for the Investigation of Abuse of Authority (CIAA) on Tuesday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Ramesh Prasad Kharel of the Anti-Corruption Network lodged the complaint, alleging Ghising of several irregularities and requesting a thorough investigation.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Ghising has been accused of committing fraud in Power Purchase Agreements (PPAs), purchasing of shares worth Rs 550 million at Rs 90 million to evade capital gains, and falsifying profits of NEA, among others, causing huge financial losses to the state.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The complaint mentions that Ghising has been involved in questionable activities since his appointment at the NEA. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kharel claimed that he has been carrying out an independent investigation on the matter for a year.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 1 => array( 'Article' => array( 'id' => '21833', 'title' => 'Parliamentary Special Committee Starts Questioning Directors of Problematic Cooperative', 'article_category_id' => '1', 'article_date' => '2024-08-13 19:31:31', 'image' => '20240813073157_20230713052749_parliament building.jpg', 'summary' => '', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report<br /> KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The owners of problematic cooperatives have requested additional time to return the savings of the general public. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">During an inquiry by the parliamentary special committee investigating the misappropriation of cooperative funds, they explained that repaying the savings depends on recovering outstanding loans and investments, which will require more time.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The committee has started questioning the directors of cooperatives that have failed to return public savings.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Committee chairman Surya Thapa said that they have been interrogating owners currently in jail for cooperative fraud as well. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">On Saturday, the committee questioned CB Lama, Chairman of Pashupati Multi-Purpose Cooperative and former chairman of Kantipur Savings and Credit Cooperative.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">On Sunday, Nunam Subba, Chairman of Civic Development Cooperative; Kedarnath Sharma, Chairman of Tulasi Multipurpose Cooperative Limited, and Kedarnath’s wife Geeta Sharma were interrogated.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The committee also questioned Hemraj Dahal, former Chairman of Sumeru Savings and Credit Cooperative in Pulchowk, alongside current Chairman Krishna Prasad Kandel, proposed Chairman Birendra Maharjan, and collected a statement from Raj Bahadur Singh, a shareholder of Sumeru Savings and Credit Cooperative on Sunday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, former Civil Savings and Credit Cooperative Society Limited Chairman Ichcharaj Tamang, National Cooperative Bank Limited (NCBL) chairman KB Upreti, and Kantipur Savings and Credit Cooperative director Himalaya Bikram Malla Thakuri were questioned on Monday.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Most of them blamed liquidity issues in cooperatives for their inability to return funds.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The directors said that inability to recover their investment in real estate and other business, and poor loan recovery made them unable to return the people’s savings, according to Committee Chairman Thapa.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The committee is set to interrogate the directors of twenty-nine cooperatives and twenty-six individuals accused in the ongoing investigation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Last week, following a discussion with Home Minister Ramesh Lekhak, the committee directed that a dozen and a half people, who are currently evading arrest and are involved in savings misappropriation, embezzlement, and fraud, be brought before them.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The National Cooperative Federation of Nepal (NCF), which oversees cooperatives across Nepal, has also called on Prime Minister KP Sharma Oli to address current issues within the cooperative sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">On Monday, a delegation from NCF led by its President Om Devi Malla urged the PM Oli to prioritise the establishment of a credit information centre, a debt recovery tribunal, and a savings and credit protection fund as outlined in the Cooperative Act, 2074.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The delegation also called on the government to offer concessional loans to cooperatives, prioritise data collection, and enhance regulation, monitoring, and promotion of the cooperatives.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Malla claimed the misinformation that loans from cooperatives do not need to be repaid brought the issue from the street to Parliament, worsening it further.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">She called for changes to around 47 laws that are hindering the effective use of cooperative capital in the productive sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Former minister and former federation chairman Keshav Badal suggested that the Prime Minister, Finance Minister, and Minister of Land Management, Cooperatives, and Poverty Alleviation should hold a serious discussion to find solve the cooperative issue.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 2 => array( 'Article' => array( 'id' => '21832', 'title' => 'NEPSE Records Minor Loss; Closes at 2923.46', 'article_category_id' => '1', 'article_date' => '2024-08-13 15:20:37', 'image' => '20240813032202_collage (97).jpg', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a slight decline on Tuesday, closing at 2923.46, down by 8.18 points or 0.27% from the previous day.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 13: The Nepal Stock Exchange (NEPSE) Index experienced a slight decline on Tuesday, closing at 2923.46, down by 8.18 points or 0.27% from the previous day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Seasoned investors and analysts described the market correction as a natural occurrence, suggesting that such correction is necessary for NEPSE to reach new heights in the future.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today’s trading session, 332 different stocks were traded via 241,665 transactions on the NEPSE. A total of 52,764,832 shares were exchanged, resulting in a turnover of Rs 21.51 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Nepal Finance Limited (NFS) led the market in turnover, with total transactions worth Rs 81 crores. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, Matribhumi Laghubitta Bittiya Sanstha Limited (MATRI), People’s Power Limited (PPL), and Dolti Power Limited (DOLTI) each saw a 10% increase, hitting the upper circuit limit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index dropped by 0.25%, while the Float Index and Sensitive Float Index fell by 0.21% and 0.34%, respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector performance, all indices closed in the red except for the Finance, Banking, Investment, Life Insurance, and Trading indices. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Hotels and Tourism Index saw the largest drop, falling by 2.25%, while the Finance Index recorded the highest gain of 1.57%.</span></span></p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 3 => array( 'Article' => array( 'id' => '21828', 'title' => 'Sugar Prices Surge ahead of Festive Season amid Govt’s Failure to Import Sugar', 'article_category_id' => '1', 'article_date' => '2024-08-13 13:55:09', 'image' => '20240813015549_sugar.jpg', 'summary' => 'The price of sugar has started to surge in the domestic market with the festive season just around the corner.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Prashant Khadka</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 13</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The price of sugar has started to surge in the domestic market with the festive season just around the corner. This price hike is primarily due to the repeated failure of the Government of Nepal to import sugar under the quota allocated by the Indian government.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Nepal Retailers Association (NRA) has raised the price of sugar by Rs 10 per kg, bringing it to Rs 120 per kg, effective from today (Tuesday).</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although India had halted sugar exports for some time, it granted Nepal an import quota of 25,000 tonnes last year. However, Nepal failed to fully utilize the quota. There is a high chance that the same thing could repeat this year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In addition to the import failure, the low sugar stocks held by the state-owned Salt Trading Corporation (STC) and the Food Management and Trading Company Limited (FMTC) suggest that sugar prices may continue to rise, according to traders. The STC and FMTC can only intervene to stabilize prices if they have sufficient stock.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Amulkaji Tuladhar, general secretary of the NRA, stated that government agencies responsible for market intervention lack adequate stock and have not succeeded in securing imports. He also pointed out that wholesalers have increased the price of sugar.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“It now costs us at least Rs 115 per kg when we buy from wholesalers,” Tuladhar said. “So, we have set the price for consumers at Rs 120 per kg.” Tuladhar expressed frustration that retailers are often blamed for price hikes, when the government should have taken steps to import sugar months before the festive season.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Retailers fear that the price of sugar could exceed Rs 145 per kg during Dashain and Tihar, similar to last year when consumers had to pay around Rs 150 per kg.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, the STC has only 1,800 tonnes of sugar in stock, according to its Information Officer, Kumar Rajbhandari. FMTC officials stated that they currently have no sugar in stock. Both companies are still awaiting government permission to import the necessary sugar for the festive season.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Rajbhandari remarked that sugar prices tend to rise every year as festivals approach. “If the state fails to take responsibility, consumers will be affected during the festivals,” he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Two months ago, on June 12, the Ministry of Industry, Commerce, and Supplies sent a letter to the Department of Industry to initiate the process for the private sector to import 19,000 tonnes of sugar from India. In response, the department invited applications from industries that use sugar as a raw material.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although 10 private companies, including Agro Thai Foods, Goodlife Beverages, and others, received import permits, they later refused to import sugar, citing the high costs due to the lack of customs exemption.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On August 7, the Department of Commerce, Supply, and Consumer Protection issued a new call for applications from private firms to import the 19,000 tonnes of sugar, with a five-day deadline. A total of 71 private firms applied for the import, according to Rakesh Pandey, Information Officer at the department. He added that the deadline set by the Indian government for Nepal to import the sugar ends on September 30.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The government is, therefore, obliged to ensure the import of the specified quantity,” Pandey said. “Of the companies that applied, seven will receive permission to import no less than 2,600 tonnes of sugar, which must be sold to consumers at the price set by the STC.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal can only import the specified quantity of sugar from India's National Cooperative Export Pvt. Ltd., which stakeholders claim drives up the cost in Nepal. Although sugar prices in India are around INR 40 or Rs 64 per kg, Nepali companies must purchase it at INR 50 per kg, or Rs 80 per kg, from the Indian company.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Government officials are skeptical about whether the companies that applied for sugar import will follow through, as the total cost, including transportation, is high, and importers are required to sell it at the government-fixed price.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Data from the Ministry of Agriculture and Livestock Development shows that both the area of sugarcane farming and production have declined in recent years. The farming area has decreased by 1,521 hectares over the last three years, and production has dropped by 53,834 metric tons. In the fiscal year 2021/22, the sugarcane cultivation area was 64,354 hectares, which shrank to 62,833 hectares in 2022/23. According to the STC, Nepal's annual sugar consumption is approximately 250,000 metric tons.</span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 4 => array( 'Article' => array( 'id' => '21830', 'title' => 'Price of Gold Reaches All-Time High in Nepal', 'article_category_id' => '1', 'article_date' => '2024-08-13 14:04:25', 'image' => '20240813020521_20240801032633_cd5483b7.jpeg', 'summary' => 'The price of fine gold surged to Rs 150,800 per tola (11.66 grams) in the domestic market on Tuesday to set the new record.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of fine gold surged to Rs 150,800 per tola (11.66 grams) in the domestic market on Tuesday to set the new record.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It was traded at Rs 148,700 on Monday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The yellow metal became dearer by Rs 2,100 per tola on Tuesday, according to the Federation of Nepal Gold and Silver Dealers' Association, taking up the worked gold price to Rs 150,100 per tola.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Earlier on August 5, gold price had touched Rs 150,000 per tola-mark for the first time in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Meanwhile, the price of silver remained stable for the day at Rs 1,740 per tola.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 5 => array( 'Article' => array( 'id' => '21831', 'title' => 'Kajaria Ramesh Tiles Limited Brings into Operation its Manufacturing Facility in Bhairahawa', 'article_category_id' => '266', 'article_date' => '2024-08-13 14:08:41', 'image' => '20240813020927_DSC_5875.jpg', 'summary' => 'Kajaria Ramesh Tiles Limited announced the opening of its new manufacturing facility in Bhairahawa amid an event on Tuesday (August 12). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">BHAIRAHAWA, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kajaria Ramesh Tiles Limited announced the opening of its new manufacturing facility in Bhairahawa amid an event on Tuesday (August 12). </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The event saw the participation of Ashok Kajaria, chairman and managing director of Kajaria Ceramics Limited, among other guests, the company said in a statement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The ceremony marked a significant milestone for the company as it commences its production in Nepal,” the statement reads. “The new facility, equipped with cutting-edge technology, will enable Kajaria Ramesh Tiles Limited to produce a wider range of high-quality tiles to meet the evolving demands of the country.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“This state-of-the-art plant signifies our commitment to innovation and quality, enabling us to better serve the growing market in Nepal and contribute to the country’s infrastructure development,” said Kajaria.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kajaria Ramesh Tiles Limited is a joint venture between Ramesh Corp and India’s leading tile manufacturer Kajaria Ceramics Ltd.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It is establishing Nepal’s largest tile manufacturing plant in Nawalparasi, according to the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">With a vision to make Nepal self-reliant in tiles, the plant will produce 5.1 million square meters of tiles annually using local raw materials.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Rs 4 billion investment aims to boost the economy, and offer world-class Kajaria tiles at affordable prices. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The plant will significantly boost the local economy and provide thousands of job opportunities, enriching the lives of the local community and fostering growth and development.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'Corporate announcements' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 6 => array( 'Article' => array( 'id' => '21829', 'title' => 'BFIN to Host Conference in Kathmandu on Wednesday', 'article_category_id' => '1', 'article_date' => '2024-08-13 14:01:21', 'image' => '20240813020231_bfin-management.jpg', 'summary' => 'The Banking Finance and Insurance Institute of Nepal (BFIN) is set to host a conference on ‘Financial Stability and Digital Transformation in', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report<br /> KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Banking Finance and Insurance Institute of Nepal (BFIN) is set to host a conference on ‘Financial Stability and Digital Transformation in</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Uncertain Times’, marking its 6th anniversary, in Kathmandu on Wednesday (August 14).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The conference, which aims to bring together leading experts, policymakers, and industry leaders from Nepal, India, and Sri Lanka, will be held at the Radisson Hotel, BFIN said in a statement on Tuesday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The conference will focus on maintaining financial stability through the strategic use of digital technologies and effective risk management in banking, finance, and insurance sectors,” the statement reads. “The attendees will explore the role of AI, Fintech Revolution and Cybersecurity in Digital Banking and how it can aid in risk mitigation and management; derive creative strategies to manage and thrive amidst economic uncertainties.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">BFIN hopes the event will be a platform to explore an opportunity for enhanced cooperation and collaboration among the regional countries and also allow an opportunity for networking and collaboration among industry</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">leaders.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The conference will highlight a major milestone with the signing of a Memorandum of Understanding (MoU) between BFIN and two leading Indian institutions—the Global Institute of Business Studies (GIBS) in Bangalore and Fintram Global LLP in New Delhi. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Governor of the Nepal Rastra Bank Maha Prasad Adhikari will deliver the keynote address as the Chief Guest.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The conference will have presentations and panel discussion by</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">distinguished international and national speakers on three main topics: Pathways to Stability: Exploring Financial Resilience; Digital Frontier: Innovations, Insights and Security in Banking & Insurance; and Navigating Uncertainty: Assessing and Managing Risks in the Banking, Insurance and Financial Sector. </span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 7 => array( 'Article' => array( 'id' => '21826', 'title' => 'Government Proposes Formation of New Authority to Regulate Cooperatives', 'article_category_id' => '1', 'article_date' => '2024-08-13 12:55:23', 'image' => '20240813125625_cooperative-new.jpg', 'summary' => '', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">YADAV HUMAGAIN</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 13</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has proposed the formation of 'Financial Cooperative Regulation and Supervision Authority’, a new regulatory body to oversee the savings and credit cooperatives. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry of Land Management, Cooperatives, and Poverty Alleviation is preparing the draft of the 'Financial Cooperatives (Regulation and Supervision) Act, 2081,' which includes plans for this new authority.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the draft, the authority will be responsible for licensing, regulating and supervising the cooperatives.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It will have the power to set minimum capital requirements, issue licences, classify cooperatives, and oversee their operations to ensure compliance and proper functioning.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The proposal is in line with the current fiscal year’s budget plan, which outlines the establishment of a dedicated regulator for financial cooperatives. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A ministry official, asking not to be named, confirmed to New Business Age that the draft includes provisions for the formation of this new regulatory body. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We have drafted the law with provisions for monitoring financial cooperatives through the authority,” the official said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the draft, the proposed authority will be a self-governing and organised body with distinct legal recognition. It will be responsible for the effective supervision, regulation, operation, management, inspection, and monitoring of financial cooperative organisations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> It will be led by a seven-member board, with the chairman, serving as the executive head, appointed by the government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Other members would include the executive director of Nepal Rastra Bank; two joint secretaries, each from the Ministry of Land Management, Cooperatives, and Poverty Alleviation and the Ministry of Finance; the registrar of the cooperative department; and two members nominated by the government including at least one woman.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The draft bill also specifies that cooperatives with a turnover over Rs 500 million, capital exceeding Rs 150 million, and personal savings greater than Rs 1 million must obtain a licence from the authority.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Even the existing cooperatives are required to obtain the licences within one year of the act's enactment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, it also states that the authority will periodically determine the minimum share capital which the cooperatives would have to maintain within the set deadline.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Additionally, the authority will classify the cooperatives into A, B and C categories based on their share capital, nature of business and scope of work. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The bill will also specify the permissible activities for each category.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 8 => array( 'Article' => array( 'id' => '21825', 'title' => 'Lower Seti Hydropower Project Acquires o500 Ropanis of Land', 'article_category_id' => '1', 'article_date' => '2024-08-13 09:11:41', 'image' => '20240813091228_hydro.jpg', 'summary' => 'KATHMANDU, August 13: The Tanahun Hydropower Project has acquired 500 ropanis of land for the Lower Seti Hydropower Project, which has a capacity to produce 126 MW of electricity. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 13: The Tanahun Hydropower Project has acquired 500 ropanis of land for the Lower Seti Hydropower Project, which has a capacity to produce 126 MW of electricity. Shyamji Bhandari, head of the hydropower project, informed that an estimated Rs 700 million will be spent on building the necessary structures, including compensation distribution, reservoir, powerhouse, and staff accommodation. The project is expected to affect ward number 1 and 3 of Rishing Rural Municipality, Bandipur Rural Municipality-6, Devghat Rural Municipality-2, 3, and 4, Ambukhairni Rural Municipality-5 and 6, Wards 13 and 14 of Byas Municipality, and ward number 29 of Bharatpur Metropolitan Municipality in Chitwan.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chief Bhandari stated that a dam measuring 213 meters in length, 32 meters in height, and 200 meters in width will be constructed near Saranghat, on the border of Bandipur Rural Municipality-6 and Devghat Rural Municipality-3. The Tanahun Hydropower Project, fully owned by Nepal Electricity Authority, has initiated the Lower Seti Hydropower Project with a capacity of 126 MW.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Project Managing Director Kiran Shrestha reported that with the construction of the 140 MW Tanahun Hydropower Project, the company has begun work on the Lower Seti Hydropower Project.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Shrestha mentioned that the electricity produced will be connected to the 220 KV Damauli-New Bharatpur transmission line, built by the Tanahun Hydropower Project, and fed into the national electricity grid. Electricity will be generated by constructing a semi-underground powerhouse at Devghat-4. He also noted that about two kilometers of transmission line will need to be constructed for this purpose. </span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 9 => array( 'Article' => array( 'id' => '21824', 'title' => 'Experts, Manpower Agencies at Odds Over Draft of Labour Migration Policy ', 'article_category_id' => '1', 'article_date' => '2024-08-13 09:04:56', 'image' => '20240813090715_20201223122011_1608680357.Clipboard12.jpg', 'summary' => 'A newly formulated draft of the labour migration policy has put the experts and the manpower agencies at odds.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">PAWAN PANDEY</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A newly formulated draft of the labour migration policy has put the experts and the manpower agencies at odds.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It took the team, under the coordination of senior labour migration expert Dr. Ganesh Gurung, nine months to prepare the draft, which was submitted to the Minister for Labour, Employment and Social Security Sarat Singh Bhandari on Sunday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Dr. Keshav Bashyal, Dr. Amrita Sharma, Manju Gurung and Juna Mathema were the other members in the team while Deepak Dhakal was its member secretary.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The draft has envisioned making labour migration a choice instead of an obligation and prioritising sending skilled and semi-skilled workers. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“We need to stop sending unskilled workers aboard as they have been the most vulnerable overseas,” Gurung said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">But, more than half of the Nepalis working abroad belong to the unskilled category, the Labour Migration Report 2022, which categorises Nepali migrant workers as unskilled, semi-skilled, skilled, highly skilled and professional, shows. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The report also shows a steady rise in the number of skilled workers going abroad, from 32.6% in fiscal year 2019/20 to 38.35 in fiscal year 2021/22.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Despite a steep surge in remittance inflow to the country in recent years, a total of 13,722 workers have died and 3,330 others have been injured while working abroad, according to Tika Ram Dhakal, spokesperson at the Foreign Employment Board, the government agency responsible for the welfare of Nepali migrant workers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The actual figure might be much higher as the board’s data includes the records of only the documented workers whose families have claimed and received the compensation in case of deaths and injuries. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Remittance inflow to the country increased by 19.3% to Rs 1,327.51 billion in the first 11 months, until mid-June, of the last fiscal year, compared to an increase of 22.7% in the same period of the previous year, according to the Nepal Rastra Bank.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In the review period, a total of 422,936 Nepalis, both institutional and individual, took the first time approval for foreign employment and as many as 262,705 others renewed their labour permits.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The team has prioritised ensuring safe and decent foreign jobs by identifying the domestic labour market demand and creating to the labour force accordingly; lifting the bar for women to work abroad; and starting regulating Nepalis working in India.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">One of the most important aspects of the new policy, according to Gurung, is the requirement for the government to study and identify the domestic labour market demand before sending workers abroad.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The relevant authorities, then, need to search for markets with a similar demand abroad,” said Gurung. “It will help Nepali youths to find a job or become self-employed after returning home, ultimately helping in their reintegration which has been a neglected issue.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The draft has also articulated that a worker should be able to go to work abroad for free. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Either employers should bear all the cost or the government can set up a mechanism for financing it,” said Gurung. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Recruiting agencies, however, say the zero-cost jobs are practically impossible.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Despite Gurung’s claim that the team held discussions with all the concerned stakeholders to draft the policy, Rajendra Bhandari, president of the Nepal Association of Foreign Employment Agencies (NAFEA), denied it, saying that the zero-cost job provision has been included in the policy randomly.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Can it be implemented?” asked Bhandari. “Moreover, who can actually determine it? A labour sending country or the receiving one?”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Previous attempts of the government to make employers pay the recruiting charges have been unsuccessful. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The government implemented the free-visa, free-ticket rule nine years ago, making it compulsory for employers in Malaysia, Qatar, Saudi Arabia, the United Arab Emirates, Kuwait, Bahrain and Oman to bear all the cost of the visa processing and air tickets when they hire Nepali workers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the rule, workers need to pay no more than Rs 10,000 to recruiting agencies in service fees if their employers would not bear the cost. But, its implementation has been poor as workers flying to these countries still pay a huge sum in recruitment fees. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Bhandari argued that further discussions need to be held on the whole migration cycle before finalising the labour migration policy. “We are not happy with the draft submitted,” Bhandari added. “It cannot be accepted.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The experts have also said that women should not be barred from working overseas.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepali women have faced a series of prohibitions from the government in labour mobility over the years. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While men are under immense pressure to seek foreign jobs, the patriarchal society sees women from the victim-centric lens and tries to restrict their movement within the country, migration researchers claim.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The state continues to impose certain conditions, allegedly ‘almost impossible’, on women for working as domestic help in Gulf countries, one of the most available jobs for Nepali women overseas.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Observers argue that such restrictive policies over the years have compelled women to take dangerous and ‘illegal’ routes to go abroad, making them vulnerable to trafficking. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Instead of barring their movement citing various reasons, women should be provided training for foreign job opportunities,” Gurung added.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The draft has mentioned bringing Nepalis who travel to India for jobs under a regulation. Such workers have often been neglected by the state. There is no official data on them. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Most of the Nepalis working in India face typical issues, different from those working overseas,” said Gurung. “A separate body such as the Foreign Employment Board can be set up to address them.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Local units can provide them an identity card which would help them in their travel and to the authorities to keep their record,” Gurung added.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Receiving the draft, Minister Bhandari said that labour movement cannot be stopped as “the alternative to employment is better employment.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Our policies must prioritise making labour migration more orderly and producing the human resource demanded in the global market,” said Bhandari. </span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 10 => array( 'Article' => array( 'id' => '21823', 'title' => 'Bardiya National Park Sees Increase in Tourist Arrivals', 'article_category_id' => '1', 'article_date' => '2024-08-13 08:52:41', 'image' => '20240813085312_20220715030645_bardiya-national-park-1.jpg', 'summary' => 'GULARIYA, August 13: Bardiya National Park (BNP), a popular tourist destination in the far-western Tarai region, has recorded a rise in tourist arrivals. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">GULARIYA, August 13: Bardiya National Park (BNP), a popular tourist destination in the far-western Tarai region, has recorded a rise in tourist arrivals. The park, known for its rich biodiversity, attracts visitors eager to see tigers, gharials, and a variety of bird species.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Conservation Officer Purushottam Wagle stated that the increased tourist influx has provided a boost to tourism enterprises, which were severely impacted by COVID-19 and are now gradually recovering. The rise in tourist numbers has also contributed to increased revenue.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the fiscal year 2022/23, BNP welcomed a total of 24,324 tourists, generating Rs 22 million in revenue. This number increased to 26,131 in the fiscal year 2023/24, boosting revenue to Rs 28.4 million.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In response to the growing number of visitors, BNP has focused on improving service delivery and tourism infrastructure. Jungle trails have been developed for walking and driving in the park, Wagle added. Additionally, efforts are underway to increase the number of hotels and homestays to ensure sufficient amenities for visitors.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Both domestic and foreign tourists visit BNP. Tourism entrepreneur Ramaji Thapa noted that the influx of new visitors has uplifted the spirits of the local community. Park visitors are particularly drawn to Tharu culture, including their cuisine and festivals.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"Foreign tourists are mesmerized by the biodiversity here," he said, adding that if safari vehicles fail to operate in BNP, the park ensures the immediate rescue of tourists.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to tourist guide Anuram Chaudhari, there are over 30 tourist hotels and homestays in the BNP area. He also noted that foreign tourists often prefer walking safaris over vehicle safaris in the park. -- RSS</span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 11 => array( 'Article' => array( 'id' => '21820', 'title' => '173 People Die in Disaster Incidents since June 10', 'article_category_id' => '1', 'article_date' => '2024-08-13 07:51:48', 'image' => '20240813075238_20240710125955_SS-Kanchanpur-24DSC00097(1)copy.jpg', 'summary' => 'KATHMANDU, August 13: A total of 173 people have lost their lives in natural disasters, including landslides and floods, across various parts of the country since June 10, according to the Police Headquarters.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 13: A total of 173 people have lost their lives in natural disasters, including landslides and floods, across various parts of the country since June 10, according to the Police Headquarters. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Deputy Inspector General Dan Bahadur Karki informed that the casualties include three in Kathmandu Valley, 26 in Koshi Province, seven in Madhes Province, 31 in Bagmati Province, 54 in Gandaki Province, 33 in Lumbini Province, eight in Karnali Province, and 11 in Sudurpaschim Province.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In addition, 223 people have been injured including 11 in Kathmandu Valley, 37 in Koshi Province, 11 in Madhes Province, 23 in Bagmati Province, 46 in Gandaki Province, 13 in Lumbini Province, 54 in Karnali Province, and 28 in Sudurpaschim Province.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The police said rescue operations helped save 28 people in Kathmandu Valley, 49 in Koshi Province, 12 in Bagmati Province, 14 in Gandaki Province, three in Lumbini Province, two in Karnali Province, and five in Sudurpaschim Province.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Karki also shared that two people are missing in Koshi Province, 41 in Bagmati Province, two in Gandaki Province, and one each in Lumbini, Karnali, and Sudurpaschim provinces. Search efforts for the missing individuals are ongoing, said DIG Karki.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The disasters have also caused significant damage to infrastructure. According to the police, 384 houses were inundated by floods while 275 houses suffered damages. In addition, 104 huts, 43 bridges, two school buildings, and two government offices were also damaged. Furthermore, 4,322 families have been displaced, and 812 cattle have died during this period. -- RSS</span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ) ) $i = (int) 2 $breaking = array( 'Article' => array( 'id' => '21832', 'title' => 'NEPSE Records Minor Loss; Closes at 2923.46', 'article_category_id' => '1', 'article_date' => '2024-08-13 15:20:37', 'image' => '20240813032202_collage (97).jpg', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a slight decline on Tuesday, closing at 2923.46, down by 8.18 points or 0.27% from the previous day.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 13: The Nepal Stock Exchange (NEPSE) Index experienced a slight decline on Tuesday, closing at 2923.46, down by 8.18 points or 0.27% from the previous day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Seasoned investors and analysts described the market correction as a natural occurrence, suggesting that such correction is necessary for NEPSE to reach new heights in the future.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today’s trading session, 332 different stocks were traded via 241,665 transactions on the NEPSE. A total of 52,764,832 shares were exchanged, resulting in a turnover of Rs 21.51 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Nepal Finance Limited (NFS) led the market in turnover, with total transactions worth Rs 81 crores. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, Matribhumi Laghubitta Bittiya Sanstha Limited (MATRI), People’s Power Limited (PPL), and Dolti Power Limited (DOLTI) each saw a 10% increase, hitting the upper circuit limit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index dropped by 0.25%, while the Float Index and Sensitive Float Index fell by 0.21% and 0.34%, respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector performance, all indices closed in the red except for the Finance, Banking, Investment, Life Insurance, and Trading indices. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Hotels and Tourism Index saw the largest drop, falling by 2.25%, while the Finance Index recorded the highest gain of 1.57%.</span></span></p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( 'article_id' => '21832', 'hit' => '147' ) ), 'Slider' => array() ) $date = '2024-08-13 19:31:31' $dateFromDatabase = (int) 1723556791 $dateTwentyforHoursAgo = (int) 1741399979 $today = '2025-03-09 07:57:59am' $today2 = (int) 1741486379 $newDate = 'Aug 13' $commentCount = (int) 0 $word_count = (int) 1076 $time_to_read = (float) 5.38 $time_to_read_min = (float) 5 $time_to_read_second = (float) 23 $key = (int) 2include - APP/View/Elements/news_main.ctp, line 189 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/Pages/homes.ctp, line 16 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 index: id [APP/View/Elements/news_main.ctp, line 304]NEWSCode Context<div class="listing-meta"><?php echo $this->Html->link($breaking['ArticleCategory']['name'],array('controller'=>'Articles', 'action' => 'index', $breaking['ArticleCategory']['id']),$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/news_main.ctp' $dataForView = array() $breaking_news = array( (int) 0 => array( 'Article' => array( 'id' => '21834', 'title' => 'Complaint Filed at CIAA Against Kulman Ghising ', 'article_category_id' => '1', 'article_date' => '2024-08-13 19:35:38', 'image' => '20240813073600_20210812100140_intr1 (Copy) (1).jpg', 'summary' => 'A complaint has been filed against Kulman Ghising, Managing Director of Nepal Electricity Authority (NEA), at the Commission for the Investigation of Abuse of Authority (CIAA) on Tuesday.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span><br /> KATHMANDU, August 13</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A complaint has been filed against Kulman Ghising, Managing Director of Nepal Electricity Authority (NEA), at the Commission for the Investigation of Abuse of Authority (CIAA) on Tuesday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Ramesh Prasad Kharel of the Anti-Corruption Network lodged the complaint, alleging Ghising of several irregularities and requesting a thorough investigation.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Ghising has been accused of committing fraud in Power Purchase Agreements (PPAs), purchasing of shares worth Rs 550 million at Rs 90 million to evade capital gains, and falsifying profits of NEA, among others, causing huge financial losses to the state.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The complaint mentions that Ghising has been involved in questionable activities since his appointment at the NEA. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kharel claimed that he has been carrying out an independent investigation on the matter for a year.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 1 => array( 'Article' => array( 'id' => '21833', 'title' => 'Parliamentary Special Committee Starts Questioning Directors of Problematic Cooperative', 'article_category_id' => '1', 'article_date' => '2024-08-13 19:31:31', 'image' => '20240813073157_20230713052749_parliament building.jpg', 'summary' => '', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report<br /> KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The owners of problematic cooperatives have requested additional time to return the savings of the general public. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">During an inquiry by the parliamentary special committee investigating the misappropriation of cooperative funds, they explained that repaying the savings depends on recovering outstanding loans and investments, which will require more time.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The committee has started questioning the directors of cooperatives that have failed to return public savings.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Committee chairman Surya Thapa said that they have been interrogating owners currently in jail for cooperative fraud as well. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">On Saturday, the committee questioned CB Lama, Chairman of Pashupati Multi-Purpose Cooperative and former chairman of Kantipur Savings and Credit Cooperative.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">On Sunday, Nunam Subba, Chairman of Civic Development Cooperative; Kedarnath Sharma, Chairman of Tulasi Multipurpose Cooperative Limited, and Kedarnath’s wife Geeta Sharma were interrogated.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The committee also questioned Hemraj Dahal, former Chairman of Sumeru Savings and Credit Cooperative in Pulchowk, alongside current Chairman Krishna Prasad Kandel, proposed Chairman Birendra Maharjan, and collected a statement from Raj Bahadur Singh, a shareholder of Sumeru Savings and Credit Cooperative on Sunday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, former Civil Savings and Credit Cooperative Society Limited Chairman Ichcharaj Tamang, National Cooperative Bank Limited (NCBL) chairman KB Upreti, and Kantipur Savings and Credit Cooperative director Himalaya Bikram Malla Thakuri were questioned on Monday.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Most of them blamed liquidity issues in cooperatives for their inability to return funds.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The directors said that inability to recover their investment in real estate and other business, and poor loan recovery made them unable to return the people’s savings, according to Committee Chairman Thapa.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The committee is set to interrogate the directors of twenty-nine cooperatives and twenty-six individuals accused in the ongoing investigation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Last week, following a discussion with Home Minister Ramesh Lekhak, the committee directed that a dozen and a half people, who are currently evading arrest and are involved in savings misappropriation, embezzlement, and fraud, be brought before them.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The National Cooperative Federation of Nepal (NCF), which oversees cooperatives across Nepal, has also called on Prime Minister KP Sharma Oli to address current issues within the cooperative sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">On Monday, a delegation from NCF led by its President Om Devi Malla urged the PM Oli to prioritise the establishment of a credit information centre, a debt recovery tribunal, and a savings and credit protection fund as outlined in the Cooperative Act, 2074.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The delegation also called on the government to offer concessional loans to cooperatives, prioritise data collection, and enhance regulation, monitoring, and promotion of the cooperatives.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Malla claimed the misinformation that loans from cooperatives do not need to be repaid brought the issue from the street to Parliament, worsening it further.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">She called for changes to around 47 laws that are hindering the effective use of cooperative capital in the productive sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Former minister and former federation chairman Keshav Badal suggested that the Prime Minister, Finance Minister, and Minister of Land Management, Cooperatives, and Poverty Alleviation should hold a serious discussion to find solve the cooperative issue.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 2 => array( 'Article' => array( 'id' => '21832', 'title' => 'NEPSE Records Minor Loss; Closes at 2923.46', 'article_category_id' => '1', 'article_date' => '2024-08-13 15:20:37', 'image' => '20240813032202_collage (97).jpg', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a slight decline on Tuesday, closing at 2923.46, down by 8.18 points or 0.27% from the previous day.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 13: The Nepal Stock Exchange (NEPSE) Index experienced a slight decline on Tuesday, closing at 2923.46, down by 8.18 points or 0.27% from the previous day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Seasoned investors and analysts described the market correction as a natural occurrence, suggesting that such correction is necessary for NEPSE to reach new heights in the future.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today’s trading session, 332 different stocks were traded via 241,665 transactions on the NEPSE. A total of 52,764,832 shares were exchanged, resulting in a turnover of Rs 21.51 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Nepal Finance Limited (NFS) led the market in turnover, with total transactions worth Rs 81 crores. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, Matribhumi Laghubitta Bittiya Sanstha Limited (MATRI), People’s Power Limited (PPL), and Dolti Power Limited (DOLTI) each saw a 10% increase, hitting the upper circuit limit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index dropped by 0.25%, while the Float Index and Sensitive Float Index fell by 0.21% and 0.34%, respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector performance, all indices closed in the red except for the Finance, Banking, Investment, Life Insurance, and Trading indices. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Hotels and Tourism Index saw the largest drop, falling by 2.25%, while the Finance Index recorded the highest gain of 1.57%.</span></span></p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 3 => array( 'Article' => array( 'id' => '21828', 'title' => 'Sugar Prices Surge ahead of Festive Season amid Govt’s Failure to Import Sugar', 'article_category_id' => '1', 'article_date' => '2024-08-13 13:55:09', 'image' => '20240813015549_sugar.jpg', 'summary' => 'The price of sugar has started to surge in the domestic market with the festive season just around the corner.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Prashant Khadka</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 13</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The price of sugar has started to surge in the domestic market with the festive season just around the corner. This price hike is primarily due to the repeated failure of the Government of Nepal to import sugar under the quota allocated by the Indian government.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Nepal Retailers Association (NRA) has raised the price of sugar by Rs 10 per kg, bringing it to Rs 120 per kg, effective from today (Tuesday).</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although India had halted sugar exports for some time, it granted Nepal an import quota of 25,000 tonnes last year. However, Nepal failed to fully utilize the quota. There is a high chance that the same thing could repeat this year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In addition to the import failure, the low sugar stocks held by the state-owned Salt Trading Corporation (STC) and the Food Management and Trading Company Limited (FMTC) suggest that sugar prices may continue to rise, according to traders. The STC and FMTC can only intervene to stabilize prices if they have sufficient stock.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Amulkaji Tuladhar, general secretary of the NRA, stated that government agencies responsible for market intervention lack adequate stock and have not succeeded in securing imports. He also pointed out that wholesalers have increased the price of sugar.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“It now costs us at least Rs 115 per kg when we buy from wholesalers,” Tuladhar said. “So, we have set the price for consumers at Rs 120 per kg.” Tuladhar expressed frustration that retailers are often blamed for price hikes, when the government should have taken steps to import sugar months before the festive season.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Retailers fear that the price of sugar could exceed Rs 145 per kg during Dashain and Tihar, similar to last year when consumers had to pay around Rs 150 per kg.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, the STC has only 1,800 tonnes of sugar in stock, according to its Information Officer, Kumar Rajbhandari. FMTC officials stated that they currently have no sugar in stock. Both companies are still awaiting government permission to import the necessary sugar for the festive season.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Rajbhandari remarked that sugar prices tend to rise every year as festivals approach. “If the state fails to take responsibility, consumers will be affected during the festivals,” he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Two months ago, on June 12, the Ministry of Industry, Commerce, and Supplies sent a letter to the Department of Industry to initiate the process for the private sector to import 19,000 tonnes of sugar from India. In response, the department invited applications from industries that use sugar as a raw material.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although 10 private companies, including Agro Thai Foods, Goodlife Beverages, and others, received import permits, they later refused to import sugar, citing the high costs due to the lack of customs exemption.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On August 7, the Department of Commerce, Supply, and Consumer Protection issued a new call for applications from private firms to import the 19,000 tonnes of sugar, with a five-day deadline. A total of 71 private firms applied for the import, according to Rakesh Pandey, Information Officer at the department. He added that the deadline set by the Indian government for Nepal to import the sugar ends on September 30.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The government is, therefore, obliged to ensure the import of the specified quantity,” Pandey said. “Of the companies that applied, seven will receive permission to import no less than 2,600 tonnes of sugar, which must be sold to consumers at the price set by the STC.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal can only import the specified quantity of sugar from India's National Cooperative Export Pvt. Ltd., which stakeholders claim drives up the cost in Nepal. Although sugar prices in India are around INR 40 or Rs 64 per kg, Nepali companies must purchase it at INR 50 per kg, or Rs 80 per kg, from the Indian company.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Government officials are skeptical about whether the companies that applied for sugar import will follow through, as the total cost, including transportation, is high, and importers are required to sell it at the government-fixed price.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Data from the Ministry of Agriculture and Livestock Development shows that both the area of sugarcane farming and production have declined in recent years. The farming area has decreased by 1,521 hectares over the last three years, and production has dropped by 53,834 metric tons. In the fiscal year 2021/22, the sugarcane cultivation area was 64,354 hectares, which shrank to 62,833 hectares in 2022/23. According to the STC, Nepal's annual sugar consumption is approximately 250,000 metric tons.</span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 4 => array( 'Article' => array( 'id' => '21830', 'title' => 'Price of Gold Reaches All-Time High in Nepal', 'article_category_id' => '1', 'article_date' => '2024-08-13 14:04:25', 'image' => '20240813020521_20240801032633_cd5483b7.jpeg', 'summary' => 'The price of fine gold surged to Rs 150,800 per tola (11.66 grams) in the domestic market on Tuesday to set the new record.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of fine gold surged to Rs 150,800 per tola (11.66 grams) in the domestic market on Tuesday to set the new record.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It was traded at Rs 148,700 on Monday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The yellow metal became dearer by Rs 2,100 per tola on Tuesday, according to the Federation of Nepal Gold and Silver Dealers' Association, taking up the worked gold price to Rs 150,100 per tola.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Earlier on August 5, gold price had touched Rs 150,000 per tola-mark for the first time in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Meanwhile, the price of silver remained stable for the day at Rs 1,740 per tola.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 5 => array( 'Article' => array( 'id' => '21831', 'title' => 'Kajaria Ramesh Tiles Limited Brings into Operation its Manufacturing Facility in Bhairahawa', 'article_category_id' => '266', 'article_date' => '2024-08-13 14:08:41', 'image' => '20240813020927_DSC_5875.jpg', 'summary' => 'Kajaria Ramesh Tiles Limited announced the opening of its new manufacturing facility in Bhairahawa amid an event on Tuesday (August 12). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">BHAIRAHAWA, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kajaria Ramesh Tiles Limited announced the opening of its new manufacturing facility in Bhairahawa amid an event on Tuesday (August 12). </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The event saw the participation of Ashok Kajaria, chairman and managing director of Kajaria Ceramics Limited, among other guests, the company said in a statement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The ceremony marked a significant milestone for the company as it commences its production in Nepal,” the statement reads. “The new facility, equipped with cutting-edge technology, will enable Kajaria Ramesh Tiles Limited to produce a wider range of high-quality tiles to meet the evolving demands of the country.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“This state-of-the-art plant signifies our commitment to innovation and quality, enabling us to better serve the growing market in Nepal and contribute to the country’s infrastructure development,” said Kajaria.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kajaria Ramesh Tiles Limited is a joint venture between Ramesh Corp and India’s leading tile manufacturer Kajaria Ceramics Ltd.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It is establishing Nepal’s largest tile manufacturing plant in Nawalparasi, according to the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">With a vision to make Nepal self-reliant in tiles, the plant will produce 5.1 million square meters of tiles annually using local raw materials.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Rs 4 billion investment aims to boost the economy, and offer world-class Kajaria tiles at affordable prices. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The plant will significantly boost the local economy and provide thousands of job opportunities, enriching the lives of the local community and fostering growth and development.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'Corporate announcements' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 6 => array( 'Article' => array( 'id' => '21829', 'title' => 'BFIN to Host Conference in Kathmandu on Wednesday', 'article_category_id' => '1', 'article_date' => '2024-08-13 14:01:21', 'image' => '20240813020231_bfin-management.jpg', 'summary' => 'The Banking Finance and Insurance Institute of Nepal (BFIN) is set to host a conference on ‘Financial Stability and Digital Transformation in', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report<br /> KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Banking Finance and Insurance Institute of Nepal (BFIN) is set to host a conference on ‘Financial Stability and Digital Transformation in</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Uncertain Times’, marking its 6th anniversary, in Kathmandu on Wednesday (August 14).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The conference, which aims to bring together leading experts, policymakers, and industry leaders from Nepal, India, and Sri Lanka, will be held at the Radisson Hotel, BFIN said in a statement on Tuesday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The conference will focus on maintaining financial stability through the strategic use of digital technologies and effective risk management in banking, finance, and insurance sectors,” the statement reads. “The attendees will explore the role of AI, Fintech Revolution and Cybersecurity in Digital Banking and how it can aid in risk mitigation and management; derive creative strategies to manage and thrive amidst economic uncertainties.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">BFIN hopes the event will be a platform to explore an opportunity for enhanced cooperation and collaboration among the regional countries and also allow an opportunity for networking and collaboration among industry</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">leaders.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The conference will highlight a major milestone with the signing of a Memorandum of Understanding (MoU) between BFIN and two leading Indian institutions—the Global Institute of Business Studies (GIBS) in Bangalore and Fintram Global LLP in New Delhi. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Governor of the Nepal Rastra Bank Maha Prasad Adhikari will deliver the keynote address as the Chief Guest.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The conference will have presentations and panel discussion by</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">distinguished international and national speakers on three main topics: Pathways to Stability: Exploring Financial Resilience; Digital Frontier: Innovations, Insights and Security in Banking & Insurance; and Navigating Uncertainty: Assessing and Managing Risks in the Banking, Insurance and Financial Sector. </span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 7 => array( 'Article' => array( 'id' => '21826', 'title' => 'Government Proposes Formation of New Authority to Regulate Cooperatives', 'article_category_id' => '1', 'article_date' => '2024-08-13 12:55:23', 'image' => '20240813125625_cooperative-new.jpg', 'summary' => '', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">YADAV HUMAGAIN</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 13</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has proposed the formation of 'Financial Cooperative Regulation and Supervision Authority’, a new regulatory body to oversee the savings and credit cooperatives. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry of Land Management, Cooperatives, and Poverty Alleviation is preparing the draft of the 'Financial Cooperatives (Regulation and Supervision) Act, 2081,' which includes plans for this new authority.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the draft, the authority will be responsible for licensing, regulating and supervising the cooperatives.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It will have the power to set minimum capital requirements, issue licences, classify cooperatives, and oversee their operations to ensure compliance and proper functioning.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The proposal is in line with the current fiscal year’s budget plan, which outlines the establishment of a dedicated regulator for financial cooperatives. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A ministry official, asking not to be named, confirmed to New Business Age that the draft includes provisions for the formation of this new regulatory body. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We have drafted the law with provisions for monitoring financial cooperatives through the authority,” the official said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the draft, the proposed authority will be a self-governing and organised body with distinct legal recognition. It will be responsible for the effective supervision, regulation, operation, management, inspection, and monitoring of financial cooperative organisations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> It will be led by a seven-member board, with the chairman, serving as the executive head, appointed by the government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Other members would include the executive director of Nepal Rastra Bank; two joint secretaries, each from the Ministry of Land Management, Cooperatives, and Poverty Alleviation and the Ministry of Finance; the registrar of the cooperative department; and two members nominated by the government including at least one woman.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The draft bill also specifies that cooperatives with a turnover over Rs 500 million, capital exceeding Rs 150 million, and personal savings greater than Rs 1 million must obtain a licence from the authority.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Even the existing cooperatives are required to obtain the licences within one year of the act's enactment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, it also states that the authority will periodically determine the minimum share capital which the cooperatives would have to maintain within the set deadline.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Additionally, the authority will classify the cooperatives into A, B and C categories based on their share capital, nature of business and scope of work. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The bill will also specify the permissible activities for each category.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 8 => array( 'Article' => array( 'id' => '21825', 'title' => 'Lower Seti Hydropower Project Acquires o500 Ropanis of Land', 'article_category_id' => '1', 'article_date' => '2024-08-13 09:11:41', 'image' => '20240813091228_hydro.jpg', 'summary' => 'KATHMANDU, August 13: The Tanahun Hydropower Project has acquired 500 ropanis of land for the Lower Seti Hydropower Project, which has a capacity to produce 126 MW of electricity. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 13: The Tanahun Hydropower Project has acquired 500 ropanis of land for the Lower Seti Hydropower Project, which has a capacity to produce 126 MW of electricity. Shyamji Bhandari, head of the hydropower project, informed that an estimated Rs 700 million will be spent on building the necessary structures, including compensation distribution, reservoir, powerhouse, and staff accommodation. The project is expected to affect ward number 1 and 3 of Rishing Rural Municipality, Bandipur Rural Municipality-6, Devghat Rural Municipality-2, 3, and 4, Ambukhairni Rural Municipality-5 and 6, Wards 13 and 14 of Byas Municipality, and ward number 29 of Bharatpur Metropolitan Municipality in Chitwan.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chief Bhandari stated that a dam measuring 213 meters in length, 32 meters in height, and 200 meters in width will be constructed near Saranghat, on the border of Bandipur Rural Municipality-6 and Devghat Rural Municipality-3. The Tanahun Hydropower Project, fully owned by Nepal Electricity Authority, has initiated the Lower Seti Hydropower Project with a capacity of 126 MW.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Project Managing Director Kiran Shrestha reported that with the construction of the 140 MW Tanahun Hydropower Project, the company has begun work on the Lower Seti Hydropower Project.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Shrestha mentioned that the electricity produced will be connected to the 220 KV Damauli-New Bharatpur transmission line, built by the Tanahun Hydropower Project, and fed into the national electricity grid. Electricity will be generated by constructing a semi-underground powerhouse at Devghat-4. He also noted that about two kilometers of transmission line will need to be constructed for this purpose. </span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 9 => array( 'Article' => array( 'id' => '21824', 'title' => 'Experts, Manpower Agencies at Odds Over Draft of Labour Migration Policy ', 'article_category_id' => '1', 'article_date' => '2024-08-13 09:04:56', 'image' => '20240813090715_20201223122011_1608680357.Clipboard12.jpg', 'summary' => 'A newly formulated draft of the labour migration policy has put the experts and the manpower agencies at odds.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">PAWAN PANDEY</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A newly formulated draft of the labour migration policy has put the experts and the manpower agencies at odds.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It took the team, under the coordination of senior labour migration expert Dr. Ganesh Gurung, nine months to prepare the draft, which was submitted to the Minister for Labour, Employment and Social Security Sarat Singh Bhandari on Sunday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Dr. Keshav Bashyal, Dr. Amrita Sharma, Manju Gurung and Juna Mathema were the other members in the team while Deepak Dhakal was its member secretary.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The draft has envisioned making labour migration a choice instead of an obligation and prioritising sending skilled and semi-skilled workers. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“We need to stop sending unskilled workers aboard as they have been the most vulnerable overseas,” Gurung said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">But, more than half of the Nepalis working abroad belong to the unskilled category, the Labour Migration Report 2022, which categorises Nepali migrant workers as unskilled, semi-skilled, skilled, highly skilled and professional, shows. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The report also shows a steady rise in the number of skilled workers going abroad, from 32.6% in fiscal year 2019/20 to 38.35 in fiscal year 2021/22.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Despite a steep surge in remittance inflow to the country in recent years, a total of 13,722 workers have died and 3,330 others have been injured while working abroad, according to Tika Ram Dhakal, spokesperson at the Foreign Employment Board, the government agency responsible for the welfare of Nepali migrant workers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The actual figure might be much higher as the board’s data includes the records of only the documented workers whose families have claimed and received the compensation in case of deaths and injuries. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Remittance inflow to the country increased by 19.3% to Rs 1,327.51 billion in the first 11 months, until mid-June, of the last fiscal year, compared to an increase of 22.7% in the same period of the previous year, according to the Nepal Rastra Bank.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In the review period, a total of 422,936 Nepalis, both institutional and individual, took the first time approval for foreign employment and as many as 262,705 others renewed their labour permits.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The team has prioritised ensuring safe and decent foreign jobs by identifying the domestic labour market demand and creating to the labour force accordingly; lifting the bar for women to work abroad; and starting regulating Nepalis working in India.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">One of the most important aspects of the new policy, according to Gurung, is the requirement for the government to study and identify the domestic labour market demand before sending workers abroad.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The relevant authorities, then, need to search for markets with a similar demand abroad,” said Gurung. “It will help Nepali youths to find a job or become self-employed after returning home, ultimately helping in their reintegration which has been a neglected issue.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The draft has also articulated that a worker should be able to go to work abroad for free. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Either employers should bear all the cost or the government can set up a mechanism for financing it,” said Gurung. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Recruiting agencies, however, say the zero-cost jobs are practically impossible.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Despite Gurung’s claim that the team held discussions with all the concerned stakeholders to draft the policy, Rajendra Bhandari, president of the Nepal Association of Foreign Employment Agencies (NAFEA), denied it, saying that the zero-cost job provision has been included in the policy randomly.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Can it be implemented?” asked Bhandari. “Moreover, who can actually determine it? A labour sending country or the receiving one?”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Previous attempts of the government to make employers pay the recruiting charges have been unsuccessful. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The government implemented the free-visa, free-ticket rule nine years ago, making it compulsory for employers in Malaysia, Qatar, Saudi Arabia, the United Arab Emirates, Kuwait, Bahrain and Oman to bear all the cost of the visa processing and air tickets when they hire Nepali workers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the rule, workers need to pay no more than Rs 10,000 to recruiting agencies in service fees if their employers would not bear the cost. But, its implementation has been poor as workers flying to these countries still pay a huge sum in recruitment fees. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Bhandari argued that further discussions need to be held on the whole migration cycle before finalising the labour migration policy. “We are not happy with the draft submitted,” Bhandari added. “It cannot be accepted.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The experts have also said that women should not be barred from working overseas.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepali women have faced a series of prohibitions from the government in labour mobility over the years. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While men are under immense pressure to seek foreign jobs, the patriarchal society sees women from the victim-centric lens and tries to restrict their movement within the country, migration researchers claim.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The state continues to impose certain conditions, allegedly ‘almost impossible’, on women for working as domestic help in Gulf countries, one of the most available jobs for Nepali women overseas.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Observers argue that such restrictive policies over the years have compelled women to take dangerous and ‘illegal’ routes to go abroad, making them vulnerable to trafficking. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Instead of barring their movement citing various reasons, women should be provided training for foreign job opportunities,” Gurung added.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The draft has mentioned bringing Nepalis who travel to India for jobs under a regulation. Such workers have often been neglected by the state. There is no official data on them. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Most of the Nepalis working in India face typical issues, different from those working overseas,” said Gurung. “A separate body such as the Foreign Employment Board can be set up to address them.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Local units can provide them an identity card which would help them in their travel and to the authorities to keep their record,” Gurung added.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Receiving the draft, Minister Bhandari said that labour movement cannot be stopped as “the alternative to employment is better employment.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Our policies must prioritise making labour migration more orderly and producing the human resource demanded in the global market,” said Bhandari. </span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 10 => array( 'Article' => array( 'id' => '21823', 'title' => 'Bardiya National Park Sees Increase in Tourist Arrivals', 'article_category_id' => '1', 'article_date' => '2024-08-13 08:52:41', 'image' => '20240813085312_20220715030645_bardiya-national-park-1.jpg', 'summary' => 'GULARIYA, August 13: Bardiya National Park (BNP), a popular tourist destination in the far-western Tarai region, has recorded a rise in tourist arrivals. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">GULARIYA, August 13: Bardiya National Park (BNP), a popular tourist destination in the far-western Tarai region, has recorded a rise in tourist arrivals. The park, known for its rich biodiversity, attracts visitors eager to see tigers, gharials, and a variety of bird species.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Conservation Officer Purushottam Wagle stated that the increased tourist influx has provided a boost to tourism enterprises, which were severely impacted by COVID-19 and are now gradually recovering. The rise in tourist numbers has also contributed to increased revenue.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the fiscal year 2022/23, BNP welcomed a total of 24,324 tourists, generating Rs 22 million in revenue. This number increased to 26,131 in the fiscal year 2023/24, boosting revenue to Rs 28.4 million.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In response to the growing number of visitors, BNP has focused on improving service delivery and tourism infrastructure. Jungle trails have been developed for walking and driving in the park, Wagle added. Additionally, efforts are underway to increase the number of hotels and homestays to ensure sufficient amenities for visitors.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Both domestic and foreign tourists visit BNP. Tourism entrepreneur Ramaji Thapa noted that the influx of new visitors has uplifted the spirits of the local community. Park visitors are particularly drawn to Tharu culture, including their cuisine and festivals.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"Foreign tourists are mesmerized by the biodiversity here," he said, adding that if safari vehicles fail to operate in BNP, the park ensures the immediate rescue of tourists.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to tourist guide Anuram Chaudhari, there are over 30 tourist hotels and homestays in the BNP area. He also noted that foreign tourists often prefer walking safaris over vehicle safaris in the park. -- RSS</span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 11 => array( 'Article' => array( 'id' => '21820', 'title' => '173 People Die in Disaster Incidents since June 10', 'article_category_id' => '1', 'article_date' => '2024-08-13 07:51:48', 'image' => '20240813075238_20240710125955_SS-Kanchanpur-24DSC00097(1)copy.jpg', 'summary' => 'KATHMANDU, August 13: A total of 173 people have lost their lives in natural disasters, including landslides and floods, across various parts of the country since June 10, according to the Police Headquarters.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 13: A total of 173 people have lost their lives in natural disasters, including landslides and floods, across various parts of the country since June 10, according to the Police Headquarters. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Deputy Inspector General Dan Bahadur Karki informed that the casualties include three in Kathmandu Valley, 26 in Koshi Province, seven in Madhes Province, 31 in Bagmati Province, 54 in Gandaki Province, 33 in Lumbini Province, eight in Karnali Province, and 11 in Sudurpaschim Province.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In addition, 223 people have been injured including 11 in Kathmandu Valley, 37 in Koshi Province, 11 in Madhes Province, 23 in Bagmati Province, 46 in Gandaki Province, 13 in Lumbini Province, 54 in Karnali Province, and 28 in Sudurpaschim Province.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The police said rescue operations helped save 28 people in Kathmandu Valley, 49 in Koshi Province, 12 in Bagmati Province, 14 in Gandaki Province, three in Lumbini Province, two in Karnali Province, and five in Sudurpaschim Province.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Karki also shared that two people are missing in Koshi Province, 41 in Bagmati Province, two in Gandaki Province, and one each in Lumbini, Karnali, and Sudurpaschim provinces. Search efforts for the missing individuals are ongoing, said DIG Karki.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The disasters have also caused significant damage to infrastructure. According to the police, 384 houses were inundated by floods while 275 houses suffered damages. In addition, 104 huts, 43 bridges, two school buildings, and two government offices were also damaged. Furthermore, 4,322 families have been displaced, and 812 cattle have died during this period. -- RSS</span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ) ) $i = (int) 2 $breaking = array( 'Article' => array( 'id' => '21828', 'title' => 'Sugar Prices Surge ahead of Festive Season amid Govt’s Failure to Import Sugar', 'article_category_id' => '1', 'article_date' => '2024-08-13 13:55:09', 'image' => '20240813015549_sugar.jpg', 'summary' => 'The price of sugar has started to surge in the domestic market with the festive season just around the corner.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Prashant Khadka</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 13</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The price of sugar has started to surge in the domestic market with the festive season just around the corner. This price hike is primarily due to the repeated failure of the Government of Nepal to import sugar under the quota allocated by the Indian government.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Nepal Retailers Association (NRA) has raised the price of sugar by Rs 10 per kg, bringing it to Rs 120 per kg, effective from today (Tuesday).</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although India had halted sugar exports for some time, it granted Nepal an import quota of 25,000 tonnes last year. However, Nepal failed to fully utilize the quota. There is a high chance that the same thing could repeat this year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In addition to the import failure, the low sugar stocks held by the state-owned Salt Trading Corporation (STC) and the Food Management and Trading Company Limited (FMTC) suggest that sugar prices may continue to rise, according to traders. The STC and FMTC can only intervene to stabilize prices if they have sufficient stock.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Amulkaji Tuladhar, general secretary of the NRA, stated that government agencies responsible for market intervention lack adequate stock and have not succeeded in securing imports. He also pointed out that wholesalers have increased the price of sugar.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“It now costs us at least Rs 115 per kg when we buy from wholesalers,” Tuladhar said. “So, we have set the price for consumers at Rs 120 per kg.” Tuladhar expressed frustration that retailers are often blamed for price hikes, when the government should have taken steps to import sugar months before the festive season.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Retailers fear that the price of sugar could exceed Rs 145 per kg during Dashain and Tihar, similar to last year when consumers had to pay around Rs 150 per kg.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, the STC has only 1,800 tonnes of sugar in stock, according to its Information Officer, Kumar Rajbhandari. FMTC officials stated that they currently have no sugar in stock. Both companies are still awaiting government permission to import the necessary sugar for the festive season.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Rajbhandari remarked that sugar prices tend to rise every year as festivals approach. “If the state fails to take responsibility, consumers will be affected during the festivals,” he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Two months ago, on June 12, the Ministry of Industry, Commerce, and Supplies sent a letter to the Department of Industry to initiate the process for the private sector to import 19,000 tonnes of sugar from India. In response, the department invited applications from industries that use sugar as a raw material.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although 10 private companies, including Agro Thai Foods, Goodlife Beverages, and others, received import permits, they later refused to import sugar, citing the high costs due to the lack of customs exemption.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On August 7, the Department of Commerce, Supply, and Consumer Protection issued a new call for applications from private firms to import the 19,000 tonnes of sugar, with a five-day deadline. A total of 71 private firms applied for the import, according to Rakesh Pandey, Information Officer at the department. He added that the deadline set by the Indian government for Nepal to import the sugar ends on September 30.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The government is, therefore, obliged to ensure the import of the specified quantity,” Pandey said. “Of the companies that applied, seven will receive permission to import no less than 2,600 tonnes of sugar, which must be sold to consumers at the price set by the STC.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal can only import the specified quantity of sugar from India's National Cooperative Export Pvt. Ltd., which stakeholders claim drives up the cost in Nepal. Although sugar prices in India are around INR 40 or Rs 64 per kg, Nepali companies must purchase it at INR 50 per kg, or Rs 80 per kg, from the Indian company.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Government officials are skeptical about whether the companies that applied for sugar import will follow through, as the total cost, including transportation, is high, and importers are required to sell it at the government-fixed price.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Data from the Ministry of Agriculture and Livestock Development shows that both the area of sugarcane farming and production have declined in recent years. The farming area has decreased by 1,521 hectares over the last three years, and production has dropped by 53,834 metric tons. In the fiscal year 2021/22, the sugarcane cultivation area was 64,354 hectares, which shrank to 62,833 hectares in 2022/23. According to the STC, Nepal's annual sugar consumption is approximately 250,000 metric tons.</span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( 'article_id' => '21828', 'hit' => '360' ) ), 'Slider' => array() ) $date = '2024-08-13 15:20:37' $dateFromDatabase = (int) 1723541737 $dateTwentyforHoursAgo = (int) 1741399979 $today = '2025-03-09 07:57:59am' $today2 = (int) 1741486379 $newDate = 'Aug 13' $commentCount = (int) 0 $word_count = (int) 317 $time_to_read = (float) 1.59 $time_to_read_min = (float) 1 $time_to_read_second = (float) 35 $key = (int) 3include - APP/View/Elements/news_main.ctp, line 304 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/Pages/homes.ctp, line 16 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 index: id [APP/View/Elements/news_main.ctp, line 304]NEWSCode Context<div class="listing-meta"><?php echo $this->Html->link($breaking['ArticleCategory']['name'],array('controller'=>'Articles', 'action' => 'index', $breaking['ArticleCategory']['id']),$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/news_main.ctp' $dataForView = array() $breaking_news = array( (int) 0 => array( 'Article' => array( 'id' => '21834', 'title' => 'Complaint Filed at CIAA Against Kulman Ghising ', 'article_category_id' => '1', 'article_date' => '2024-08-13 19:35:38', 'image' => '20240813073600_20210812100140_intr1 (Copy) (1).jpg', 'summary' => 'A complaint has been filed against Kulman Ghising, Managing Director of Nepal Electricity Authority (NEA), at the Commission for the Investigation of Abuse of Authority (CIAA) on Tuesday.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span><br /> KATHMANDU, August 13</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A complaint has been filed against Kulman Ghising, Managing Director of Nepal Electricity Authority (NEA), at the Commission for the Investigation of Abuse of Authority (CIAA) on Tuesday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Ramesh Prasad Kharel of the Anti-Corruption Network lodged the complaint, alleging Ghising of several irregularities and requesting a thorough investigation.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Ghising has been accused of committing fraud in Power Purchase Agreements (PPAs), purchasing of shares worth Rs 550 million at Rs 90 million to evade capital gains, and falsifying profits of NEA, among others, causing huge financial losses to the state.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The complaint mentions that Ghising has been involved in questionable activities since his appointment at the NEA. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kharel claimed that he has been carrying out an independent investigation on the matter for a year.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 1 => array( 'Article' => array( 'id' => '21833', 'title' => 'Parliamentary Special Committee Starts Questioning Directors of Problematic Cooperative', 'article_category_id' => '1', 'article_date' => '2024-08-13 19:31:31', 'image' => '20240813073157_20230713052749_parliament building.jpg', 'summary' => '', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report<br /> KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The owners of problematic cooperatives have requested additional time to return the savings of the general public. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">During an inquiry by the parliamentary special committee investigating the misappropriation of cooperative funds, they explained that repaying the savings depends on recovering outstanding loans and investments, which will require more time.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The committee has started questioning the directors of cooperatives that have failed to return public savings.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Committee chairman Surya Thapa said that they have been interrogating owners currently in jail for cooperative fraud as well. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">On Saturday, the committee questioned CB Lama, Chairman of Pashupati Multi-Purpose Cooperative and former chairman of Kantipur Savings and Credit Cooperative.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">On Sunday, Nunam Subba, Chairman of Civic Development Cooperative; Kedarnath Sharma, Chairman of Tulasi Multipurpose Cooperative Limited, and Kedarnath’s wife Geeta Sharma were interrogated.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The committee also questioned Hemraj Dahal, former Chairman of Sumeru Savings and Credit Cooperative in Pulchowk, alongside current Chairman Krishna Prasad Kandel, proposed Chairman Birendra Maharjan, and collected a statement from Raj Bahadur Singh, a shareholder of Sumeru Savings and Credit Cooperative on Sunday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, former Civil Savings and Credit Cooperative Society Limited Chairman Ichcharaj Tamang, National Cooperative Bank Limited (NCBL) chairman KB Upreti, and Kantipur Savings and Credit Cooperative director Himalaya Bikram Malla Thakuri were questioned on Monday.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Most of them blamed liquidity issues in cooperatives for their inability to return funds.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The directors said that inability to recover their investment in real estate and other business, and poor loan recovery made them unable to return the people’s savings, according to Committee Chairman Thapa.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The committee is set to interrogate the directors of twenty-nine cooperatives and twenty-six individuals accused in the ongoing investigation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Last week, following a discussion with Home Minister Ramesh Lekhak, the committee directed that a dozen and a half people, who are currently evading arrest and are involved in savings misappropriation, embezzlement, and fraud, be brought before them.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The National Cooperative Federation of Nepal (NCF), which oversees cooperatives across Nepal, has also called on Prime Minister KP Sharma Oli to address current issues within the cooperative sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">On Monday, a delegation from NCF led by its President Om Devi Malla urged the PM Oli to prioritise the establishment of a credit information centre, a debt recovery tribunal, and a savings and credit protection fund as outlined in the Cooperative Act, 2074.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The delegation also called on the government to offer concessional loans to cooperatives, prioritise data collection, and enhance regulation, monitoring, and promotion of the cooperatives.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Malla claimed the misinformation that loans from cooperatives do not need to be repaid brought the issue from the street to Parliament, worsening it further.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">She called for changes to around 47 laws that are hindering the effective use of cooperative capital in the productive sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Former minister and former federation chairman Keshav Badal suggested that the Prime Minister, Finance Minister, and Minister of Land Management, Cooperatives, and Poverty Alleviation should hold a serious discussion to find solve the cooperative issue.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 2 => array( 'Article' => array( 'id' => '21832', 'title' => 'NEPSE Records Minor Loss; Closes at 2923.46', 'article_category_id' => '1', 'article_date' => '2024-08-13 15:20:37', 'image' => '20240813032202_collage (97).jpg', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a slight decline on Tuesday, closing at 2923.46, down by 8.18 points or 0.27% from the previous day.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 13: The Nepal Stock Exchange (NEPSE) Index experienced a slight decline on Tuesday, closing at 2923.46, down by 8.18 points or 0.27% from the previous day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Seasoned investors and analysts described the market correction as a natural occurrence, suggesting that such correction is necessary for NEPSE to reach new heights in the future.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today’s trading session, 332 different stocks were traded via 241,665 transactions on the NEPSE. A total of 52,764,832 shares were exchanged, resulting in a turnover of Rs 21.51 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Nepal Finance Limited (NFS) led the market in turnover, with total transactions worth Rs 81 crores. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, Matribhumi Laghubitta Bittiya Sanstha Limited (MATRI), People’s Power Limited (PPL), and Dolti Power Limited (DOLTI) each saw a 10% increase, hitting the upper circuit limit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index dropped by 0.25%, while the Float Index and Sensitive Float Index fell by 0.21% and 0.34%, respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector performance, all indices closed in the red except for the Finance, Banking, Investment, Life Insurance, and Trading indices. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Hotels and Tourism Index saw the largest drop, falling by 2.25%, while the Finance Index recorded the highest gain of 1.57%.</span></span></p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 3 => array( 'Article' => array( 'id' => '21828', 'title' => 'Sugar Prices Surge ahead of Festive Season amid Govt’s Failure to Import Sugar', 'article_category_id' => '1', 'article_date' => '2024-08-13 13:55:09', 'image' => '20240813015549_sugar.jpg', 'summary' => 'The price of sugar has started to surge in the domestic market with the festive season just around the corner.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Prashant Khadka</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 13</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The price of sugar has started to surge in the domestic market with the festive season just around the corner. This price hike is primarily due to the repeated failure of the Government of Nepal to import sugar under the quota allocated by the Indian government.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Nepal Retailers Association (NRA) has raised the price of sugar by Rs 10 per kg, bringing it to Rs 120 per kg, effective from today (Tuesday).</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although India had halted sugar exports for some time, it granted Nepal an import quota of 25,000 tonnes last year. However, Nepal failed to fully utilize the quota. There is a high chance that the same thing could repeat this year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In addition to the import failure, the low sugar stocks held by the state-owned Salt Trading Corporation (STC) and the Food Management and Trading Company Limited (FMTC) suggest that sugar prices may continue to rise, according to traders. The STC and FMTC can only intervene to stabilize prices if they have sufficient stock.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Amulkaji Tuladhar, general secretary of the NRA, stated that government agencies responsible for market intervention lack adequate stock and have not succeeded in securing imports. He also pointed out that wholesalers have increased the price of sugar.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“It now costs us at least Rs 115 per kg when we buy from wholesalers,” Tuladhar said. “So, we have set the price for consumers at Rs 120 per kg.” Tuladhar expressed frustration that retailers are often blamed for price hikes, when the government should have taken steps to import sugar months before the festive season.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Retailers fear that the price of sugar could exceed Rs 145 per kg during Dashain and Tihar, similar to last year when consumers had to pay around Rs 150 per kg.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, the STC has only 1,800 tonnes of sugar in stock, according to its Information Officer, Kumar Rajbhandari. FMTC officials stated that they currently have no sugar in stock. Both companies are still awaiting government permission to import the necessary sugar for the festive season.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Rajbhandari remarked that sugar prices tend to rise every year as festivals approach. “If the state fails to take responsibility, consumers will be affected during the festivals,” he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Two months ago, on June 12, the Ministry of Industry, Commerce, and Supplies sent a letter to the Department of Industry to initiate the process for the private sector to import 19,000 tonnes of sugar from India. In response, the department invited applications from industries that use sugar as a raw material.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although 10 private companies, including Agro Thai Foods, Goodlife Beverages, and others, received import permits, they later refused to import sugar, citing the high costs due to the lack of customs exemption.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On August 7, the Department of Commerce, Supply, and Consumer Protection issued a new call for applications from private firms to import the 19,000 tonnes of sugar, with a five-day deadline. A total of 71 private firms applied for the import, according to Rakesh Pandey, Information Officer at the department. He added that the deadline set by the Indian government for Nepal to import the sugar ends on September 30.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The government is, therefore, obliged to ensure the import of the specified quantity,” Pandey said. “Of the companies that applied, seven will receive permission to import no less than 2,600 tonnes of sugar, which must be sold to consumers at the price set by the STC.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal can only import the specified quantity of sugar from India's National Cooperative Export Pvt. Ltd., which stakeholders claim drives up the cost in Nepal. Although sugar prices in India are around INR 40 or Rs 64 per kg, Nepali companies must purchase it at INR 50 per kg, or Rs 80 per kg, from the Indian company.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Government officials are skeptical about whether the companies that applied for sugar import will follow through, as the total cost, including transportation, is high, and importers are required to sell it at the government-fixed price.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Data from the Ministry of Agriculture and Livestock Development shows that both the area of sugarcane farming and production have declined in recent years. The farming area has decreased by 1,521 hectares over the last three years, and production has dropped by 53,834 metric tons. In the fiscal year 2021/22, the sugarcane cultivation area was 64,354 hectares, which shrank to 62,833 hectares in 2022/23. According to the STC, Nepal's annual sugar consumption is approximately 250,000 metric tons.</span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 4 => array( 'Article' => array( 'id' => '21830', 'title' => 'Price of Gold Reaches All-Time High in Nepal', 'article_category_id' => '1', 'article_date' => '2024-08-13 14:04:25', 'image' => '20240813020521_20240801032633_cd5483b7.jpeg', 'summary' => 'The price of fine gold surged to Rs 150,800 per tola (11.66 grams) in the domestic market on Tuesday to set the new record.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of fine gold surged to Rs 150,800 per tola (11.66 grams) in the domestic market on Tuesday to set the new record.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It was traded at Rs 148,700 on Monday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The yellow metal became dearer by Rs 2,100 per tola on Tuesday, according to the Federation of Nepal Gold and Silver Dealers' Association, taking up the worked gold price to Rs 150,100 per tola.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Earlier on August 5, gold price had touched Rs 150,000 per tola-mark for the first time in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Meanwhile, the price of silver remained stable for the day at Rs 1,740 per tola.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 5 => array( 'Article' => array( 'id' => '21831', 'title' => 'Kajaria Ramesh Tiles Limited Brings into Operation its Manufacturing Facility in Bhairahawa', 'article_category_id' => '266', 'article_date' => '2024-08-13 14:08:41', 'image' => '20240813020927_DSC_5875.jpg', 'summary' => 'Kajaria Ramesh Tiles Limited announced the opening of its new manufacturing facility in Bhairahawa amid an event on Tuesday (August 12). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">BHAIRAHAWA, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kajaria Ramesh Tiles Limited announced the opening of its new manufacturing facility in Bhairahawa amid an event on Tuesday (August 12). </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The event saw the participation of Ashok Kajaria, chairman and managing director of Kajaria Ceramics Limited, among other guests, the company said in a statement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The ceremony marked a significant milestone for the company as it commences its production in Nepal,” the statement reads. “The new facility, equipped with cutting-edge technology, will enable Kajaria Ramesh Tiles Limited to produce a wider range of high-quality tiles to meet the evolving demands of the country.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“This state-of-the-art plant signifies our commitment to innovation and quality, enabling us to better serve the growing market in Nepal and contribute to the country’s infrastructure development,” said Kajaria.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kajaria Ramesh Tiles Limited is a joint venture between Ramesh Corp and India’s leading tile manufacturer Kajaria Ceramics Ltd.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It is establishing Nepal’s largest tile manufacturing plant in Nawalparasi, according to the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">With a vision to make Nepal self-reliant in tiles, the plant will produce 5.1 million square meters of tiles annually using local raw materials.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Rs 4 billion investment aims to boost the economy, and offer world-class Kajaria tiles at affordable prices. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The plant will significantly boost the local economy and provide thousands of job opportunities, enriching the lives of the local community and fostering growth and development.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'Corporate announcements' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 6 => array( 'Article' => array( 'id' => '21829', 'title' => 'BFIN to Host Conference in Kathmandu on Wednesday', 'article_category_id' => '1', 'article_date' => '2024-08-13 14:01:21', 'image' => '20240813020231_bfin-management.jpg', 'summary' => 'The Banking Finance and Insurance Institute of Nepal (BFIN) is set to host a conference on ‘Financial Stability and Digital Transformation in', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report<br /> KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Banking Finance and Insurance Institute of Nepal (BFIN) is set to host a conference on ‘Financial Stability and Digital Transformation in</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Uncertain Times’, marking its 6th anniversary, in Kathmandu on Wednesday (August 14).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The conference, which aims to bring together leading experts, policymakers, and industry leaders from Nepal, India, and Sri Lanka, will be held at the Radisson Hotel, BFIN said in a statement on Tuesday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The conference will focus on maintaining financial stability through the strategic use of digital technologies and effective risk management in banking, finance, and insurance sectors,” the statement reads. “The attendees will explore the role of AI, Fintech Revolution and Cybersecurity in Digital Banking and how it can aid in risk mitigation and management; derive creative strategies to manage and thrive amidst economic uncertainties.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">BFIN hopes the event will be a platform to explore an opportunity for enhanced cooperation and collaboration among the regional countries and also allow an opportunity for networking and collaboration among industry</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">leaders.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The conference will highlight a major milestone with the signing of a Memorandum of Understanding (MoU) between BFIN and two leading Indian institutions—the Global Institute of Business Studies (GIBS) in Bangalore and Fintram Global LLP in New Delhi. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Governor of the Nepal Rastra Bank Maha Prasad Adhikari will deliver the keynote address as the Chief Guest.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The conference will have presentations and panel discussion by</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">distinguished international and national speakers on three main topics: Pathways to Stability: Exploring Financial Resilience; Digital Frontier: Innovations, Insights and Security in Banking & Insurance; and Navigating Uncertainty: Assessing and Managing Risks in the Banking, Insurance and Financial Sector. </span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 7 => array( 'Article' => array( 'id' => '21826', 'title' => 'Government Proposes Formation of New Authority to Regulate Cooperatives', 'article_category_id' => '1', 'article_date' => '2024-08-13 12:55:23', 'image' => '20240813125625_cooperative-new.jpg', 'summary' => '', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">YADAV HUMAGAIN</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 13</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has proposed the formation of 'Financial Cooperative Regulation and Supervision Authority’, a new regulatory body to oversee the savings and credit cooperatives. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry of Land Management, Cooperatives, and Poverty Alleviation is preparing the draft of the 'Financial Cooperatives (Regulation and Supervision) Act, 2081,' which includes plans for this new authority.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the draft, the authority will be responsible for licensing, regulating and supervising the cooperatives.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It will have the power to set minimum capital requirements, issue licences, classify cooperatives, and oversee their operations to ensure compliance and proper functioning.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The proposal is in line with the current fiscal year’s budget plan, which outlines the establishment of a dedicated regulator for financial cooperatives. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A ministry official, asking not to be named, confirmed to New Business Age that the draft includes provisions for the formation of this new regulatory body. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We have drafted the law with provisions for monitoring financial cooperatives through the authority,” the official said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the draft, the proposed authority will be a self-governing and organised body with distinct legal recognition. It will be responsible for the effective supervision, regulation, operation, management, inspection, and monitoring of financial cooperative organisations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> It will be led by a seven-member board, with the chairman, serving as the executive head, appointed by the government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Other members would include the executive director of Nepal Rastra Bank; two joint secretaries, each from the Ministry of Land Management, Cooperatives, and Poverty Alleviation and the Ministry of Finance; the registrar of the cooperative department; and two members nominated by the government including at least one woman.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The draft bill also specifies that cooperatives with a turnover over Rs 500 million, capital exceeding Rs 150 million, and personal savings greater than Rs 1 million must obtain a licence from the authority.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Even the existing cooperatives are required to obtain the licences within one year of the act's enactment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, it also states that the authority will periodically determine the minimum share capital which the cooperatives would have to maintain within the set deadline.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Additionally, the authority will classify the cooperatives into A, B and C categories based on their share capital, nature of business and scope of work. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The bill will also specify the permissible activities for each category.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 8 => array( 'Article' => array( 'id' => '21825', 'title' => 'Lower Seti Hydropower Project Acquires o500 Ropanis of Land', 'article_category_id' => '1', 'article_date' => '2024-08-13 09:11:41', 'image' => '20240813091228_hydro.jpg', 'summary' => 'KATHMANDU, August 13: The Tanahun Hydropower Project has acquired 500 ropanis of land for the Lower Seti Hydropower Project, which has a capacity to produce 126 MW of electricity. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 13: The Tanahun Hydropower Project has acquired 500 ropanis of land for the Lower Seti Hydropower Project, which has a capacity to produce 126 MW of electricity. Shyamji Bhandari, head of the hydropower project, informed that an estimated Rs 700 million will be spent on building the necessary structures, including compensation distribution, reservoir, powerhouse, and staff accommodation. The project is expected to affect ward number 1 and 3 of Rishing Rural Municipality, Bandipur Rural Municipality-6, Devghat Rural Municipality-2, 3, and 4, Ambukhairni Rural Municipality-5 and 6, Wards 13 and 14 of Byas Municipality, and ward number 29 of Bharatpur Metropolitan Municipality in Chitwan.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chief Bhandari stated that a dam measuring 213 meters in length, 32 meters in height, and 200 meters in width will be constructed near Saranghat, on the border of Bandipur Rural Municipality-6 and Devghat Rural Municipality-3. The Tanahun Hydropower Project, fully owned by Nepal Electricity Authority, has initiated the Lower Seti Hydropower Project with a capacity of 126 MW.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Project Managing Director Kiran Shrestha reported that with the construction of the 140 MW Tanahun Hydropower Project, the company has begun work on the Lower Seti Hydropower Project.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Shrestha mentioned that the electricity produced will be connected to the 220 KV Damauli-New Bharatpur transmission line, built by the Tanahun Hydropower Project, and fed into the national electricity grid. Electricity will be generated by constructing a semi-underground powerhouse at Devghat-4. He also noted that about two kilometers of transmission line will need to be constructed for this purpose. </span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 9 => array( 'Article' => array( 'id' => '21824', 'title' => 'Experts, Manpower Agencies at Odds Over Draft of Labour Migration Policy ', 'article_category_id' => '1', 'article_date' => '2024-08-13 09:04:56', 'image' => '20240813090715_20201223122011_1608680357.Clipboard12.jpg', 'summary' => 'A newly formulated draft of the labour migration policy has put the experts and the manpower agencies at odds.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">PAWAN PANDEY</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A newly formulated draft of the labour migration policy has put the experts and the manpower agencies at odds.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It took the team, under the coordination of senior labour migration expert Dr. Ganesh Gurung, nine months to prepare the draft, which was submitted to the Minister for Labour, Employment and Social Security Sarat Singh Bhandari on Sunday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Dr. Keshav Bashyal, Dr. Amrita Sharma, Manju Gurung and Juna Mathema were the other members in the team while Deepak Dhakal was its member secretary.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The draft has envisioned making labour migration a choice instead of an obligation and prioritising sending skilled and semi-skilled workers. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“We need to stop sending unskilled workers aboard as they have been the most vulnerable overseas,” Gurung said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">But, more than half of the Nepalis working abroad belong to the unskilled category, the Labour Migration Report 2022, which categorises Nepali migrant workers as unskilled, semi-skilled, skilled, highly skilled and professional, shows. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The report also shows a steady rise in the number of skilled workers going abroad, from 32.6% in fiscal year 2019/20 to 38.35 in fiscal year 2021/22.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Despite a steep surge in remittance inflow to the country in recent years, a total of 13,722 workers have died and 3,330 others have been injured while working abroad, according to Tika Ram Dhakal, spokesperson at the Foreign Employment Board, the government agency responsible for the welfare of Nepali migrant workers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The actual figure might be much higher as the board’s data includes the records of only the documented workers whose families have claimed and received the compensation in case of deaths and injuries. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Remittance inflow to the country increased by 19.3% to Rs 1,327.51 billion in the first 11 months, until mid-June, of the last fiscal year, compared to an increase of 22.7% in the same period of the previous year, according to the Nepal Rastra Bank.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In the review period, a total of 422,936 Nepalis, both institutional and individual, took the first time approval for foreign employment and as many as 262,705 others renewed their labour permits.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The team has prioritised ensuring safe and decent foreign jobs by identifying the domestic labour market demand and creating to the labour force accordingly; lifting the bar for women to work abroad; and starting regulating Nepalis working in India.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">One of the most important aspects of the new policy, according to Gurung, is the requirement for the government to study and identify the domestic labour market demand before sending workers abroad.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The relevant authorities, then, need to search for markets with a similar demand abroad,” said Gurung. “It will help Nepali youths to find a job or become self-employed after returning home, ultimately helping in their reintegration which has been a neglected issue.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The draft has also articulated that a worker should be able to go to work abroad for free. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Either employers should bear all the cost or the government can set up a mechanism for financing it,” said Gurung. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Recruiting agencies, however, say the zero-cost jobs are practically impossible.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Despite Gurung’s claim that the team held discussions with all the concerned stakeholders to draft the policy, Rajendra Bhandari, president of the Nepal Association of Foreign Employment Agencies (NAFEA), denied it, saying that the zero-cost job provision has been included in the policy randomly.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Can it be implemented?” asked Bhandari. “Moreover, who can actually determine it? A labour sending country or the receiving one?”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Previous attempts of the government to make employers pay the recruiting charges have been unsuccessful. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The government implemented the free-visa, free-ticket rule nine years ago, making it compulsory for employers in Malaysia, Qatar, Saudi Arabia, the United Arab Emirates, Kuwait, Bahrain and Oman to bear all the cost of the visa processing and air tickets when they hire Nepali workers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the rule, workers need to pay no more than Rs 10,000 to recruiting agencies in service fees if their employers would not bear the cost. But, its implementation has been poor as workers flying to these countries still pay a huge sum in recruitment fees. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Bhandari argued that further discussions need to be held on the whole migration cycle before finalising the labour migration policy. “We are not happy with the draft submitted,” Bhandari added. “It cannot be accepted.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The experts have also said that women should not be barred from working overseas.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepali women have faced a series of prohibitions from the government in labour mobility over the years. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While men are under immense pressure to seek foreign jobs, the patriarchal society sees women from the victim-centric lens and tries to restrict their movement within the country, migration researchers claim.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The state continues to impose certain conditions, allegedly ‘almost impossible’, on women for working as domestic help in Gulf countries, one of the most available jobs for Nepali women overseas.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Observers argue that such restrictive policies over the years have compelled women to take dangerous and ‘illegal’ routes to go abroad, making them vulnerable to trafficking. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Instead of barring their movement citing various reasons, women should be provided training for foreign job opportunities,” Gurung added.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The draft has mentioned bringing Nepalis who travel to India for jobs under a regulation. Such workers have often been neglected by the state. There is no official data on them. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Most of the Nepalis working in India face typical issues, different from those working overseas,” said Gurung. “A separate body such as the Foreign Employment Board can be set up to address them.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Local units can provide them an identity card which would help them in their travel and to the authorities to keep their record,” Gurung added.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Receiving the draft, Minister Bhandari said that labour movement cannot be stopped as “the alternative to employment is better employment.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Our policies must prioritise making labour migration more orderly and producing the human resource demanded in the global market,” said Bhandari. </span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 10 => array( 'Article' => array( 'id' => '21823', 'title' => 'Bardiya National Park Sees Increase in Tourist Arrivals', 'article_category_id' => '1', 'article_date' => '2024-08-13 08:52:41', 'image' => '20240813085312_20220715030645_bardiya-national-park-1.jpg', 'summary' => 'GULARIYA, August 13: Bardiya National Park (BNP), a popular tourist destination in the far-western Tarai region, has recorded a rise in tourist arrivals. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">GULARIYA, August 13: Bardiya National Park (BNP), a popular tourist destination in the far-western Tarai region, has recorded a rise in tourist arrivals. The park, known for its rich biodiversity, attracts visitors eager to see tigers, gharials, and a variety of bird species.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Conservation Officer Purushottam Wagle stated that the increased tourist influx has provided a boost to tourism enterprises, which were severely impacted by COVID-19 and are now gradually recovering. The rise in tourist numbers has also contributed to increased revenue.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the fiscal year 2022/23, BNP welcomed a total of 24,324 tourists, generating Rs 22 million in revenue. This number increased to 26,131 in the fiscal year 2023/24, boosting revenue to Rs 28.4 million.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In response to the growing number of visitors, BNP has focused on improving service delivery and tourism infrastructure. Jungle trails have been developed for walking and driving in the park, Wagle added. Additionally, efforts are underway to increase the number of hotels and homestays to ensure sufficient amenities for visitors.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Both domestic and foreign tourists visit BNP. Tourism entrepreneur Ramaji Thapa noted that the influx of new visitors has uplifted the spirits of the local community. Park visitors are particularly drawn to Tharu culture, including their cuisine and festivals.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"Foreign tourists are mesmerized by the biodiversity here," he said, adding that if safari vehicles fail to operate in BNP, the park ensures the immediate rescue of tourists.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to tourist guide Anuram Chaudhari, there are over 30 tourist hotels and homestays in the BNP area. He also noted that foreign tourists often prefer walking safaris over vehicle safaris in the park. -- RSS</span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 11 => array( 'Article' => array( 'id' => '21820', 'title' => '173 People Die in Disaster Incidents since June 10', 'article_category_id' => '1', 'article_date' => '2024-08-13 07:51:48', 'image' => '20240813075238_20240710125955_SS-Kanchanpur-24DSC00097(1)copy.jpg', 'summary' => 'KATHMANDU, August 13: A total of 173 people have lost their lives in natural disasters, including landslides and floods, across various parts of the country since June 10, according to the Police Headquarters.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 13: A total of 173 people have lost their lives in natural disasters, including landslides and floods, across various parts of the country since June 10, according to the Police Headquarters. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Deputy Inspector General Dan Bahadur Karki informed that the casualties include three in Kathmandu Valley, 26 in Koshi Province, seven in Madhes Province, 31 in Bagmati Province, 54 in Gandaki Province, 33 in Lumbini Province, eight in Karnali Province, and 11 in Sudurpaschim Province.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In addition, 223 people have been injured including 11 in Kathmandu Valley, 37 in Koshi Province, 11 in Madhes Province, 23 in Bagmati Province, 46 in Gandaki Province, 13 in Lumbini Province, 54 in Karnali Province, and 28 in Sudurpaschim Province.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The police said rescue operations helped save 28 people in Kathmandu Valley, 49 in Koshi Province, 12 in Bagmati Province, 14 in Gandaki Province, three in Lumbini Province, two in Karnali Province, and five in Sudurpaschim Province.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Karki also shared that two people are missing in Koshi Province, 41 in Bagmati Province, two in Gandaki Province, and one each in Lumbini, Karnali, and Sudurpaschim provinces. Search efforts for the missing individuals are ongoing, said DIG Karki.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The disasters have also caused significant damage to infrastructure. According to the police, 384 houses were inundated by floods while 275 houses suffered damages. In addition, 104 huts, 43 bridges, two school buildings, and two government offices were also damaged. Furthermore, 4,322 families have been displaced, and 812 cattle have died during this period. -- RSS</span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ) ) $i = (int) 2 $breaking = array( 'Article' => array( 'id' => '21830', 'title' => 'Price of Gold Reaches All-Time High in Nepal', 'article_category_id' => '1', 'article_date' => '2024-08-13 14:04:25', 'image' => '20240813020521_20240801032633_cd5483b7.jpeg', 'summary' => 'The price of fine gold surged to Rs 150,800 per tola (11.66 grams) in the domestic market on Tuesday to set the new record.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of fine gold surged to Rs 150,800 per tola (11.66 grams) in the domestic market on Tuesday to set the new record.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It was traded at Rs 148,700 on Monday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The yellow metal became dearer by Rs 2,100 per tola on Tuesday, according to the Federation of Nepal Gold and Silver Dealers' Association, taking up the worked gold price to Rs 150,100 per tola.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Earlier on August 5, gold price had touched Rs 150,000 per tola-mark for the first time in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Meanwhile, the price of silver remained stable for the day at Rs 1,740 per tola.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( 'article_id' => '21830', 'hit' => '161' ) ), 'Slider' => array() ) $date = '2024-08-13 13:55:09' $dateFromDatabase = (int) 1723536609 $dateTwentyforHoursAgo = (int) 1741399979 $today = '2025-03-09 07:57:59am' $today2 = (int) 1741486379 $newDate = 'Aug 13' $commentCount = (int) 0 $word_count = (int) 317 $time_to_read = (float) 1.59 $time_to_read_min = (float) 1 $time_to_read_second = (float) 35 $key = (int) 4include - APP/View/Elements/news_main.ctp, line 304 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/Pages/homes.ctp, line 16 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 index: id [APP/View/Elements/news_main.ctp, line 304]Corporate announcementsCode Context<div class="listing-meta"><?php echo $this->Html->link($breaking['ArticleCategory']['name'],array('controller'=>'Articles', 'action' => 'index', $breaking['ArticleCategory']['id']),$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/news_main.ctp' $dataForView = array() $breaking_news = array( (int) 0 => array( 'Article' => array( 'id' => '21834', 'title' => 'Complaint Filed at CIAA Against Kulman Ghising ', 'article_category_id' => '1', 'article_date' => '2024-08-13 19:35:38', 'image' => '20240813073600_20210812100140_intr1 (Copy) (1).jpg', 'summary' => 'A complaint has been filed against Kulman Ghising, Managing Director of Nepal Electricity Authority (NEA), at the Commission for the Investigation of Abuse of Authority (CIAA) on Tuesday.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span><br /> KATHMANDU, August 13</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A complaint has been filed against Kulman Ghising, Managing Director of Nepal Electricity Authority (NEA), at the Commission for the Investigation of Abuse of Authority (CIAA) on Tuesday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Ramesh Prasad Kharel of the Anti-Corruption Network lodged the complaint, alleging Ghising of several irregularities and requesting a thorough investigation.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Ghising has been accused of committing fraud in Power Purchase Agreements (PPAs), purchasing of shares worth Rs 550 million at Rs 90 million to evade capital gains, and falsifying profits of NEA, among others, causing huge financial losses to the state.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The complaint mentions that Ghising has been involved in questionable activities since his appointment at the NEA. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kharel claimed that he has been carrying out an independent investigation on the matter for a year.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 1 => array( 'Article' => array( 'id' => '21833', 'title' => 'Parliamentary Special Committee Starts Questioning Directors of Problematic Cooperative', 'article_category_id' => '1', 'article_date' => '2024-08-13 19:31:31', 'image' => '20240813073157_20230713052749_parliament building.jpg', 'summary' => '', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report<br /> KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The owners of problematic cooperatives have requested additional time to return the savings of the general public. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">During an inquiry by the parliamentary special committee investigating the misappropriation of cooperative funds, they explained that repaying the savings depends on recovering outstanding loans and investments, which will require more time.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The committee has started questioning the directors of cooperatives that have failed to return public savings.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Committee chairman Surya Thapa said that they have been interrogating owners currently in jail for cooperative fraud as well. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">On Saturday, the committee questioned CB Lama, Chairman of Pashupati Multi-Purpose Cooperative and former chairman of Kantipur Savings and Credit Cooperative.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">On Sunday, Nunam Subba, Chairman of Civic Development Cooperative; Kedarnath Sharma, Chairman of Tulasi Multipurpose Cooperative Limited, and Kedarnath’s wife Geeta Sharma were interrogated.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The committee also questioned Hemraj Dahal, former Chairman of Sumeru Savings and Credit Cooperative in Pulchowk, alongside current Chairman Krishna Prasad Kandel, proposed Chairman Birendra Maharjan, and collected a statement from Raj Bahadur Singh, a shareholder of Sumeru Savings and Credit Cooperative on Sunday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, former Civil Savings and Credit Cooperative Society Limited Chairman Ichcharaj Tamang, National Cooperative Bank Limited (NCBL) chairman KB Upreti, and Kantipur Savings and Credit Cooperative director Himalaya Bikram Malla Thakuri were questioned on Monday.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Most of them blamed liquidity issues in cooperatives for their inability to return funds.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The directors said that inability to recover their investment in real estate and other business, and poor loan recovery made them unable to return the people’s savings, according to Committee Chairman Thapa.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The committee is set to interrogate the directors of twenty-nine cooperatives and twenty-six individuals accused in the ongoing investigation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Last week, following a discussion with Home Minister Ramesh Lekhak, the committee directed that a dozen and a half people, who are currently evading arrest and are involved in savings misappropriation, embezzlement, and fraud, be brought before them.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The National Cooperative Federation of Nepal (NCF), which oversees cooperatives across Nepal, has also called on Prime Minister KP Sharma Oli to address current issues within the cooperative sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">On Monday, a delegation from NCF led by its President Om Devi Malla urged the PM Oli to prioritise the establishment of a credit information centre, a debt recovery tribunal, and a savings and credit protection fund as outlined in the Cooperative Act, 2074.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The delegation also called on the government to offer concessional loans to cooperatives, prioritise data collection, and enhance regulation, monitoring, and promotion of the cooperatives.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Malla claimed the misinformation that loans from cooperatives do not need to be repaid brought the issue from the street to Parliament, worsening it further.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">She called for changes to around 47 laws that are hindering the effective use of cooperative capital in the productive sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Former minister and former federation chairman Keshav Badal suggested that the Prime Minister, Finance Minister, and Minister of Land Management, Cooperatives, and Poverty Alleviation should hold a serious discussion to find solve the cooperative issue.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 2 => array( 'Article' => array( 'id' => '21832', 'title' => 'NEPSE Records Minor Loss; Closes at 2923.46', 'article_category_id' => '1', 'article_date' => '2024-08-13 15:20:37', 'image' => '20240813032202_collage (97).jpg', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a slight decline on Tuesday, closing at 2923.46, down by 8.18 points or 0.27% from the previous day.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 13: The Nepal Stock Exchange (NEPSE) Index experienced a slight decline on Tuesday, closing at 2923.46, down by 8.18 points or 0.27% from the previous day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Seasoned investors and analysts described the market correction as a natural occurrence, suggesting that such correction is necessary for NEPSE to reach new heights in the future.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today’s trading session, 332 different stocks were traded via 241,665 transactions on the NEPSE. A total of 52,764,832 shares were exchanged, resulting in a turnover of Rs 21.51 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Nepal Finance Limited (NFS) led the market in turnover, with total transactions worth Rs 81 crores. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, Matribhumi Laghubitta Bittiya Sanstha Limited (MATRI), People’s Power Limited (PPL), and Dolti Power Limited (DOLTI) each saw a 10% increase, hitting the upper circuit limit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index dropped by 0.25%, while the Float Index and Sensitive Float Index fell by 0.21% and 0.34%, respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector performance, all indices closed in the red except for the Finance, Banking, Investment, Life Insurance, and Trading indices. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Hotels and Tourism Index saw the largest drop, falling by 2.25%, while the Finance Index recorded the highest gain of 1.57%.</span></span></p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 3 => array( 'Article' => array( 'id' => '21828', 'title' => 'Sugar Prices Surge ahead of Festive Season amid Govt’s Failure to Import Sugar', 'article_category_id' => '1', 'article_date' => '2024-08-13 13:55:09', 'image' => '20240813015549_sugar.jpg', 'summary' => 'The price of sugar has started to surge in the domestic market with the festive season just around the corner.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Prashant Khadka</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 13</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The price of sugar has started to surge in the domestic market with the festive season just around the corner. This price hike is primarily due to the repeated failure of the Government of Nepal to import sugar under the quota allocated by the Indian government.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Nepal Retailers Association (NRA) has raised the price of sugar by Rs 10 per kg, bringing it to Rs 120 per kg, effective from today (Tuesday).</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although India had halted sugar exports for some time, it granted Nepal an import quota of 25,000 tonnes last year. However, Nepal failed to fully utilize the quota. There is a high chance that the same thing could repeat this year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In addition to the import failure, the low sugar stocks held by the state-owned Salt Trading Corporation (STC) and the Food Management and Trading Company Limited (FMTC) suggest that sugar prices may continue to rise, according to traders. The STC and FMTC can only intervene to stabilize prices if they have sufficient stock.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Amulkaji Tuladhar, general secretary of the NRA, stated that government agencies responsible for market intervention lack adequate stock and have not succeeded in securing imports. He also pointed out that wholesalers have increased the price of sugar.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“It now costs us at least Rs 115 per kg when we buy from wholesalers,” Tuladhar said. “So, we have set the price for consumers at Rs 120 per kg.” Tuladhar expressed frustration that retailers are often blamed for price hikes, when the government should have taken steps to import sugar months before the festive season.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Retailers fear that the price of sugar could exceed Rs 145 per kg during Dashain and Tihar, similar to last year when consumers had to pay around Rs 150 per kg.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, the STC has only 1,800 tonnes of sugar in stock, according to its Information Officer, Kumar Rajbhandari. FMTC officials stated that they currently have no sugar in stock. Both companies are still awaiting government permission to import the necessary sugar for the festive season.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Rajbhandari remarked that sugar prices tend to rise every year as festivals approach. “If the state fails to take responsibility, consumers will be affected during the festivals,” he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Two months ago, on June 12, the Ministry of Industry, Commerce, and Supplies sent a letter to the Department of Industry to initiate the process for the private sector to import 19,000 tonnes of sugar from India. In response, the department invited applications from industries that use sugar as a raw material.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although 10 private companies, including Agro Thai Foods, Goodlife Beverages, and others, received import permits, they later refused to import sugar, citing the high costs due to the lack of customs exemption.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On August 7, the Department of Commerce, Supply, and Consumer Protection issued a new call for applications from private firms to import the 19,000 tonnes of sugar, with a five-day deadline. A total of 71 private firms applied for the import, according to Rakesh Pandey, Information Officer at the department. He added that the deadline set by the Indian government for Nepal to import the sugar ends on September 30.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The government is, therefore, obliged to ensure the import of the specified quantity,” Pandey said. “Of the companies that applied, seven will receive permission to import no less than 2,600 tonnes of sugar, which must be sold to consumers at the price set by the STC.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal can only import the specified quantity of sugar from India's National Cooperative Export Pvt. Ltd., which stakeholders claim drives up the cost in Nepal. Although sugar prices in India are around INR 40 or Rs 64 per kg, Nepali companies must purchase it at INR 50 per kg, or Rs 80 per kg, from the Indian company.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Government officials are skeptical about whether the companies that applied for sugar import will follow through, as the total cost, including transportation, is high, and importers are required to sell it at the government-fixed price.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Data from the Ministry of Agriculture and Livestock Development shows that both the area of sugarcane farming and production have declined in recent years. The farming area has decreased by 1,521 hectares over the last three years, and production has dropped by 53,834 metric tons. In the fiscal year 2021/22, the sugarcane cultivation area was 64,354 hectares, which shrank to 62,833 hectares in 2022/23. According to the STC, Nepal's annual sugar consumption is approximately 250,000 metric tons.</span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 4 => array( 'Article' => array( 'id' => '21830', 'title' => 'Price of Gold Reaches All-Time High in Nepal', 'article_category_id' => '1', 'article_date' => '2024-08-13 14:04:25', 'image' => '20240813020521_20240801032633_cd5483b7.jpeg', 'summary' => 'The price of fine gold surged to Rs 150,800 per tola (11.66 grams) in the domestic market on Tuesday to set the new record.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of fine gold surged to Rs 150,800 per tola (11.66 grams) in the domestic market on Tuesday to set the new record.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It was traded at Rs 148,700 on Monday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The yellow metal became dearer by Rs 2,100 per tola on Tuesday, according to the Federation of Nepal Gold and Silver Dealers' Association, taking up the worked gold price to Rs 150,100 per tola.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Earlier on August 5, gold price had touched Rs 150,000 per tola-mark for the first time in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Meanwhile, the price of silver remained stable for the day at Rs 1,740 per tola.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 5 => array( 'Article' => array( 'id' => '21831', 'title' => 'Kajaria Ramesh Tiles Limited Brings into Operation its Manufacturing Facility in Bhairahawa', 'article_category_id' => '266', 'article_date' => '2024-08-13 14:08:41', 'image' => '20240813020927_DSC_5875.jpg', 'summary' => 'Kajaria Ramesh Tiles Limited announced the opening of its new manufacturing facility in Bhairahawa amid an event on Tuesday (August 12). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">BHAIRAHAWA, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kajaria Ramesh Tiles Limited announced the opening of its new manufacturing facility in Bhairahawa amid an event on Tuesday (August 12). </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The event saw the participation of Ashok Kajaria, chairman and managing director of Kajaria Ceramics Limited, among other guests, the company said in a statement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The ceremony marked a significant milestone for the company as it commences its production in Nepal,” the statement reads. “The new facility, equipped with cutting-edge technology, will enable Kajaria Ramesh Tiles Limited to produce a wider range of high-quality tiles to meet the evolving demands of the country.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“This state-of-the-art plant signifies our commitment to innovation and quality, enabling us to better serve the growing market in Nepal and contribute to the country’s infrastructure development,” said Kajaria.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kajaria Ramesh Tiles Limited is a joint venture between Ramesh Corp and India’s leading tile manufacturer Kajaria Ceramics Ltd.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It is establishing Nepal’s largest tile manufacturing plant in Nawalparasi, according to the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">With a vision to make Nepal self-reliant in tiles, the plant will produce 5.1 million square meters of tiles annually using local raw materials.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Rs 4 billion investment aims to boost the economy, and offer world-class Kajaria tiles at affordable prices. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The plant will significantly boost the local economy and provide thousands of job opportunities, enriching the lives of the local community and fostering growth and development.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'Corporate announcements' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 6 => array( 'Article' => array( 'id' => '21829', 'title' => 'BFIN to Host Conference in Kathmandu on Wednesday', 'article_category_id' => '1', 'article_date' => '2024-08-13 14:01:21', 'image' => '20240813020231_bfin-management.jpg', 'summary' => 'The Banking Finance and Insurance Institute of Nepal (BFIN) is set to host a conference on ‘Financial Stability and Digital Transformation in', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report<br /> KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Banking Finance and Insurance Institute of Nepal (BFIN) is set to host a conference on ‘Financial Stability and Digital Transformation in</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Uncertain Times’, marking its 6th anniversary, in Kathmandu on Wednesday (August 14).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The conference, which aims to bring together leading experts, policymakers, and industry leaders from Nepal, India, and Sri Lanka, will be held at the Radisson Hotel, BFIN said in a statement on Tuesday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The conference will focus on maintaining financial stability through the strategic use of digital technologies and effective risk management in banking, finance, and insurance sectors,” the statement reads. “The attendees will explore the role of AI, Fintech Revolution and Cybersecurity in Digital Banking and how it can aid in risk mitigation and management; derive creative strategies to manage and thrive amidst economic uncertainties.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">BFIN hopes the event will be a platform to explore an opportunity for enhanced cooperation and collaboration among the regional countries and also allow an opportunity for networking and collaboration among industry</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">leaders.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The conference will highlight a major milestone with the signing of a Memorandum of Understanding (MoU) between BFIN and two leading Indian institutions—the Global Institute of Business Studies (GIBS) in Bangalore and Fintram Global LLP in New Delhi. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Governor of the Nepal Rastra Bank Maha Prasad Adhikari will deliver the keynote address as the Chief Guest.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The conference will have presentations and panel discussion by</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">distinguished international and national speakers on three main topics: Pathways to Stability: Exploring Financial Resilience; Digital Frontier: Innovations, Insights and Security in Banking & Insurance; and Navigating Uncertainty: Assessing and Managing Risks in the Banking, Insurance and Financial Sector. </span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 7 => array( 'Article' => array( 'id' => '21826', 'title' => 'Government Proposes Formation of New Authority to Regulate Cooperatives', 'article_category_id' => '1', 'article_date' => '2024-08-13 12:55:23', 'image' => '20240813125625_cooperative-new.jpg', 'summary' => '', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">YADAV HUMAGAIN</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 13</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has proposed the formation of 'Financial Cooperative Regulation and Supervision Authority’, a new regulatory body to oversee the savings and credit cooperatives. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry of Land Management, Cooperatives, and Poverty Alleviation is preparing the draft of the 'Financial Cooperatives (Regulation and Supervision) Act, 2081,' which includes plans for this new authority.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the draft, the authority will be responsible for licensing, regulating and supervising the cooperatives.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It will have the power to set minimum capital requirements, issue licences, classify cooperatives, and oversee their operations to ensure compliance and proper functioning.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The proposal is in line with the current fiscal year’s budget plan, which outlines the establishment of a dedicated regulator for financial cooperatives. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A ministry official, asking not to be named, confirmed to New Business Age that the draft includes provisions for the formation of this new regulatory body. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We have drafted the law with provisions for monitoring financial cooperatives through the authority,” the official said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the draft, the proposed authority will be a self-governing and organised body with distinct legal recognition. It will be responsible for the effective supervision, regulation, operation, management, inspection, and monitoring of financial cooperative organisations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> It will be led by a seven-member board, with the chairman, serving as the executive head, appointed by the government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Other members would include the executive director of Nepal Rastra Bank; two joint secretaries, each from the Ministry of Land Management, Cooperatives, and Poverty Alleviation and the Ministry of Finance; the registrar of the cooperative department; and two members nominated by the government including at least one woman.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The draft bill also specifies that cooperatives with a turnover over Rs 500 million, capital exceeding Rs 150 million, and personal savings greater than Rs 1 million must obtain a licence from the authority.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Even the existing cooperatives are required to obtain the licences within one year of the act's enactment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, it also states that the authority will periodically determine the minimum share capital which the cooperatives would have to maintain within the set deadline.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Additionally, the authority will classify the cooperatives into A, B and C categories based on their share capital, nature of business and scope of work. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The bill will also specify the permissible activities for each category.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 8 => array( 'Article' => array( 'id' => '21825', 'title' => 'Lower Seti Hydropower Project Acquires o500 Ropanis of Land', 'article_category_id' => '1', 'article_date' => '2024-08-13 09:11:41', 'image' => '20240813091228_hydro.jpg', 'summary' => 'KATHMANDU, August 13: The Tanahun Hydropower Project has acquired 500 ropanis of land for the Lower Seti Hydropower Project, which has a capacity to produce 126 MW of electricity. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 13: The Tanahun Hydropower Project has acquired 500 ropanis of land for the Lower Seti Hydropower Project, which has a capacity to produce 126 MW of electricity. Shyamji Bhandari, head of the hydropower project, informed that an estimated Rs 700 million will be spent on building the necessary structures, including compensation distribution, reservoir, powerhouse, and staff accommodation. The project is expected to affect ward number 1 and 3 of Rishing Rural Municipality, Bandipur Rural Municipality-6, Devghat Rural Municipality-2, 3, and 4, Ambukhairni Rural Municipality-5 and 6, Wards 13 and 14 of Byas Municipality, and ward number 29 of Bharatpur Metropolitan Municipality in Chitwan.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chief Bhandari stated that a dam measuring 213 meters in length, 32 meters in height, and 200 meters in width will be constructed near Saranghat, on the border of Bandipur Rural Municipality-6 and Devghat Rural Municipality-3. The Tanahun Hydropower Project, fully owned by Nepal Electricity Authority, has initiated the Lower Seti Hydropower Project with a capacity of 126 MW.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Project Managing Director Kiran Shrestha reported that with the construction of the 140 MW Tanahun Hydropower Project, the company has begun work on the Lower Seti Hydropower Project.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Shrestha mentioned that the electricity produced will be connected to the 220 KV Damauli-New Bharatpur transmission line, built by the Tanahun Hydropower Project, and fed into the national electricity grid. Electricity will be generated by constructing a semi-underground powerhouse at Devghat-4. He also noted that about two kilometers of transmission line will need to be constructed for this purpose. </span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 9 => array( 'Article' => array( 'id' => '21824', 'title' => 'Experts, Manpower Agencies at Odds Over Draft of Labour Migration Policy ', 'article_category_id' => '1', 'article_date' => '2024-08-13 09:04:56', 'image' => '20240813090715_20201223122011_1608680357.Clipboard12.jpg', 'summary' => 'A newly formulated draft of the labour migration policy has put the experts and the manpower agencies at odds.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">PAWAN PANDEY</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A newly formulated draft of the labour migration policy has put the experts and the manpower agencies at odds.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It took the team, under the coordination of senior labour migration expert Dr. Ganesh Gurung, nine months to prepare the draft, which was submitted to the Minister for Labour, Employment and Social Security Sarat Singh Bhandari on Sunday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Dr. Keshav Bashyal, Dr. Amrita Sharma, Manju Gurung and Juna Mathema were the other members in the team while Deepak Dhakal was its member secretary.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The draft has envisioned making labour migration a choice instead of an obligation and prioritising sending skilled and semi-skilled workers. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“We need to stop sending unskilled workers aboard as they have been the most vulnerable overseas,” Gurung said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">But, more than half of the Nepalis working abroad belong to the unskilled category, the Labour Migration Report 2022, which categorises Nepali migrant workers as unskilled, semi-skilled, skilled, highly skilled and professional, shows. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The report also shows a steady rise in the number of skilled workers going abroad, from 32.6% in fiscal year 2019/20 to 38.35 in fiscal year 2021/22.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Despite a steep surge in remittance inflow to the country in recent years, a total of 13,722 workers have died and 3,330 others have been injured while working abroad, according to Tika Ram Dhakal, spokesperson at the Foreign Employment Board, the government agency responsible for the welfare of Nepali migrant workers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The actual figure might be much higher as the board’s data includes the records of only the documented workers whose families have claimed and received the compensation in case of deaths and injuries. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Remittance inflow to the country increased by 19.3% to Rs 1,327.51 billion in the first 11 months, until mid-June, of the last fiscal year, compared to an increase of 22.7% in the same period of the previous year, according to the Nepal Rastra Bank.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In the review period, a total of 422,936 Nepalis, both institutional and individual, took the first time approval for foreign employment and as many as 262,705 others renewed their labour permits.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The team has prioritised ensuring safe and decent foreign jobs by identifying the domestic labour market demand and creating to the labour force accordingly; lifting the bar for women to work abroad; and starting regulating Nepalis working in India.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">One of the most important aspects of the new policy, according to Gurung, is the requirement for the government to study and identify the domestic labour market demand before sending workers abroad.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The relevant authorities, then, need to search for markets with a similar demand abroad,” said Gurung. “It will help Nepali youths to find a job or become self-employed after returning home, ultimately helping in their reintegration which has been a neglected issue.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The draft has also articulated that a worker should be able to go to work abroad for free. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Either employers should bear all the cost or the government can set up a mechanism for financing it,” said Gurung. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Recruiting agencies, however, say the zero-cost jobs are practically impossible.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Despite Gurung’s claim that the team held discussions with all the concerned stakeholders to draft the policy, Rajendra Bhandari, president of the Nepal Association of Foreign Employment Agencies (NAFEA), denied it, saying that the zero-cost job provision has been included in the policy randomly.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Can it be implemented?” asked Bhandari. “Moreover, who can actually determine it? A labour sending country or the receiving one?”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Previous attempts of the government to make employers pay the recruiting charges have been unsuccessful. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The government implemented the free-visa, free-ticket rule nine years ago, making it compulsory for employers in Malaysia, Qatar, Saudi Arabia, the United Arab Emirates, Kuwait, Bahrain and Oman to bear all the cost of the visa processing and air tickets when they hire Nepali workers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the rule, workers need to pay no more than Rs 10,000 to recruiting agencies in service fees if their employers would not bear the cost. But, its implementation has been poor as workers flying to these countries still pay a huge sum in recruitment fees. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Bhandari argued that further discussions need to be held on the whole migration cycle before finalising the labour migration policy. “We are not happy with the draft submitted,” Bhandari added. “It cannot be accepted.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The experts have also said that women should not be barred from working overseas.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepali women have faced a series of prohibitions from the government in labour mobility over the years. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While men are under immense pressure to seek foreign jobs, the patriarchal society sees women from the victim-centric lens and tries to restrict their movement within the country, migration researchers claim.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The state continues to impose certain conditions, allegedly ‘almost impossible’, on women for working as domestic help in Gulf countries, one of the most available jobs for Nepali women overseas.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Observers argue that such restrictive policies over the years have compelled women to take dangerous and ‘illegal’ routes to go abroad, making them vulnerable to trafficking. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Instead of barring their movement citing various reasons, women should be provided training for foreign job opportunities,” Gurung added.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The draft has mentioned bringing Nepalis who travel to India for jobs under a regulation. Such workers have often been neglected by the state. There is no official data on them. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Most of the Nepalis working in India face typical issues, different from those working overseas,” said Gurung. “A separate body such as the Foreign Employment Board can be set up to address them.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Local units can provide them an identity card which would help them in their travel and to the authorities to keep their record,” Gurung added.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Receiving the draft, Minister Bhandari said that labour movement cannot be stopped as “the alternative to employment is better employment.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Our policies must prioritise making labour migration more orderly and producing the human resource demanded in the global market,” said Bhandari. </span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 10 => array( 'Article' => array( 'id' => '21823', 'title' => 'Bardiya National Park Sees Increase in Tourist Arrivals', 'article_category_id' => '1', 'article_date' => '2024-08-13 08:52:41', 'image' => '20240813085312_20220715030645_bardiya-national-park-1.jpg', 'summary' => 'GULARIYA, August 13: Bardiya National Park (BNP), a popular tourist destination in the far-western Tarai region, has recorded a rise in tourist arrivals. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">GULARIYA, August 13: Bardiya National Park (BNP), a popular tourist destination in the far-western Tarai region, has recorded a rise in tourist arrivals. The park, known for its rich biodiversity, attracts visitors eager to see tigers, gharials, and a variety of bird species.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Conservation Officer Purushottam Wagle stated that the increased tourist influx has provided a boost to tourism enterprises, which were severely impacted by COVID-19 and are now gradually recovering. The rise in tourist numbers has also contributed to increased revenue.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the fiscal year 2022/23, BNP welcomed a total of 24,324 tourists, generating Rs 22 million in revenue. This number increased to 26,131 in the fiscal year 2023/24, boosting revenue to Rs 28.4 million.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In response to the growing number of visitors, BNP has focused on improving service delivery and tourism infrastructure. Jungle trails have been developed for walking and driving in the park, Wagle added. Additionally, efforts are underway to increase the number of hotels and homestays to ensure sufficient amenities for visitors.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Both domestic and foreign tourists visit BNP. Tourism entrepreneur Ramaji Thapa noted that the influx of new visitors has uplifted the spirits of the local community. Park visitors are particularly drawn to Tharu culture, including their cuisine and festivals.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"Foreign tourists are mesmerized by the biodiversity here," he said, adding that if safari vehicles fail to operate in BNP, the park ensures the immediate rescue of tourists.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to tourist guide Anuram Chaudhari, there are over 30 tourist hotels and homestays in the BNP area. He also noted that foreign tourists often prefer walking safaris over vehicle safaris in the park. -- RSS</span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 11 => array( 'Article' => array( 'id' => '21820', 'title' => '173 People Die in Disaster Incidents since June 10', 'article_category_id' => '1', 'article_date' => '2024-08-13 07:51:48', 'image' => '20240813075238_20240710125955_SS-Kanchanpur-24DSC00097(1)copy.jpg', 'summary' => 'KATHMANDU, August 13: A total of 173 people have lost their lives in natural disasters, including landslides and floods, across various parts of the country since June 10, according to the Police Headquarters.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 13: A total of 173 people have lost their lives in natural disasters, including landslides and floods, across various parts of the country since June 10, according to the Police Headquarters. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Deputy Inspector General Dan Bahadur Karki informed that the casualties include three in Kathmandu Valley, 26 in Koshi Province, seven in Madhes Province, 31 in Bagmati Province, 54 in Gandaki Province, 33 in Lumbini Province, eight in Karnali Province, and 11 in Sudurpaschim Province.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In addition, 223 people have been injured including 11 in Kathmandu Valley, 37 in Koshi Province, 11 in Madhes Province, 23 in Bagmati Province, 46 in Gandaki Province, 13 in Lumbini Province, 54 in Karnali Province, and 28 in Sudurpaschim Province.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The police said rescue operations helped save 28 people in Kathmandu Valley, 49 in Koshi Province, 12 in Bagmati Province, 14 in Gandaki Province, three in Lumbini Province, two in Karnali Province, and five in Sudurpaschim Province.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Karki also shared that two people are missing in Koshi Province, 41 in Bagmati Province, two in Gandaki Province, and one each in Lumbini, Karnali, and Sudurpaschim provinces. Search efforts for the missing individuals are ongoing, said DIG Karki.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The disasters have also caused significant damage to infrastructure. According to the police, 384 houses were inundated by floods while 275 houses suffered damages. In addition, 104 huts, 43 bridges, two school buildings, and two government offices were also damaged. Furthermore, 4,322 families have been displaced, and 812 cattle have died during this period. -- RSS</span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ) ) $i = (int) 2 $breaking = array( 'Article' => array( 'id' => '21831', 'title' => 'Kajaria Ramesh Tiles Limited Brings into Operation its Manufacturing Facility in Bhairahawa', 'article_category_id' => '266', 'article_date' => '2024-08-13 14:08:41', 'image' => '20240813020927_DSC_5875.jpg', 'summary' => 'Kajaria Ramesh Tiles Limited announced the opening of its new manufacturing facility in Bhairahawa amid an event on Tuesday (August 12). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">BHAIRAHAWA, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kajaria Ramesh Tiles Limited announced the opening of its new manufacturing facility in Bhairahawa amid an event on Tuesday (August 12). </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The event saw the participation of Ashok Kajaria, chairman and managing director of Kajaria Ceramics Limited, among other guests, the company said in a statement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The ceremony marked a significant milestone for the company as it commences its production in Nepal,” the statement reads. “The new facility, equipped with cutting-edge technology, will enable Kajaria Ramesh Tiles Limited to produce a wider range of high-quality tiles to meet the evolving demands of the country.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“This state-of-the-art plant signifies our commitment to innovation and quality, enabling us to better serve the growing market in Nepal and contribute to the country’s infrastructure development,” said Kajaria.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kajaria Ramesh Tiles Limited is a joint venture between Ramesh Corp and India’s leading tile manufacturer Kajaria Ceramics Ltd.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It is establishing Nepal’s largest tile manufacturing plant in Nawalparasi, according to the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">With a vision to make Nepal self-reliant in tiles, the plant will produce 5.1 million square meters of tiles annually using local raw materials.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Rs 4 billion investment aims to boost the economy, and offer world-class Kajaria tiles at affordable prices. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The plant will significantly boost the local economy and provide thousands of job opportunities, enriching the lives of the local community and fostering growth and development.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'Corporate announcements' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( 'article_id' => '21831', 'hit' => '215' ) ), 'Slider' => array() ) $date = '2024-08-13 14:04:25' $dateFromDatabase = (int) 1723537165 $dateTwentyforHoursAgo = (int) 1741399979 $today = '2025-03-09 07:57:59am' $today2 = (int) 1741486379 $newDate = 'Aug 13' $commentCount = (int) 0 $word_count = (int) 317 $time_to_read = (float) 1.59 $time_to_read_min = (float) 1 $time_to_read_second = (float) 35 $key = (int) 5include - APP/View/Elements/news_main.ctp, line 304 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/Pages/homes.ctp, line 16 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 index: id [APP/View/Elements/news_main.ctp, line 304]NEWSCode Context<div class="listing-meta"><?php echo $this->Html->link($breaking['ArticleCategory']['name'],array('controller'=>'Articles', 'action' => 'index', $breaking['ArticleCategory']['id']),$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/news_main.ctp' $dataForView = array() $breaking_news = array( (int) 0 => array( 'Article' => array( 'id' => '21834', 'title' => 'Complaint Filed at CIAA Against Kulman Ghising ', 'article_category_id' => '1', 'article_date' => '2024-08-13 19:35:38', 'image' => '20240813073600_20210812100140_intr1 (Copy) (1).jpg', 'summary' => 'A complaint has been filed against Kulman Ghising, Managing Director of Nepal Electricity Authority (NEA), at the Commission for the Investigation of Abuse of Authority (CIAA) on Tuesday.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span><br /> KATHMANDU, August 13</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A complaint has been filed against Kulman Ghising, Managing Director of Nepal Electricity Authority (NEA), at the Commission for the Investigation of Abuse of Authority (CIAA) on Tuesday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Ramesh Prasad Kharel of the Anti-Corruption Network lodged the complaint, alleging Ghising of several irregularities and requesting a thorough investigation.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Ghising has been accused of committing fraud in Power Purchase Agreements (PPAs), purchasing of shares worth Rs 550 million at Rs 90 million to evade capital gains, and falsifying profits of NEA, among others, causing huge financial losses to the state.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The complaint mentions that Ghising has been involved in questionable activities since his appointment at the NEA. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kharel claimed that he has been carrying out an independent investigation on the matter for a year.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 1 => array( 'Article' => array( 'id' => '21833', 'title' => 'Parliamentary Special Committee Starts Questioning Directors of Problematic Cooperative', 'article_category_id' => '1', 'article_date' => '2024-08-13 19:31:31', 'image' => '20240813073157_20230713052749_parliament building.jpg', 'summary' => '', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report<br /> KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The owners of problematic cooperatives have requested additional time to return the savings of the general public. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">During an inquiry by the parliamentary special committee investigating the misappropriation of cooperative funds, they explained that repaying the savings depends on recovering outstanding loans and investments, which will require more time.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The committee has started questioning the directors of cooperatives that have failed to return public savings.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Committee chairman Surya Thapa said that they have been interrogating owners currently in jail for cooperative fraud as well. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">On Saturday, the committee questioned CB Lama, Chairman of Pashupati Multi-Purpose Cooperative and former chairman of Kantipur Savings and Credit Cooperative.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">On Sunday, Nunam Subba, Chairman of Civic Development Cooperative; Kedarnath Sharma, Chairman of Tulasi Multipurpose Cooperative Limited, and Kedarnath’s wife Geeta Sharma were interrogated.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The committee also questioned Hemraj Dahal, former Chairman of Sumeru Savings and Credit Cooperative in Pulchowk, alongside current Chairman Krishna Prasad Kandel, proposed Chairman Birendra Maharjan, and collected a statement from Raj Bahadur Singh, a shareholder of Sumeru Savings and Credit Cooperative on Sunday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, former Civil Savings and Credit Cooperative Society Limited Chairman Ichcharaj Tamang, National Cooperative Bank Limited (NCBL) chairman KB Upreti, and Kantipur Savings and Credit Cooperative director Himalaya Bikram Malla Thakuri were questioned on Monday.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Most of them blamed liquidity issues in cooperatives for their inability to return funds.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The directors said that inability to recover their investment in real estate and other business, and poor loan recovery made them unable to return the people’s savings, according to Committee Chairman Thapa.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The committee is set to interrogate the directors of twenty-nine cooperatives and twenty-six individuals accused in the ongoing investigation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Last week, following a discussion with Home Minister Ramesh Lekhak, the committee directed that a dozen and a half people, who are currently evading arrest and are involved in savings misappropriation, embezzlement, and fraud, be brought before them.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The National Cooperative Federation of Nepal (NCF), which oversees cooperatives across Nepal, has also called on Prime Minister KP Sharma Oli to address current issues within the cooperative sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">On Monday, a delegation from NCF led by its President Om Devi Malla urged the PM Oli to prioritise the establishment of a credit information centre, a debt recovery tribunal, and a savings and credit protection fund as outlined in the Cooperative Act, 2074.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The delegation also called on the government to offer concessional loans to cooperatives, prioritise data collection, and enhance regulation, monitoring, and promotion of the cooperatives.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Malla claimed the misinformation that loans from cooperatives do not need to be repaid brought the issue from the street to Parliament, worsening it further.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">She called for changes to around 47 laws that are hindering the effective use of cooperative capital in the productive sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Former minister and former federation chairman Keshav Badal suggested that the Prime Minister, Finance Minister, and Minister of Land Management, Cooperatives, and Poverty Alleviation should hold a serious discussion to find solve the cooperative issue.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 2 => array( 'Article' => array( 'id' => '21832', 'title' => 'NEPSE Records Minor Loss; Closes at 2923.46', 'article_category_id' => '1', 'article_date' => '2024-08-13 15:20:37', 'image' => '20240813032202_collage (97).jpg', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a slight decline on Tuesday, closing at 2923.46, down by 8.18 points or 0.27% from the previous day.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 13: The Nepal Stock Exchange (NEPSE) Index experienced a slight decline on Tuesday, closing at 2923.46, down by 8.18 points or 0.27% from the previous day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Seasoned investors and analysts described the market correction as a natural occurrence, suggesting that such correction is necessary for NEPSE to reach new heights in the future.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today’s trading session, 332 different stocks were traded via 241,665 transactions on the NEPSE. A total of 52,764,832 shares were exchanged, resulting in a turnover of Rs 21.51 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Nepal Finance Limited (NFS) led the market in turnover, with total transactions worth Rs 81 crores. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, Matribhumi Laghubitta Bittiya Sanstha Limited (MATRI), People’s Power Limited (PPL), and Dolti Power Limited (DOLTI) each saw a 10% increase, hitting the upper circuit limit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index dropped by 0.25%, while the Float Index and Sensitive Float Index fell by 0.21% and 0.34%, respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector performance, all indices closed in the red except for the Finance, Banking, Investment, Life Insurance, and Trading indices. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Hotels and Tourism Index saw the largest drop, falling by 2.25%, while the Finance Index recorded the highest gain of 1.57%.</span></span></p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 3 => array( 'Article' => array( 'id' => '21828', 'title' => 'Sugar Prices Surge ahead of Festive Season amid Govt’s Failure to Import Sugar', 'article_category_id' => '1', 'article_date' => '2024-08-13 13:55:09', 'image' => '20240813015549_sugar.jpg', 'summary' => 'The price of sugar has started to surge in the domestic market with the festive season just around the corner.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Prashant Khadka</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 13</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The price of sugar has started to surge in the domestic market with the festive season just around the corner. This price hike is primarily due to the repeated failure of the Government of Nepal to import sugar under the quota allocated by the Indian government.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Nepal Retailers Association (NRA) has raised the price of sugar by Rs 10 per kg, bringing it to Rs 120 per kg, effective from today (Tuesday).</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although India had halted sugar exports for some time, it granted Nepal an import quota of 25,000 tonnes last year. However, Nepal failed to fully utilize the quota. There is a high chance that the same thing could repeat this year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In addition to the import failure, the low sugar stocks held by the state-owned Salt Trading Corporation (STC) and the Food Management and Trading Company Limited (FMTC) suggest that sugar prices may continue to rise, according to traders. The STC and FMTC can only intervene to stabilize prices if they have sufficient stock.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Amulkaji Tuladhar, general secretary of the NRA, stated that government agencies responsible for market intervention lack adequate stock and have not succeeded in securing imports. He also pointed out that wholesalers have increased the price of sugar.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“It now costs us at least Rs 115 per kg when we buy from wholesalers,” Tuladhar said. “So, we have set the price for consumers at Rs 120 per kg.” Tuladhar expressed frustration that retailers are often blamed for price hikes, when the government should have taken steps to import sugar months before the festive season.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Retailers fear that the price of sugar could exceed Rs 145 per kg during Dashain and Tihar, similar to last year when consumers had to pay around Rs 150 per kg.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, the STC has only 1,800 tonnes of sugar in stock, according to its Information Officer, Kumar Rajbhandari. FMTC officials stated that they currently have no sugar in stock. Both companies are still awaiting government permission to import the necessary sugar for the festive season.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Rajbhandari remarked that sugar prices tend to rise every year as festivals approach. “If the state fails to take responsibility, consumers will be affected during the festivals,” he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Two months ago, on June 12, the Ministry of Industry, Commerce, and Supplies sent a letter to the Department of Industry to initiate the process for the private sector to import 19,000 tonnes of sugar from India. In response, the department invited applications from industries that use sugar as a raw material.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although 10 private companies, including Agro Thai Foods, Goodlife Beverages, and others, received import permits, they later refused to import sugar, citing the high costs due to the lack of customs exemption.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On August 7, the Department of Commerce, Supply, and Consumer Protection issued a new call for applications from private firms to import the 19,000 tonnes of sugar, with a five-day deadline. A total of 71 private firms applied for the import, according to Rakesh Pandey, Information Officer at the department. He added that the deadline set by the Indian government for Nepal to import the sugar ends on September 30.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The government is, therefore, obliged to ensure the import of the specified quantity,” Pandey said. “Of the companies that applied, seven will receive permission to import no less than 2,600 tonnes of sugar, which must be sold to consumers at the price set by the STC.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal can only import the specified quantity of sugar from India's National Cooperative Export Pvt. Ltd., which stakeholders claim drives up the cost in Nepal. Although sugar prices in India are around INR 40 or Rs 64 per kg, Nepali companies must purchase it at INR 50 per kg, or Rs 80 per kg, from the Indian company.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Government officials are skeptical about whether the companies that applied for sugar import will follow through, as the total cost, including transportation, is high, and importers are required to sell it at the government-fixed price.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Data from the Ministry of Agriculture and Livestock Development shows that both the area of sugarcane farming and production have declined in recent years. The farming area has decreased by 1,521 hectares over the last three years, and production has dropped by 53,834 metric tons. In the fiscal year 2021/22, the sugarcane cultivation area was 64,354 hectares, which shrank to 62,833 hectares in 2022/23. According to the STC, Nepal's annual sugar consumption is approximately 250,000 metric tons.</span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 4 => array( 'Article' => array( 'id' => '21830', 'title' => 'Price of Gold Reaches All-Time High in Nepal', 'article_category_id' => '1', 'article_date' => '2024-08-13 14:04:25', 'image' => '20240813020521_20240801032633_cd5483b7.jpeg', 'summary' => 'The price of fine gold surged to Rs 150,800 per tola (11.66 grams) in the domestic market on Tuesday to set the new record.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of fine gold surged to Rs 150,800 per tola (11.66 grams) in the domestic market on Tuesday to set the new record.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It was traded at Rs 148,700 on Monday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The yellow metal became dearer by Rs 2,100 per tola on Tuesday, according to the Federation of Nepal Gold and Silver Dealers' Association, taking up the worked gold price to Rs 150,100 per tola.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Earlier on August 5, gold price had touched Rs 150,000 per tola-mark for the first time in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Meanwhile, the price of silver remained stable for the day at Rs 1,740 per tola.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 5 => array( 'Article' => array( 'id' => '21831', 'title' => 'Kajaria Ramesh Tiles Limited Brings into Operation its Manufacturing Facility in Bhairahawa', 'article_category_id' => '266', 'article_date' => '2024-08-13 14:08:41', 'image' => '20240813020927_DSC_5875.jpg', 'summary' => 'Kajaria Ramesh Tiles Limited announced the opening of its new manufacturing facility in Bhairahawa amid an event on Tuesday (August 12). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">BHAIRAHAWA, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kajaria Ramesh Tiles Limited announced the opening of its new manufacturing facility in Bhairahawa amid an event on Tuesday (August 12). </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The event saw the participation of Ashok Kajaria, chairman and managing director of Kajaria Ceramics Limited, among other guests, the company said in a statement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The ceremony marked a significant milestone for the company as it commences its production in Nepal,” the statement reads. “The new facility, equipped with cutting-edge technology, will enable Kajaria Ramesh Tiles Limited to produce a wider range of high-quality tiles to meet the evolving demands of the country.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“This state-of-the-art plant signifies our commitment to innovation and quality, enabling us to better serve the growing market in Nepal and contribute to the country’s infrastructure development,” said Kajaria.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kajaria Ramesh Tiles Limited is a joint venture between Ramesh Corp and India’s leading tile manufacturer Kajaria Ceramics Ltd.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It is establishing Nepal’s largest tile manufacturing plant in Nawalparasi, according to the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">With a vision to make Nepal self-reliant in tiles, the plant will produce 5.1 million square meters of tiles annually using local raw materials.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Rs 4 billion investment aims to boost the economy, and offer world-class Kajaria tiles at affordable prices. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The plant will significantly boost the local economy and provide thousands of job opportunities, enriching the lives of the local community and fostering growth and development.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'Corporate announcements' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 6 => array( 'Article' => array( 'id' => '21829', 'title' => 'BFIN to Host Conference in Kathmandu on Wednesday', 'article_category_id' => '1', 'article_date' => '2024-08-13 14:01:21', 'image' => '20240813020231_bfin-management.jpg', 'summary' => 'The Banking Finance and Insurance Institute of Nepal (BFIN) is set to host a conference on ‘Financial Stability and Digital Transformation in', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report<br /> KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Banking Finance and Insurance Institute of Nepal (BFIN) is set to host a conference on ‘Financial Stability and Digital Transformation in</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Uncertain Times’, marking its 6th anniversary, in Kathmandu on Wednesday (August 14).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The conference, which aims to bring together leading experts, policymakers, and industry leaders from Nepal, India, and Sri Lanka, will be held at the Radisson Hotel, BFIN said in a statement on Tuesday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The conference will focus on maintaining financial stability through the strategic use of digital technologies and effective risk management in banking, finance, and insurance sectors,” the statement reads. “The attendees will explore the role of AI, Fintech Revolution and Cybersecurity in Digital Banking and how it can aid in risk mitigation and management; derive creative strategies to manage and thrive amidst economic uncertainties.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">BFIN hopes the event will be a platform to explore an opportunity for enhanced cooperation and collaboration among the regional countries and also allow an opportunity for networking and collaboration among industry</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">leaders.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The conference will highlight a major milestone with the signing of a Memorandum of Understanding (MoU) between BFIN and two leading Indian institutions—the Global Institute of Business Studies (GIBS) in Bangalore and Fintram Global LLP in New Delhi. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Governor of the Nepal Rastra Bank Maha Prasad Adhikari will deliver the keynote address as the Chief Guest.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The conference will have presentations and panel discussion by</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">distinguished international and national speakers on three main topics: Pathways to Stability: Exploring Financial Resilience; Digital Frontier: Innovations, Insights and Security in Banking & Insurance; and Navigating Uncertainty: Assessing and Managing Risks in the Banking, Insurance and Financial Sector. </span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 7 => array( 'Article' => array( 'id' => '21826', 'title' => 'Government Proposes Formation of New Authority to Regulate Cooperatives', 'article_category_id' => '1', 'article_date' => '2024-08-13 12:55:23', 'image' => '20240813125625_cooperative-new.jpg', 'summary' => '', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">YADAV HUMAGAIN</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 13</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has proposed the formation of 'Financial Cooperative Regulation and Supervision Authority’, a new regulatory body to oversee the savings and credit cooperatives. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry of Land Management, Cooperatives, and Poverty Alleviation is preparing the draft of the 'Financial Cooperatives (Regulation and Supervision) Act, 2081,' which includes plans for this new authority.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the draft, the authority will be responsible for licensing, regulating and supervising the cooperatives.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It will have the power to set minimum capital requirements, issue licences, classify cooperatives, and oversee their operations to ensure compliance and proper functioning.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The proposal is in line with the current fiscal year’s budget plan, which outlines the establishment of a dedicated regulator for financial cooperatives. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A ministry official, asking not to be named, confirmed to New Business Age that the draft includes provisions for the formation of this new regulatory body. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We have drafted the law with provisions for monitoring financial cooperatives through the authority,” the official said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the draft, the proposed authority will be a self-governing and organised body with distinct legal recognition. It will be responsible for the effective supervision, regulation, operation, management, inspection, and monitoring of financial cooperative organisations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> It will be led by a seven-member board, with the chairman, serving as the executive head, appointed by the government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Other members would include the executive director of Nepal Rastra Bank; two joint secretaries, each from the Ministry of Land Management, Cooperatives, and Poverty Alleviation and the Ministry of Finance; the registrar of the cooperative department; and two members nominated by the government including at least one woman.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The draft bill also specifies that cooperatives with a turnover over Rs 500 million, capital exceeding Rs 150 million, and personal savings greater than Rs 1 million must obtain a licence from the authority.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Even the existing cooperatives are required to obtain the licences within one year of the act's enactment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, it also states that the authority will periodically determine the minimum share capital which the cooperatives would have to maintain within the set deadline.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Additionally, the authority will classify the cooperatives into A, B and C categories based on their share capital, nature of business and scope of work. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The bill will also specify the permissible activities for each category.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 8 => array( 'Article' => array( 'id' => '21825', 'title' => 'Lower Seti Hydropower Project Acquires o500 Ropanis of Land', 'article_category_id' => '1', 'article_date' => '2024-08-13 09:11:41', 'image' => '20240813091228_hydro.jpg', 'summary' => 'KATHMANDU, August 13: The Tanahun Hydropower Project has acquired 500 ropanis of land for the Lower Seti Hydropower Project, which has a capacity to produce 126 MW of electricity. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 13: The Tanahun Hydropower Project has acquired 500 ropanis of land for the Lower Seti Hydropower Project, which has a capacity to produce 126 MW of electricity. Shyamji Bhandari, head of the hydropower project, informed that an estimated Rs 700 million will be spent on building the necessary structures, including compensation distribution, reservoir, powerhouse, and staff accommodation. The project is expected to affect ward number 1 and 3 of Rishing Rural Municipality, Bandipur Rural Municipality-6, Devghat Rural Municipality-2, 3, and 4, Ambukhairni Rural Municipality-5 and 6, Wards 13 and 14 of Byas Municipality, and ward number 29 of Bharatpur Metropolitan Municipality in Chitwan.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chief Bhandari stated that a dam measuring 213 meters in length, 32 meters in height, and 200 meters in width will be constructed near Saranghat, on the border of Bandipur Rural Municipality-6 and Devghat Rural Municipality-3. The Tanahun Hydropower Project, fully owned by Nepal Electricity Authority, has initiated the Lower Seti Hydropower Project with a capacity of 126 MW.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Project Managing Director Kiran Shrestha reported that with the construction of the 140 MW Tanahun Hydropower Project, the company has begun work on the Lower Seti Hydropower Project.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Shrestha mentioned that the electricity produced will be connected to the 220 KV Damauli-New Bharatpur transmission line, built by the Tanahun Hydropower Project, and fed into the national electricity grid. Electricity will be generated by constructing a semi-underground powerhouse at Devghat-4. He also noted that about two kilometers of transmission line will need to be constructed for this purpose. </span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 9 => array( 'Article' => array( 'id' => '21824', 'title' => 'Experts, Manpower Agencies at Odds Over Draft of Labour Migration Policy ', 'article_category_id' => '1', 'article_date' => '2024-08-13 09:04:56', 'image' => '20240813090715_20201223122011_1608680357.Clipboard12.jpg', 'summary' => 'A newly formulated draft of the labour migration policy has put the experts and the manpower agencies at odds.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">PAWAN PANDEY</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A newly formulated draft of the labour migration policy has put the experts and the manpower agencies at odds.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It took the team, under the coordination of senior labour migration expert Dr. Ganesh Gurung, nine months to prepare the draft, which was submitted to the Minister for Labour, Employment and Social Security Sarat Singh Bhandari on Sunday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Dr. Keshav Bashyal, Dr. Amrita Sharma, Manju Gurung and Juna Mathema were the other members in the team while Deepak Dhakal was its member secretary.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The draft has envisioned making labour migration a choice instead of an obligation and prioritising sending skilled and semi-skilled workers. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“We need to stop sending unskilled workers aboard as they have been the most vulnerable overseas,” Gurung said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">But, more than half of the Nepalis working abroad belong to the unskilled category, the Labour Migration Report 2022, which categorises Nepali migrant workers as unskilled, semi-skilled, skilled, highly skilled and professional, shows. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The report also shows a steady rise in the number of skilled workers going abroad, from 32.6% in fiscal year 2019/20 to 38.35 in fiscal year 2021/22.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Despite a steep surge in remittance inflow to the country in recent years, a total of 13,722 workers have died and 3,330 others have been injured while working abroad, according to Tika Ram Dhakal, spokesperson at the Foreign Employment Board, the government agency responsible for the welfare of Nepali migrant workers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The actual figure might be much higher as the board’s data includes the records of only the documented workers whose families have claimed and received the compensation in case of deaths and injuries. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Remittance inflow to the country increased by 19.3% to Rs 1,327.51 billion in the first 11 months, until mid-June, of the last fiscal year, compared to an increase of 22.7% in the same period of the previous year, according to the Nepal Rastra Bank.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In the review period, a total of 422,936 Nepalis, both institutional and individual, took the first time approval for foreign employment and as many as 262,705 others renewed their labour permits.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The team has prioritised ensuring safe and decent foreign jobs by identifying the domestic labour market demand and creating to the labour force accordingly; lifting the bar for women to work abroad; and starting regulating Nepalis working in India.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">One of the most important aspects of the new policy, according to Gurung, is the requirement for the government to study and identify the domestic labour market demand before sending workers abroad.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The relevant authorities, then, need to search for markets with a similar demand abroad,” said Gurung. “It will help Nepali youths to find a job or become self-employed after returning home, ultimately helping in their reintegration which has been a neglected issue.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The draft has also articulated that a worker should be able to go to work abroad for free. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Either employers should bear all the cost or the government can set up a mechanism for financing it,” said Gurung. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Recruiting agencies, however, say the zero-cost jobs are practically impossible.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Despite Gurung’s claim that the team held discussions with all the concerned stakeholders to draft the policy, Rajendra Bhandari, president of the Nepal Association of Foreign Employment Agencies (NAFEA), denied it, saying that the zero-cost job provision has been included in the policy randomly.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Can it be implemented?” asked Bhandari. “Moreover, who can actually determine it? A labour sending country or the receiving one?”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Previous attempts of the government to make employers pay the recruiting charges have been unsuccessful. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The government implemented the free-visa, free-ticket rule nine years ago, making it compulsory for employers in Malaysia, Qatar, Saudi Arabia, the United Arab Emirates, Kuwait, Bahrain and Oman to bear all the cost of the visa processing and air tickets when they hire Nepali workers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the rule, workers need to pay no more than Rs 10,000 to recruiting agencies in service fees if their employers would not bear the cost. But, its implementation has been poor as workers flying to these countries still pay a huge sum in recruitment fees. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Bhandari argued that further discussions need to be held on the whole migration cycle before finalising the labour migration policy. “We are not happy with the draft submitted,” Bhandari added. “It cannot be accepted.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The experts have also said that women should not be barred from working overseas.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepali women have faced a series of prohibitions from the government in labour mobility over the years. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While men are under immense pressure to seek foreign jobs, the patriarchal society sees women from the victim-centric lens and tries to restrict their movement within the country, migration researchers claim.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The state continues to impose certain conditions, allegedly ‘almost impossible’, on women for working as domestic help in Gulf countries, one of the most available jobs for Nepali women overseas.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Observers argue that such restrictive policies over the years have compelled women to take dangerous and ‘illegal’ routes to go abroad, making them vulnerable to trafficking. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Instead of barring their movement citing various reasons, women should be provided training for foreign job opportunities,” Gurung added.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The draft has mentioned bringing Nepalis who travel to India for jobs under a regulation. Such workers have often been neglected by the state. There is no official data on them. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Most of the Nepalis working in India face typical issues, different from those working overseas,” said Gurung. “A separate body such as the Foreign Employment Board can be set up to address them.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Local units can provide them an identity card which would help them in their travel and to the authorities to keep their record,” Gurung added.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Receiving the draft, Minister Bhandari said that labour movement cannot be stopped as “the alternative to employment is better employment.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Our policies must prioritise making labour migration more orderly and producing the human resource demanded in the global market,” said Bhandari. </span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 10 => array( 'Article' => array( 'id' => '21823', 'title' => 'Bardiya National Park Sees Increase in Tourist Arrivals', 'article_category_id' => '1', 'article_date' => '2024-08-13 08:52:41', 'image' => '20240813085312_20220715030645_bardiya-national-park-1.jpg', 'summary' => 'GULARIYA, August 13: Bardiya National Park (BNP), a popular tourist destination in the far-western Tarai region, has recorded a rise in tourist arrivals. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">GULARIYA, August 13: Bardiya National Park (BNP), a popular tourist destination in the far-western Tarai region, has recorded a rise in tourist arrivals. The park, known for its rich biodiversity, attracts visitors eager to see tigers, gharials, and a variety of bird species.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Conservation Officer Purushottam Wagle stated that the increased tourist influx has provided a boost to tourism enterprises, which were severely impacted by COVID-19 and are now gradually recovering. The rise in tourist numbers has also contributed to increased revenue.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the fiscal year 2022/23, BNP welcomed a total of 24,324 tourists, generating Rs 22 million in revenue. This number increased to 26,131 in the fiscal year 2023/24, boosting revenue to Rs 28.4 million.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In response to the growing number of visitors, BNP has focused on improving service delivery and tourism infrastructure. Jungle trails have been developed for walking and driving in the park, Wagle added. Additionally, efforts are underway to increase the number of hotels and homestays to ensure sufficient amenities for visitors.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Both domestic and foreign tourists visit BNP. Tourism entrepreneur Ramaji Thapa noted that the influx of new visitors has uplifted the spirits of the local community. Park visitors are particularly drawn to Tharu culture, including their cuisine and festivals.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"Foreign tourists are mesmerized by the biodiversity here," he said, adding that if safari vehicles fail to operate in BNP, the park ensures the immediate rescue of tourists.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to tourist guide Anuram Chaudhari, there are over 30 tourist hotels and homestays in the BNP area. He also noted that foreign tourists often prefer walking safaris over vehicle safaris in the park. -- RSS</span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 11 => array( 'Article' => array( 'id' => '21820', 'title' => '173 People Die in Disaster Incidents since June 10', 'article_category_id' => '1', 'article_date' => '2024-08-13 07:51:48', 'image' => '20240813075238_20240710125955_SS-Kanchanpur-24DSC00097(1)copy.jpg', 'summary' => 'KATHMANDU, August 13: A total of 173 people have lost their lives in natural disasters, including landslides and floods, across various parts of the country since June 10, according to the Police Headquarters.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 13: A total of 173 people have lost their lives in natural disasters, including landslides and floods, across various parts of the country since June 10, according to the Police Headquarters. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Deputy Inspector General Dan Bahadur Karki informed that the casualties include three in Kathmandu Valley, 26 in Koshi Province, seven in Madhes Province, 31 in Bagmati Province, 54 in Gandaki Province, 33 in Lumbini Province, eight in Karnali Province, and 11 in Sudurpaschim Province.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In addition, 223 people have been injured including 11 in Kathmandu Valley, 37 in Koshi Province, 11 in Madhes Province, 23 in Bagmati Province, 46 in Gandaki Province, 13 in Lumbini Province, 54 in Karnali Province, and 28 in Sudurpaschim Province.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The police said rescue operations helped save 28 people in Kathmandu Valley, 49 in Koshi Province, 12 in Bagmati Province, 14 in Gandaki Province, three in Lumbini Province, two in Karnali Province, and five in Sudurpaschim Province.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Karki also shared that two people are missing in Koshi Province, 41 in Bagmati Province, two in Gandaki Province, and one each in Lumbini, Karnali, and Sudurpaschim provinces. Search efforts for the missing individuals are ongoing, said DIG Karki.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The disasters have also caused significant damage to infrastructure. According to the police, 384 houses were inundated by floods while 275 houses suffered damages. In addition, 104 huts, 43 bridges, two school buildings, and two government offices were also damaged. Furthermore, 4,322 families have been displaced, and 812 cattle have died during this period. -- RSS</span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ) ) $i = (int) 2 $breaking = array( 'Article' => array( 'id' => '21829', 'title' => 'BFIN to Host Conference in Kathmandu on Wednesday', 'article_category_id' => '1', 'article_date' => '2024-08-13 14:01:21', 'image' => '20240813020231_bfin-management.jpg', 'summary' => 'The Banking Finance and Insurance Institute of Nepal (BFIN) is set to host a conference on ‘Financial Stability and Digital Transformation in', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report<br /> KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Banking Finance and Insurance Institute of Nepal (BFIN) is set to host a conference on ‘Financial Stability and Digital Transformation in</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Uncertain Times’, marking its 6th anniversary, in Kathmandu on Wednesday (August 14).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The conference, which aims to bring together leading experts, policymakers, and industry leaders from Nepal, India, and Sri Lanka, will be held at the Radisson Hotel, BFIN said in a statement on Tuesday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The conference will focus on maintaining financial stability through the strategic use of digital technologies and effective risk management in banking, finance, and insurance sectors,” the statement reads. “The attendees will explore the role of AI, Fintech Revolution and Cybersecurity in Digital Banking and how it can aid in risk mitigation and management; derive creative strategies to manage and thrive amidst economic uncertainties.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">BFIN hopes the event will be a platform to explore an opportunity for enhanced cooperation and collaboration among the regional countries and also allow an opportunity for networking and collaboration among industry</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">leaders.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The conference will highlight a major milestone with the signing of a Memorandum of Understanding (MoU) between BFIN and two leading Indian institutions—the Global Institute of Business Studies (GIBS) in Bangalore and Fintram Global LLP in New Delhi. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Governor of the Nepal Rastra Bank Maha Prasad Adhikari will deliver the keynote address as the Chief Guest.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The conference will have presentations and panel discussion by</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">distinguished international and national speakers on three main topics: Pathways to Stability: Exploring Financial Resilience; Digital Frontier: Innovations, Insights and Security in Banking & Insurance; and Navigating Uncertainty: Assessing and Managing Risks in the Banking, Insurance and Financial Sector. </span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( 'article_id' => '21829', 'hit' => '183' ) ), 'Slider' => array() ) $date = '2024-08-13 14:08:41' $dateFromDatabase = (int) 1723537421 $dateTwentyforHoursAgo = (int) 1741399979 $today = '2025-03-09 07:57:59am' $today2 = (int) 1741486379 $newDate = 'Aug 13' $commentCount = (int) 0 $word_count = (int) 317 $time_to_read = (float) 1.59 $time_to_read_min = (float) 1 $time_to_read_second = (float) 35 $key = (int) 6include - APP/View/Elements/news_main.ctp, line 304 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/Pages/homes.ctp, line 16 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 index: id [APP/View/Elements/news_main.ctp, line 304]NEWSCode Context<div class="listing-meta"><?php echo $this->Html->link($breaking['ArticleCategory']['name'],array('controller'=>'Articles', 'action' => 'index', $breaking['ArticleCategory']['id']),$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/news_main.ctp' $dataForView = array() $breaking_news = array( (int) 0 => array( 'Article' => array( 'id' => '21834', 'title' => 'Complaint Filed at CIAA Against Kulman Ghising ', 'article_category_id' => '1', 'article_date' => '2024-08-13 19:35:38', 'image' => '20240813073600_20210812100140_intr1 (Copy) (1).jpg', 'summary' => 'A complaint has been filed against Kulman Ghising, Managing Director of Nepal Electricity Authority (NEA), at the Commission for the Investigation of Abuse of Authority (CIAA) on Tuesday.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span><br /> KATHMANDU, August 13</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A complaint has been filed against Kulman Ghising, Managing Director of Nepal Electricity Authority (NEA), at the Commission for the Investigation of Abuse of Authority (CIAA) on Tuesday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Ramesh Prasad Kharel of the Anti-Corruption Network lodged the complaint, alleging Ghising of several irregularities and requesting a thorough investigation.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Ghising has been accused of committing fraud in Power Purchase Agreements (PPAs), purchasing of shares worth Rs 550 million at Rs 90 million to evade capital gains, and falsifying profits of NEA, among others, causing huge financial losses to the state.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The complaint mentions that Ghising has been involved in questionable activities since his appointment at the NEA. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kharel claimed that he has been carrying out an independent investigation on the matter for a year.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 1 => array( 'Article' => array( 'id' => '21833', 'title' => 'Parliamentary Special Committee Starts Questioning Directors of Problematic Cooperative', 'article_category_id' => '1', 'article_date' => '2024-08-13 19:31:31', 'image' => '20240813073157_20230713052749_parliament building.jpg', 'summary' => '', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report<br /> KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The owners of problematic cooperatives have requested additional time to return the savings of the general public. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">During an inquiry by the parliamentary special committee investigating the misappropriation of cooperative funds, they explained that repaying the savings depends on recovering outstanding loans and investments, which will require more time.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The committee has started questioning the directors of cooperatives that have failed to return public savings.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Committee chairman Surya Thapa said that they have been interrogating owners currently in jail for cooperative fraud as well. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">On Saturday, the committee questioned CB Lama, Chairman of Pashupati Multi-Purpose Cooperative and former chairman of Kantipur Savings and Credit Cooperative.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">On Sunday, Nunam Subba, Chairman of Civic Development Cooperative; Kedarnath Sharma, Chairman of Tulasi Multipurpose Cooperative Limited, and Kedarnath’s wife Geeta Sharma were interrogated.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The committee also questioned Hemraj Dahal, former Chairman of Sumeru Savings and Credit Cooperative in Pulchowk, alongside current Chairman Krishna Prasad Kandel, proposed Chairman Birendra Maharjan, and collected a statement from Raj Bahadur Singh, a shareholder of Sumeru Savings and Credit Cooperative on Sunday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, former Civil Savings and Credit Cooperative Society Limited Chairman Ichcharaj Tamang, National Cooperative Bank Limited (NCBL) chairman KB Upreti, and Kantipur Savings and Credit Cooperative director Himalaya Bikram Malla Thakuri were questioned on Monday.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Most of them blamed liquidity issues in cooperatives for their inability to return funds.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The directors said that inability to recover their investment in real estate and other business, and poor loan recovery made them unable to return the people’s savings, according to Committee Chairman Thapa.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The committee is set to interrogate the directors of twenty-nine cooperatives and twenty-six individuals accused in the ongoing investigation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Last week, following a discussion with Home Minister Ramesh Lekhak, the committee directed that a dozen and a half people, who are currently evading arrest and are involved in savings misappropriation, embezzlement, and fraud, be brought before them.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The National Cooperative Federation of Nepal (NCF), which oversees cooperatives across Nepal, has also called on Prime Minister KP Sharma Oli to address current issues within the cooperative sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">On Monday, a delegation from NCF led by its President Om Devi Malla urged the PM Oli to prioritise the establishment of a credit information centre, a debt recovery tribunal, and a savings and credit protection fund as outlined in the Cooperative Act, 2074.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The delegation also called on the government to offer concessional loans to cooperatives, prioritise data collection, and enhance regulation, monitoring, and promotion of the cooperatives.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Malla claimed the misinformation that loans from cooperatives do not need to be repaid brought the issue from the street to Parliament, worsening it further.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">She called for changes to around 47 laws that are hindering the effective use of cooperative capital in the productive sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Former minister and former federation chairman Keshav Badal suggested that the Prime Minister, Finance Minister, and Minister of Land Management, Cooperatives, and Poverty Alleviation should hold a serious discussion to find solve the cooperative issue.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 2 => array( 'Article' => array( 'id' => '21832', 'title' => 'NEPSE Records Minor Loss; Closes at 2923.46', 'article_category_id' => '1', 'article_date' => '2024-08-13 15:20:37', 'image' => '20240813032202_collage (97).jpg', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a slight decline on Tuesday, closing at 2923.46, down by 8.18 points or 0.27% from the previous day.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 13: The Nepal Stock Exchange (NEPSE) Index experienced a slight decline on Tuesday, closing at 2923.46, down by 8.18 points or 0.27% from the previous day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Seasoned investors and analysts described the market correction as a natural occurrence, suggesting that such correction is necessary for NEPSE to reach new heights in the future.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today’s trading session, 332 different stocks were traded via 241,665 transactions on the NEPSE. A total of 52,764,832 shares were exchanged, resulting in a turnover of Rs 21.51 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Nepal Finance Limited (NFS) led the market in turnover, with total transactions worth Rs 81 crores. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, Matribhumi Laghubitta Bittiya Sanstha Limited (MATRI), People’s Power Limited (PPL), and Dolti Power Limited (DOLTI) each saw a 10% increase, hitting the upper circuit limit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index dropped by 0.25%, while the Float Index and Sensitive Float Index fell by 0.21% and 0.34%, respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector performance, all indices closed in the red except for the Finance, Banking, Investment, Life Insurance, and Trading indices. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Hotels and Tourism Index saw the largest drop, falling by 2.25%, while the Finance Index recorded the highest gain of 1.57%.</span></span></p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 3 => array( 'Article' => array( 'id' => '21828', 'title' => 'Sugar Prices Surge ahead of Festive Season amid Govt’s Failure to Import Sugar', 'article_category_id' => '1', 'article_date' => '2024-08-13 13:55:09', 'image' => '20240813015549_sugar.jpg', 'summary' => 'The price of sugar has started to surge in the domestic market with the festive season just around the corner.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Prashant Khadka</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 13</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The price of sugar has started to surge in the domestic market with the festive season just around the corner. This price hike is primarily due to the repeated failure of the Government of Nepal to import sugar under the quota allocated by the Indian government.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Nepal Retailers Association (NRA) has raised the price of sugar by Rs 10 per kg, bringing it to Rs 120 per kg, effective from today (Tuesday).</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although India had halted sugar exports for some time, it granted Nepal an import quota of 25,000 tonnes last year. However, Nepal failed to fully utilize the quota. There is a high chance that the same thing could repeat this year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In addition to the import failure, the low sugar stocks held by the state-owned Salt Trading Corporation (STC) and the Food Management and Trading Company Limited (FMTC) suggest that sugar prices may continue to rise, according to traders. The STC and FMTC can only intervene to stabilize prices if they have sufficient stock.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Amulkaji Tuladhar, general secretary of the NRA, stated that government agencies responsible for market intervention lack adequate stock and have not succeeded in securing imports. He also pointed out that wholesalers have increased the price of sugar.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“It now costs us at least Rs 115 per kg when we buy from wholesalers,” Tuladhar said. “So, we have set the price for consumers at Rs 120 per kg.” Tuladhar expressed frustration that retailers are often blamed for price hikes, when the government should have taken steps to import sugar months before the festive season.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Retailers fear that the price of sugar could exceed Rs 145 per kg during Dashain and Tihar, similar to last year when consumers had to pay around Rs 150 per kg.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, the STC has only 1,800 tonnes of sugar in stock, according to its Information Officer, Kumar Rajbhandari. FMTC officials stated that they currently have no sugar in stock. Both companies are still awaiting government permission to import the necessary sugar for the festive season.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Rajbhandari remarked that sugar prices tend to rise every year as festivals approach. “If the state fails to take responsibility, consumers will be affected during the festivals,” he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Two months ago, on June 12, the Ministry of Industry, Commerce, and Supplies sent a letter to the Department of Industry to initiate the process for the private sector to import 19,000 tonnes of sugar from India. In response, the department invited applications from industries that use sugar as a raw material.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although 10 private companies, including Agro Thai Foods, Goodlife Beverages, and others, received import permits, they later refused to import sugar, citing the high costs due to the lack of customs exemption.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On August 7, the Department of Commerce, Supply, and Consumer Protection issued a new call for applications from private firms to import the 19,000 tonnes of sugar, with a five-day deadline. A total of 71 private firms applied for the import, according to Rakesh Pandey, Information Officer at the department. He added that the deadline set by the Indian government for Nepal to import the sugar ends on September 30.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The government is, therefore, obliged to ensure the import of the specified quantity,” Pandey said. “Of the companies that applied, seven will receive permission to import no less than 2,600 tonnes of sugar, which must be sold to consumers at the price set by the STC.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal can only import the specified quantity of sugar from India's National Cooperative Export Pvt. Ltd., which stakeholders claim drives up the cost in Nepal. Although sugar prices in India are around INR 40 or Rs 64 per kg, Nepali companies must purchase it at INR 50 per kg, or Rs 80 per kg, from the Indian company.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Government officials are skeptical about whether the companies that applied for sugar import will follow through, as the total cost, including transportation, is high, and importers are required to sell it at the government-fixed price.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Data from the Ministry of Agriculture and Livestock Development shows that both the area of sugarcane farming and production have declined in recent years. The farming area has decreased by 1,521 hectares over the last three years, and production has dropped by 53,834 metric tons. In the fiscal year 2021/22, the sugarcane cultivation area was 64,354 hectares, which shrank to 62,833 hectares in 2022/23. According to the STC, Nepal's annual sugar consumption is approximately 250,000 metric tons.</span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 4 => array( 'Article' => array( 'id' => '21830', 'title' => 'Price of Gold Reaches All-Time High in Nepal', 'article_category_id' => '1', 'article_date' => '2024-08-13 14:04:25', 'image' => '20240813020521_20240801032633_cd5483b7.jpeg', 'summary' => 'The price of fine gold surged to Rs 150,800 per tola (11.66 grams) in the domestic market on Tuesday to set the new record.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of fine gold surged to Rs 150,800 per tola (11.66 grams) in the domestic market on Tuesday to set the new record.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It was traded at Rs 148,700 on Monday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The yellow metal became dearer by Rs 2,100 per tola on Tuesday, according to the Federation of Nepal Gold and Silver Dealers' Association, taking up the worked gold price to Rs 150,100 per tola.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Earlier on August 5, gold price had touched Rs 150,000 per tola-mark for the first time in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Meanwhile, the price of silver remained stable for the day at Rs 1,740 per tola.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 5 => array( 'Article' => array( 'id' => '21831', 'title' => 'Kajaria Ramesh Tiles Limited Brings into Operation its Manufacturing Facility in Bhairahawa', 'article_category_id' => '266', 'article_date' => '2024-08-13 14:08:41', 'image' => '20240813020927_DSC_5875.jpg', 'summary' => 'Kajaria Ramesh Tiles Limited announced the opening of its new manufacturing facility in Bhairahawa amid an event on Tuesday (August 12). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">BHAIRAHAWA, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kajaria Ramesh Tiles Limited announced the opening of its new manufacturing facility in Bhairahawa amid an event on Tuesday (August 12). </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The event saw the participation of Ashok Kajaria, chairman and managing director of Kajaria Ceramics Limited, among other guests, the company said in a statement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The ceremony marked a significant milestone for the company as it commences its production in Nepal,” the statement reads. “The new facility, equipped with cutting-edge technology, will enable Kajaria Ramesh Tiles Limited to produce a wider range of high-quality tiles to meet the evolving demands of the country.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“This state-of-the-art plant signifies our commitment to innovation and quality, enabling us to better serve the growing market in Nepal and contribute to the country’s infrastructure development,” said Kajaria.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kajaria Ramesh Tiles Limited is a joint venture between Ramesh Corp and India’s leading tile manufacturer Kajaria Ceramics Ltd.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It is establishing Nepal’s largest tile manufacturing plant in Nawalparasi, according to the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">With a vision to make Nepal self-reliant in tiles, the plant will produce 5.1 million square meters of tiles annually using local raw materials.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Rs 4 billion investment aims to boost the economy, and offer world-class Kajaria tiles at affordable prices. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The plant will significantly boost the local economy and provide thousands of job opportunities, enriching the lives of the local community and fostering growth and development.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'Corporate announcements' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 6 => array( 'Article' => array( 'id' => '21829', 'title' => 'BFIN to Host Conference in Kathmandu on Wednesday', 'article_category_id' => '1', 'article_date' => '2024-08-13 14:01:21', 'image' => '20240813020231_bfin-management.jpg', 'summary' => 'The Banking Finance and Insurance Institute of Nepal (BFIN) is set to host a conference on ‘Financial Stability and Digital Transformation in', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report<br /> KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Banking Finance and Insurance Institute of Nepal (BFIN) is set to host a conference on ‘Financial Stability and Digital Transformation in</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Uncertain Times’, marking its 6th anniversary, in Kathmandu on Wednesday (August 14).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The conference, which aims to bring together leading experts, policymakers, and industry leaders from Nepal, India, and Sri Lanka, will be held at the Radisson Hotel, BFIN said in a statement on Tuesday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The conference will focus on maintaining financial stability through the strategic use of digital technologies and effective risk management in banking, finance, and insurance sectors,” the statement reads. “The attendees will explore the role of AI, Fintech Revolution and Cybersecurity in Digital Banking and how it can aid in risk mitigation and management; derive creative strategies to manage and thrive amidst economic uncertainties.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">BFIN hopes the event will be a platform to explore an opportunity for enhanced cooperation and collaboration among the regional countries and also allow an opportunity for networking and collaboration among industry</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">leaders.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The conference will highlight a major milestone with the signing of a Memorandum of Understanding (MoU) between BFIN and two leading Indian institutions—the Global Institute of Business Studies (GIBS) in Bangalore and Fintram Global LLP in New Delhi. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Governor of the Nepal Rastra Bank Maha Prasad Adhikari will deliver the keynote address as the Chief Guest.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The conference will have presentations and panel discussion by</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">distinguished international and national speakers on three main topics: Pathways to Stability: Exploring Financial Resilience; Digital Frontier: Innovations, Insights and Security in Banking & Insurance; and Navigating Uncertainty: Assessing and Managing Risks in the Banking, Insurance and Financial Sector. </span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 7 => array( 'Article' => array( 'id' => '21826', 'title' => 'Government Proposes Formation of New Authority to Regulate Cooperatives', 'article_category_id' => '1', 'article_date' => '2024-08-13 12:55:23', 'image' => '20240813125625_cooperative-new.jpg', 'summary' => '', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">YADAV HUMAGAIN</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 13</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has proposed the formation of 'Financial Cooperative Regulation and Supervision Authority’, a new regulatory body to oversee the savings and credit cooperatives. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry of Land Management, Cooperatives, and Poverty Alleviation is preparing the draft of the 'Financial Cooperatives (Regulation and Supervision) Act, 2081,' which includes plans for this new authority.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the draft, the authority will be responsible for licensing, regulating and supervising the cooperatives.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It will have the power to set minimum capital requirements, issue licences, classify cooperatives, and oversee their operations to ensure compliance and proper functioning.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The proposal is in line with the current fiscal year’s budget plan, which outlines the establishment of a dedicated regulator for financial cooperatives. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A ministry official, asking not to be named, confirmed to New Business Age that the draft includes provisions for the formation of this new regulatory body. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We have drafted the law with provisions for monitoring financial cooperatives through the authority,” the official said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the draft, the proposed authority will be a self-governing and organised body with distinct legal recognition. It will be responsible for the effective supervision, regulation, operation, management, inspection, and monitoring of financial cooperative organisations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> It will be led by a seven-member board, with the chairman, serving as the executive head, appointed by the government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Other members would include the executive director of Nepal Rastra Bank; two joint secretaries, each from the Ministry of Land Management, Cooperatives, and Poverty Alleviation and the Ministry of Finance; the registrar of the cooperative department; and two members nominated by the government including at least one woman.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The draft bill also specifies that cooperatives with a turnover over Rs 500 million, capital exceeding Rs 150 million, and personal savings greater than Rs 1 million must obtain a licence from the authority.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Even the existing cooperatives are required to obtain the licences within one year of the act's enactment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, it also states that the authority will periodically determine the minimum share capital which the cooperatives would have to maintain within the set deadline.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Additionally, the authority will classify the cooperatives into A, B and C categories based on their share capital, nature of business and scope of work. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The bill will also specify the permissible activities for each category.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 8 => array( 'Article' => array( 'id' => '21825', 'title' => 'Lower Seti Hydropower Project Acquires o500 Ropanis of Land', 'article_category_id' => '1', 'article_date' => '2024-08-13 09:11:41', 'image' => '20240813091228_hydro.jpg', 'summary' => 'KATHMANDU, August 13: The Tanahun Hydropower Project has acquired 500 ropanis of land for the Lower Seti Hydropower Project, which has a capacity to produce 126 MW of electricity. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 13: The Tanahun Hydropower Project has acquired 500 ropanis of land for the Lower Seti Hydropower Project, which has a capacity to produce 126 MW of electricity. Shyamji Bhandari, head of the hydropower project, informed that an estimated Rs 700 million will be spent on building the necessary structures, including compensation distribution, reservoir, powerhouse, and staff accommodation. The project is expected to affect ward number 1 and 3 of Rishing Rural Municipality, Bandipur Rural Municipality-6, Devghat Rural Municipality-2, 3, and 4, Ambukhairni Rural Municipality-5 and 6, Wards 13 and 14 of Byas Municipality, and ward number 29 of Bharatpur Metropolitan Municipality in Chitwan.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chief Bhandari stated that a dam measuring 213 meters in length, 32 meters in height, and 200 meters in width will be constructed near Saranghat, on the border of Bandipur Rural Municipality-6 and Devghat Rural Municipality-3. The Tanahun Hydropower Project, fully owned by Nepal Electricity Authority, has initiated the Lower Seti Hydropower Project with a capacity of 126 MW.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Project Managing Director Kiran Shrestha reported that with the construction of the 140 MW Tanahun Hydropower Project, the company has begun work on the Lower Seti Hydropower Project.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Shrestha mentioned that the electricity produced will be connected to the 220 KV Damauli-New Bharatpur transmission line, built by the Tanahun Hydropower Project, and fed into the national electricity grid. Electricity will be generated by constructing a semi-underground powerhouse at Devghat-4. He also noted that about two kilometers of transmission line will need to be constructed for this purpose. </span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 9 => array( 'Article' => array( 'id' => '21824', 'title' => 'Experts, Manpower Agencies at Odds Over Draft of Labour Migration Policy ', 'article_category_id' => '1', 'article_date' => '2024-08-13 09:04:56', 'image' => '20240813090715_20201223122011_1608680357.Clipboard12.jpg', 'summary' => 'A newly formulated draft of the labour migration policy has put the experts and the manpower agencies at odds.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">PAWAN PANDEY</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A newly formulated draft of the labour migration policy has put the experts and the manpower agencies at odds.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It took the team, under the coordination of senior labour migration expert Dr. Ganesh Gurung, nine months to prepare the draft, which was submitted to the Minister for Labour, Employment and Social Security Sarat Singh Bhandari on Sunday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Dr. Keshav Bashyal, Dr. Amrita Sharma, Manju Gurung and Juna Mathema were the other members in the team while Deepak Dhakal was its member secretary.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The draft has envisioned making labour migration a choice instead of an obligation and prioritising sending skilled and semi-skilled workers. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“We need to stop sending unskilled workers aboard as they have been the most vulnerable overseas,” Gurung said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">But, more than half of the Nepalis working abroad belong to the unskilled category, the Labour Migration Report 2022, which categorises Nepali migrant workers as unskilled, semi-skilled, skilled, highly skilled and professional, shows. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The report also shows a steady rise in the number of skilled workers going abroad, from 32.6% in fiscal year 2019/20 to 38.35 in fiscal year 2021/22.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Despite a steep surge in remittance inflow to the country in recent years, a total of 13,722 workers have died and 3,330 others have been injured while working abroad, according to Tika Ram Dhakal, spokesperson at the Foreign Employment Board, the government agency responsible for the welfare of Nepali migrant workers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The actual figure might be much higher as the board’s data includes the records of only the documented workers whose families have claimed and received the compensation in case of deaths and injuries. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Remittance inflow to the country increased by 19.3% to Rs 1,327.51 billion in the first 11 months, until mid-June, of the last fiscal year, compared to an increase of 22.7% in the same period of the previous year, according to the Nepal Rastra Bank.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In the review period, a total of 422,936 Nepalis, both institutional and individual, took the first time approval for foreign employment and as many as 262,705 others renewed their labour permits.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The team has prioritised ensuring safe and decent foreign jobs by identifying the domestic labour market demand and creating to the labour force accordingly; lifting the bar for women to work abroad; and starting regulating Nepalis working in India.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">One of the most important aspects of the new policy, according to Gurung, is the requirement for the government to study and identify the domestic labour market demand before sending workers abroad.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The relevant authorities, then, need to search for markets with a similar demand abroad,” said Gurung. “It will help Nepali youths to find a job or become self-employed after returning home, ultimately helping in their reintegration which has been a neglected issue.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The draft has also articulated that a worker should be able to go to work abroad for free. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Either employers should bear all the cost or the government can set up a mechanism for financing it,” said Gurung. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Recruiting agencies, however, say the zero-cost jobs are practically impossible.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Despite Gurung’s claim that the team held discussions with all the concerned stakeholders to draft the policy, Rajendra Bhandari, president of the Nepal Association of Foreign Employment Agencies (NAFEA), denied it, saying that the zero-cost job provision has been included in the policy randomly.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Can it be implemented?” asked Bhandari. “Moreover, who can actually determine it? A labour sending country or the receiving one?”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Previous attempts of the government to make employers pay the recruiting charges have been unsuccessful. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The government implemented the free-visa, free-ticket rule nine years ago, making it compulsory for employers in Malaysia, Qatar, Saudi Arabia, the United Arab Emirates, Kuwait, Bahrain and Oman to bear all the cost of the visa processing and air tickets when they hire Nepali workers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the rule, workers need to pay no more than Rs 10,000 to recruiting agencies in service fees if their employers would not bear the cost. But, its implementation has been poor as workers flying to these countries still pay a huge sum in recruitment fees. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Bhandari argued that further discussions need to be held on the whole migration cycle before finalising the labour migration policy. “We are not happy with the draft submitted,” Bhandari added. “It cannot be accepted.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The experts have also said that women should not be barred from working overseas.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepali women have faced a series of prohibitions from the government in labour mobility over the years. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While men are under immense pressure to seek foreign jobs, the patriarchal society sees women from the victim-centric lens and tries to restrict their movement within the country, migration researchers claim.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The state continues to impose certain conditions, allegedly ‘almost impossible’, on women for working as domestic help in Gulf countries, one of the most available jobs for Nepali women overseas.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Observers argue that such restrictive policies over the years have compelled women to take dangerous and ‘illegal’ routes to go abroad, making them vulnerable to trafficking. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Instead of barring their movement citing various reasons, women should be provided training for foreign job opportunities,” Gurung added.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The draft has mentioned bringing Nepalis who travel to India for jobs under a regulation. Such workers have often been neglected by the state. There is no official data on them. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Most of the Nepalis working in India face typical issues, different from those working overseas,” said Gurung. “A separate body such as the Foreign Employment Board can be set up to address them.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Local units can provide them an identity card which would help them in their travel and to the authorities to keep their record,” Gurung added.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Receiving the draft, Minister Bhandari said that labour movement cannot be stopped as “the alternative to employment is better employment.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Our policies must prioritise making labour migration more orderly and producing the human resource demanded in the global market,” said Bhandari. </span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 10 => array( 'Article' => array( 'id' => '21823', 'title' => 'Bardiya National Park Sees Increase in Tourist Arrivals', 'article_category_id' => '1', 'article_date' => '2024-08-13 08:52:41', 'image' => '20240813085312_20220715030645_bardiya-national-park-1.jpg', 'summary' => 'GULARIYA, August 13: Bardiya National Park (BNP), a popular tourist destination in the far-western Tarai region, has recorded a rise in tourist arrivals. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">GULARIYA, August 13: Bardiya National Park (BNP), a popular tourist destination in the far-western Tarai region, has recorded a rise in tourist arrivals. The park, known for its rich biodiversity, attracts visitors eager to see tigers, gharials, and a variety of bird species.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Conservation Officer Purushottam Wagle stated that the increased tourist influx has provided a boost to tourism enterprises, which were severely impacted by COVID-19 and are now gradually recovering. The rise in tourist numbers has also contributed to increased revenue.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the fiscal year 2022/23, BNP welcomed a total of 24,324 tourists, generating Rs 22 million in revenue. This number increased to 26,131 in the fiscal year 2023/24, boosting revenue to Rs 28.4 million.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In response to the growing number of visitors, BNP has focused on improving service delivery and tourism infrastructure. Jungle trails have been developed for walking and driving in the park, Wagle added. Additionally, efforts are underway to increase the number of hotels and homestays to ensure sufficient amenities for visitors.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Both domestic and foreign tourists visit BNP. Tourism entrepreneur Ramaji Thapa noted that the influx of new visitors has uplifted the spirits of the local community. Park visitors are particularly drawn to Tharu culture, including their cuisine and festivals.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"Foreign tourists are mesmerized by the biodiversity here," he said, adding that if safari vehicles fail to operate in BNP, the park ensures the immediate rescue of tourists.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to tourist guide Anuram Chaudhari, there are over 30 tourist hotels and homestays in the BNP area. He also noted that foreign tourists often prefer walking safaris over vehicle safaris in the park. -- RSS</span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 11 => array( 'Article' => array( 'id' => '21820', 'title' => '173 People Die in Disaster Incidents since June 10', 'article_category_id' => '1', 'article_date' => '2024-08-13 07:51:48', 'image' => '20240813075238_20240710125955_SS-Kanchanpur-24DSC00097(1)copy.jpg', 'summary' => 'KATHMANDU, August 13: A total of 173 people have lost their lives in natural disasters, including landslides and floods, across various parts of the country since June 10, according to the Police Headquarters.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 13: A total of 173 people have lost their lives in natural disasters, including landslides and floods, across various parts of the country since June 10, according to the Police Headquarters. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Deputy Inspector General Dan Bahadur Karki informed that the casualties include three in Kathmandu Valley, 26 in Koshi Province, seven in Madhes Province, 31 in Bagmati Province, 54 in Gandaki Province, 33 in Lumbini Province, eight in Karnali Province, and 11 in Sudurpaschim Province.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In addition, 223 people have been injured including 11 in Kathmandu Valley, 37 in Koshi Province, 11 in Madhes Province, 23 in Bagmati Province, 46 in Gandaki Province, 13 in Lumbini Province, 54 in Karnali Province, and 28 in Sudurpaschim Province.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The police said rescue operations helped save 28 people in Kathmandu Valley, 49 in Koshi Province, 12 in Bagmati Province, 14 in Gandaki Province, three in Lumbini Province, two in Karnali Province, and five in Sudurpaschim Province.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Karki also shared that two people are missing in Koshi Province, 41 in Bagmati Province, two in Gandaki Province, and one each in Lumbini, Karnali, and Sudurpaschim provinces. Search efforts for the missing individuals are ongoing, said DIG Karki.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The disasters have also caused significant damage to infrastructure. According to the police, 384 houses were inundated by floods while 275 houses suffered damages. In addition, 104 huts, 43 bridges, two school buildings, and two government offices were also damaged. Furthermore, 4,322 families have been displaced, and 812 cattle have died during this period. -- RSS</span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ) ) $i = (int) 2 $breaking = array( 'Article' => array( 'id' => '21826', 'title' => 'Government Proposes Formation of New Authority to Regulate Cooperatives', 'article_category_id' => '1', 'article_date' => '2024-08-13 12:55:23', 'image' => '20240813125625_cooperative-new.jpg', 'summary' => '', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">YADAV HUMAGAIN</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 13</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has proposed the formation of 'Financial Cooperative Regulation and Supervision Authority’, a new regulatory body to oversee the savings and credit cooperatives. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry of Land Management, Cooperatives, and Poverty Alleviation is preparing the draft of the 'Financial Cooperatives (Regulation and Supervision) Act, 2081,' which includes plans for this new authority.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the draft, the authority will be responsible for licensing, regulating and supervising the cooperatives.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It will have the power to set minimum capital requirements, issue licences, classify cooperatives, and oversee their operations to ensure compliance and proper functioning.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The proposal is in line with the current fiscal year’s budget plan, which outlines the establishment of a dedicated regulator for financial cooperatives. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A ministry official, asking not to be named, confirmed to New Business Age that the draft includes provisions for the formation of this new regulatory body. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We have drafted the law with provisions for monitoring financial cooperatives through the authority,” the official said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the draft, the proposed authority will be a self-governing and organised body with distinct legal recognition. It will be responsible for the effective supervision, regulation, operation, management, inspection, and monitoring of financial cooperative organisations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> It will be led by a seven-member board, with the chairman, serving as the executive head, appointed by the government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Other members would include the executive director of Nepal Rastra Bank; two joint secretaries, each from the Ministry of Land Management, Cooperatives, and Poverty Alleviation and the Ministry of Finance; the registrar of the cooperative department; and two members nominated by the government including at least one woman.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The draft bill also specifies that cooperatives with a turnover over Rs 500 million, capital exceeding Rs 150 million, and personal savings greater than Rs 1 million must obtain a licence from the authority.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Even the existing cooperatives are required to obtain the licences within one year of the act's enactment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, it also states that the authority will periodically determine the minimum share capital which the cooperatives would have to maintain within the set deadline.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Additionally, the authority will classify the cooperatives into A, B and C categories based on their share capital, nature of business and scope of work. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The bill will also specify the permissible activities for each category.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( 'article_id' => '21826', 'hit' => '164' ) ), 'Slider' => array() ) $date = '2024-08-13 14:01:21' $dateFromDatabase = (int) 1723536981 $dateTwentyforHoursAgo = (int) 1741399979 $today = '2025-03-09 07:57:59am' $today2 = (int) 1741486379 $newDate = 'Aug 13' $commentCount = (int) 0 $word_count = (int) 317 $time_to_read = (float) 1.59 $time_to_read_min = (float) 1 $time_to_read_second = (float) 35 $key = (int) 7include - APP/View/Elements/news_main.ctp, line 304 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/Pages/homes.ctp, line 16 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 index: id [APP/View/Elements/news_main.ctp, line 304]NEWSCode Context<div class="listing-meta"><?php echo $this->Html->link($breaking['ArticleCategory']['name'],array('controller'=>'Articles', 'action' => 'index', $breaking['ArticleCategory']['id']),$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/news_main.ctp' $dataForView = array() $breaking_news = array( (int) 0 => array( 'Article' => array( 'id' => '21834', 'title' => 'Complaint Filed at CIAA Against Kulman Ghising ', 'article_category_id' => '1', 'article_date' => '2024-08-13 19:35:38', 'image' => '20240813073600_20210812100140_intr1 (Copy) (1).jpg', 'summary' => 'A complaint has been filed against Kulman Ghising, Managing Director of Nepal Electricity Authority (NEA), at the Commission for the Investigation of Abuse of Authority (CIAA) on Tuesday.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span><br /> KATHMANDU, August 13</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A complaint has been filed against Kulman Ghising, Managing Director of Nepal Electricity Authority (NEA), at the Commission for the Investigation of Abuse of Authority (CIAA) on Tuesday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Ramesh Prasad Kharel of the Anti-Corruption Network lodged the complaint, alleging Ghising of several irregularities and requesting a thorough investigation.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Ghising has been accused of committing fraud in Power Purchase Agreements (PPAs), purchasing of shares worth Rs 550 million at Rs 90 million to evade capital gains, and falsifying profits of NEA, among others, causing huge financial losses to the state.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The complaint mentions that Ghising has been involved in questionable activities since his appointment at the NEA. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kharel claimed that he has been carrying out an independent investigation on the matter for a year.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 1 => array( 'Article' => array( 'id' => '21833', 'title' => 'Parliamentary Special Committee Starts Questioning Directors of Problematic Cooperative', 'article_category_id' => '1', 'article_date' => '2024-08-13 19:31:31', 'image' => '20240813073157_20230713052749_parliament building.jpg', 'summary' => '', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report<br /> KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The owners of problematic cooperatives have requested additional time to return the savings of the general public. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">During an inquiry by the parliamentary special committee investigating the misappropriation of cooperative funds, they explained that repaying the savings depends on recovering outstanding loans and investments, which will require more time.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The committee has started questioning the directors of cooperatives that have failed to return public savings.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Committee chairman Surya Thapa said that they have been interrogating owners currently in jail for cooperative fraud as well. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">On Saturday, the committee questioned CB Lama, Chairman of Pashupati Multi-Purpose Cooperative and former chairman of Kantipur Savings and Credit Cooperative.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">On Sunday, Nunam Subba, Chairman of Civic Development Cooperative; Kedarnath Sharma, Chairman of Tulasi Multipurpose Cooperative Limited, and Kedarnath’s wife Geeta Sharma were interrogated.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The committee also questioned Hemraj Dahal, former Chairman of Sumeru Savings and Credit Cooperative in Pulchowk, alongside current Chairman Krishna Prasad Kandel, proposed Chairman Birendra Maharjan, and collected a statement from Raj Bahadur Singh, a shareholder of Sumeru Savings and Credit Cooperative on Sunday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Similarly, former Civil Savings and Credit Cooperative Society Limited Chairman Ichcharaj Tamang, National Cooperative Bank Limited (NCBL) chairman KB Upreti, and Kantipur Savings and Credit Cooperative director Himalaya Bikram Malla Thakuri were questioned on Monday.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Most of them blamed liquidity issues in cooperatives for their inability to return funds.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The directors said that inability to recover their investment in real estate and other business, and poor loan recovery made them unable to return the people’s savings, according to Committee Chairman Thapa.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The committee is set to interrogate the directors of twenty-nine cooperatives and twenty-six individuals accused in the ongoing investigation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Last week, following a discussion with Home Minister Ramesh Lekhak, the committee directed that a dozen and a half people, who are currently evading arrest and are involved in savings misappropriation, embezzlement, and fraud, be brought before them.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The National Cooperative Federation of Nepal (NCF), which oversees cooperatives across Nepal, has also called on Prime Minister KP Sharma Oli to address current issues within the cooperative sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">On Monday, a delegation from NCF led by its President Om Devi Malla urged the PM Oli to prioritise the establishment of a credit information centre, a debt recovery tribunal, and a savings and credit protection fund as outlined in the Cooperative Act, 2074.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The delegation also called on the government to offer concessional loans to cooperatives, prioritise data collection, and enhance regulation, monitoring, and promotion of the cooperatives.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Malla claimed the misinformation that loans from cooperatives do not need to be repaid brought the issue from the street to Parliament, worsening it further.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">She called for changes to around 47 laws that are hindering the effective use of cooperative capital in the productive sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Former minister and former federation chairman Keshav Badal suggested that the Prime Minister, Finance Minister, and Minister of Land Management, Cooperatives, and Poverty Alleviation should hold a serious discussion to find solve the cooperative issue.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 2 => array( 'Article' => array( 'id' => '21832', 'title' => 'NEPSE Records Minor Loss; Closes at 2923.46', 'article_category_id' => '1', 'article_date' => '2024-08-13 15:20:37', 'image' => '20240813032202_collage (97).jpg', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a slight decline on Tuesday, closing at 2923.46, down by 8.18 points or 0.27% from the previous day.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 13: The Nepal Stock Exchange (NEPSE) Index experienced a slight decline on Tuesday, closing at 2923.46, down by 8.18 points or 0.27% from the previous day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Seasoned investors and analysts described the market correction as a natural occurrence, suggesting that such correction is necessary for NEPSE to reach new heights in the future.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today’s trading session, 332 different stocks were traded via 241,665 transactions on the NEPSE. A total of 52,764,832 shares were exchanged, resulting in a turnover of Rs 21.51 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Nepal Finance Limited (NFS) led the market in turnover, with total transactions worth Rs 81 crores. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, Matribhumi Laghubitta Bittiya Sanstha Limited (MATRI), People’s Power Limited (PPL), and Dolti Power Limited (DOLTI) each saw a 10% increase, hitting the upper circuit limit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index dropped by 0.25%, while the Float Index and Sensitive Float Index fell by 0.21% and 0.34%, respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector performance, all indices closed in the red except for the Finance, Banking, Investment, Life Insurance, and Trading indices. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Hotels and Tourism Index saw the largest drop, falling by 2.25%, while the Finance Index recorded the highest gain of 1.57%.</span></span></p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 3 => array( 'Article' => array( 'id' => '21828', 'title' => 'Sugar Prices Surge ahead of Festive Season amid Govt’s Failure to Import Sugar', 'article_category_id' => '1', 'article_date' => '2024-08-13 13:55:09', 'image' => '20240813015549_sugar.jpg', 'summary' => 'The price of sugar has started to surge in the domestic market with the festive season just around the corner.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Prashant Khadka</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 13</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The price of sugar has started to surge in the domestic market with the festive season just around the corner. This price hike is primarily due to the repeated failure of the Government of Nepal to import sugar under the quota allocated by the Indian government.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Nepal Retailers Association (NRA) has raised the price of sugar by Rs 10 per kg, bringing it to Rs 120 per kg, effective from today (Tuesday).</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although India had halted sugar exports for some time, it granted Nepal an import quota of 25,000 tonnes last year. However, Nepal failed to fully utilize the quota. There is a high chance that the same thing could repeat this year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In addition to the import failure, the low sugar stocks held by the state-owned Salt Trading Corporation (STC) and the Food Management and Trading Company Limited (FMTC) suggest that sugar prices may continue to rise, according to traders. The STC and FMTC can only intervene to stabilize prices if they have sufficient stock.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Amulkaji Tuladhar, general secretary of the NRA, stated that government agencies responsible for market intervention lack adequate stock and have not succeeded in securing imports. He also pointed out that wholesalers have increased the price of sugar.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“It now costs us at least Rs 115 per kg when we buy from wholesalers,” Tuladhar said. “So, we have set the price for consumers at Rs 120 per kg.” Tuladhar expressed frustration that retailers are often blamed for price hikes, when the government should have taken steps to import sugar months before the festive season.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Retailers fear that the price of sugar could exceed Rs 145 per kg during Dashain and Tihar, similar to last year when consumers had to pay around Rs 150 per kg.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, the STC has only 1,800 tonnes of sugar in stock, according to its Information Officer, Kumar Rajbhandari. FMTC officials stated that they currently have no sugar in stock. Both companies are still awaiting government permission to import the necessary sugar for the festive season.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Rajbhandari remarked that sugar prices tend to rise every year as festivals approach. “If the state fails to take responsibility, consumers will be affected during the festivals,” he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Two months ago, on June 12, the Ministry of Industry, Commerce, and Supplies sent a letter to the Department of Industry to initiate the process for the private sector to import 19,000 tonnes of sugar from India. In response, the department invited applications from industries that use sugar as a raw material.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although 10 private companies, including Agro Thai Foods, Goodlife Beverages, and others, received import permits, they later refused to import sugar, citing the high costs due to the lack of customs exemption.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On August 7, the Department of Commerce, Supply, and Consumer Protection issued a new call for applications from private firms to import the 19,000 tonnes of sugar, with a five-day deadline. A total of 71 private firms applied for the import, according to Rakesh Pandey, Information Officer at the department. He added that the deadline set by the Indian government for Nepal to import the sugar ends on September 30.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">“The government is, therefore, obliged to ensure the import of the specified quantity,” Pandey said. “Of the companies that applied, seven will receive permission to import no less than 2,600 tonnes of sugar, which must be sold to consumers at the price set by the STC.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal can only import the specified quantity of sugar from India's National Cooperative Export Pvt. Ltd., which stakeholders claim drives up the cost in Nepal. Although sugar prices in India are around INR 40 or Rs 64 per kg, Nepali companies must purchase it at INR 50 per kg, or Rs 80 per kg, from the Indian company.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Government officials are skeptical about whether the companies that applied for sugar import will follow through, as the total cost, including transportation, is high, and importers are required to sell it at the government-fixed price.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Data from the Ministry of Agriculture and Livestock Development shows that both the area of sugarcane farming and production have declined in recent years. The farming area has decreased by 1,521 hectares over the last three years, and production has dropped by 53,834 metric tons. In the fiscal year 2021/22, the sugarcane cultivation area was 64,354 hectares, which shrank to 62,833 hectares in 2022/23. According to the STC, Nepal's annual sugar consumption is approximately 250,000 metric tons.</span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 4 => array( 'Article' => array( 'id' => '21830', 'title' => 'Price of Gold Reaches All-Time High in Nepal', 'article_category_id' => '1', 'article_date' => '2024-08-13 14:04:25', 'image' => '20240813020521_20240801032633_cd5483b7.jpeg', 'summary' => 'The price of fine gold surged to Rs 150,800 per tola (11.66 grams) in the domestic market on Tuesday to set the new record.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of fine gold surged to Rs 150,800 per tola (11.66 grams) in the domestic market on Tuesday to set the new record.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It was traded at Rs 148,700 on Monday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The yellow metal became dearer by Rs 2,100 per tola on Tuesday, according to the Federation of Nepal Gold and Silver Dealers' Association, taking up the worked gold price to Rs 150,100 per tola.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Earlier on August 5, gold price had touched Rs 150,000 per tola-mark for the first time in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Meanwhile, the price of silver remained stable for the day at Rs 1,740 per tola.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 5 => array( 'Article' => array( 'id' => '21831', 'title' => 'Kajaria Ramesh Tiles Limited Brings into Operation its Manufacturing Facility in Bhairahawa', 'article_category_id' => '266', 'article_date' => '2024-08-13 14:08:41', 'image' => '20240813020927_DSC_5875.jpg', 'summary' => 'Kajaria Ramesh Tiles Limited announced the opening of its new manufacturing facility in Bhairahawa amid an event on Tuesday (August 12). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">BHAIRAHAWA, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kajaria Ramesh Tiles Limited announced the opening of its new manufacturing facility in Bhairahawa amid an event on Tuesday (August 12). </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The event saw the participation of Ashok Kajaria, chairman and managing director of Kajaria Ceramics Limited, among other guests, the company said in a statement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The ceremony marked a significant milestone for the company as it commences its production in Nepal,” the statement reads. “The new facility, equipped with cutting-edge technology, will enable Kajaria Ramesh Tiles Limited to produce a wider range of high-quality tiles to meet the evolving demands of the country.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“This state-of-the-art plant signifies our commitment to innovation and quality, enabling us to better serve the growing market in Nepal and contribute to the country’s infrastructure development,” said Kajaria.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Kajaria Ramesh Tiles Limited is a joint venture between Ramesh Corp and India’s leading tile manufacturer Kajaria Ceramics Ltd.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It is establishing Nepal’s largest tile manufacturing plant in Nawalparasi, according to the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">With a vision to make Nepal self-reliant in tiles, the plant will produce 5.1 million square meters of tiles annually using local raw materials.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Rs 4 billion investment aims to boost the economy, and offer world-class Kajaria tiles at affordable prices. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The plant will significantly boost the local economy and provide thousands of job opportunities, enriching the lives of the local community and fostering growth and development.</span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'Corporate announcements' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 6 => array( 'Article' => array( 'id' => '21829', 'title' => 'BFIN to Host Conference in Kathmandu on Wednesday', 'article_category_id' => '1', 'article_date' => '2024-08-13 14:01:21', 'image' => '20240813020231_bfin-management.jpg', 'summary' => 'The Banking Finance and Insurance Institute of Nepal (BFIN) is set to host a conference on ‘Financial Stability and Digital Transformation in', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report<br /> KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Banking Finance and Insurance Institute of Nepal (BFIN) is set to host a conference on ‘Financial Stability and Digital Transformation in</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Uncertain Times’, marking its 6th anniversary, in Kathmandu on Wednesday (August 14).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The conference, which aims to bring together leading experts, policymakers, and industry leaders from Nepal, India, and Sri Lanka, will be held at the Radisson Hotel, BFIN said in a statement on Tuesday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The conference will focus on maintaining financial stability through the strategic use of digital technologies and effective risk management in banking, finance, and insurance sectors,” the statement reads. “The attendees will explore the role of AI, Fintech Revolution and Cybersecurity in Digital Banking and how it can aid in risk mitigation and management; derive creative strategies to manage and thrive amidst economic uncertainties.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">BFIN hopes the event will be a platform to explore an opportunity for enhanced cooperation and collaboration among the regional countries and also allow an opportunity for networking and collaboration among industry</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">leaders.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The conference will highlight a major milestone with the signing of a Memorandum of Understanding (MoU) between BFIN and two leading Indian institutions—the Global Institute of Business Studies (GIBS) in Bangalore and Fintram Global LLP in New Delhi. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Governor of the Nepal Rastra Bank Maha Prasad Adhikari will deliver the keynote address as the Chief Guest.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The conference will have presentations and panel discussion by</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">distinguished international and national speakers on three main topics: Pathways to Stability: Exploring Financial Resilience; Digital Frontier: Innovations, Insights and Security in Banking & Insurance; and Navigating Uncertainty: Assessing and Managing Risks in the Banking, Insurance and Financial Sector. </span></span></span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 7 => array( 'Article' => array( 'id' => '21826', 'title' => 'Government Proposes Formation of New Authority to Regulate Cooperatives', 'article_category_id' => '1', 'article_date' => '2024-08-13 12:55:23', 'image' => '20240813125625_cooperative-new.jpg', 'summary' => '', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">YADAV HUMAGAIN</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 13</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has proposed the formation of 'Financial Cooperative Regulation and Supervision Authority’, a new regulatory body to oversee the savings and credit cooperatives. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry of Land Management, Cooperatives, and Poverty Alleviation is preparing the draft of the 'Financial Cooperatives (Regulation and Supervision) Act, 2081,' which includes plans for this new authority.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the draft, the authority will be responsible for licensing, regulating and supervising the cooperatives.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It will have the power to set minimum capital requirements, issue licences, classify cooperatives, and oversee their operations to ensure compliance and proper functioning.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The proposal is in line with the current fiscal year’s budget plan, which outlines the establishment of a dedicated regulator for financial cooperatives. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A ministry official, asking not to be named, confirmed to New Business Age that the draft includes provisions for the formation of this new regulatory body. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We have drafted the law with provisions for monitoring financial cooperatives through the authority,” the official said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the draft, the proposed authority will be a self-governing and organised body with distinct legal recognition. It will be responsible for the effective supervision, regulation, operation, management, inspection, and monitoring of financial cooperative organisations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> It will be led by a seven-member board, with the chairman, serving as the executive head, appointed by the government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Other members would include the executive director of Nepal Rastra Bank; two joint secretaries, each from the Ministry of Land Management, Cooperatives, and Poverty Alleviation and the Ministry of Finance; the registrar of the cooperative department; and two members nominated by the government including at least one woman.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The draft bill also specifies that cooperatives with a turnover over Rs 500 million, capital exceeding Rs 150 million, and personal savings greater than Rs 1 million must obtain a licence from the authority.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Even the existing cooperatives are required to obtain the licences within one year of the act's enactment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, it also states that the authority will periodically determine the minimum share capital which the cooperatives would have to maintain within the set deadline.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Additionally, the authority will classify the cooperatives into A, B and C categories based on their share capital, nature of business and scope of work. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The bill will also specify the permissible activities for each category.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 8 => array( 'Article' => array( 'id' => '21825', 'title' => 'Lower Seti Hydropower Project Acquires o500 Ropanis of Land', 'article_category_id' => '1', 'article_date' => '2024-08-13 09:11:41', 'image' => '20240813091228_hydro.jpg', 'summary' => 'KATHMANDU, August 13: The Tanahun Hydropower Project has acquired 500 ropanis of land for the Lower Seti Hydropower Project, which has a capacity to produce 126 MW of electricity. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 13: The Tanahun Hydropower Project has acquired 500 ropanis of land for the Lower Seti Hydropower Project, which has a capacity to produce 126 MW of electricity. Shyamji Bhandari, head of the hydropower project, informed that an estimated Rs 700 million will be spent on building the necessary structures, including compensation distribution, reservoir, powerhouse, and staff accommodation. The project is expected to affect ward number 1 and 3 of Rishing Rural Municipality, Bandipur Rural Municipality-6, Devghat Rural Municipality-2, 3, and 4, Ambukhairni Rural Municipality-5 and 6, Wards 13 and 14 of Byas Municipality, and ward number 29 of Bharatpur Metropolitan Municipality in Chitwan.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chief Bhandari stated that a dam measuring 213 meters in length, 32 meters in height, and 200 meters in width will be constructed near Saranghat, on the border of Bandipur Rural Municipality-6 and Devghat Rural Municipality-3. The Tanahun Hydropower Project, fully owned by Nepal Electricity Authority, has initiated the Lower Seti Hydropower Project with a capacity of 126 MW.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Project Managing Director Kiran Shrestha reported that with the construction of the 140 MW Tanahun Hydropower Project, the company has begun work on the Lower Seti Hydropower Project.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Shrestha mentioned that the electricity produced will be connected to the 220 KV Damauli-New Bharatpur transmission line, built by the Tanahun Hydropower Project, and fed into the national electricity grid. Electricity will be generated by constructing a semi-underground powerhouse at Devghat-4. He also noted that about two kilometers of transmission line will need to be constructed for this purpose. </span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 9 => array( 'Article' => array( 'id' => '21824', 'title' => 'Experts, Manpower Agencies at Odds Over Draft of Labour Migration Policy ', 'article_category_id' => '1', 'article_date' => '2024-08-13 09:04:56', 'image' => '20240813090715_20201223122011_1608680357.Clipboard12.jpg', 'summary' => 'A newly formulated draft of the labour migration policy has put the experts and the manpower agencies at odds.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">PAWAN PANDEY</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 13</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A newly formulated draft of the labour migration policy has put the experts and the manpower agencies at odds.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It took the team, under the coordination of senior labour migration expert Dr. Ganesh Gurung, nine months to prepare the draft, which was submitted to the Minister for Labour, Employment and Social Security Sarat Singh Bhandari on Sunday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Dr. Keshav Bashyal, Dr. Amrita Sharma, Manju Gurung and Juna Mathema were the other members in the team while Deepak Dhakal was its member secretary.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The draft has envisioned making labour migration a choice instead of an obligation and prioritising sending skilled and semi-skilled workers. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“We need to stop sending unskilled workers aboard as they have been the most vulnerable overseas,” Gurung said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">But, more than half of the Nepalis working abroad belong to the unskilled category, the Labour Migration Report 2022, which categorises Nepali migrant workers as unskilled, semi-skilled, skilled, highly skilled and professional, shows. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The report also shows a steady rise in the number of skilled workers going abroad, from 32.6% in fiscal year 2019/20 to 38.35 in fiscal year 2021/22.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Despite a steep surge in remittance inflow to the country in recent years, a total of 13,722 workers have died and 3,330 others have been injured while working abroad, according to Tika Ram Dhakal, spokesperson at the Foreign Employment Board, the government agency responsible for the welfare of Nepali migrant workers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The actual figure might be much higher as the board’s data includes the records of only the documented workers whose families have claimed and received the compensation in case of deaths and injuries. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Remittance inflow to the country increased by 19.3% to Rs 1,327.51 billion in the first 11 months, until mid-June, of the last fiscal year, compared to an increase of 22.7% in the same period of the previous year, according to the Nepal Rastra Bank.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In the review period, a total of 422,936 Nepalis, both institutional and individual, took the first time approval for foreign employment and as many as 262,705 others renewed their labour permits.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The team has prioritised ensuring safe and decent foreign jobs by identifying the domestic labour market demand and creating to the labour force accordingly; lifting the bar for women to work abroad; and starting regulating Nepalis working in India.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">One of the most important aspects of the new policy, according to Gurung, is the requirement for the government to study and identify the domestic labour market demand before sending workers abroad.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The relevant authorities, then, need to search for markets with a similar demand abroad,” said Gurung. “It will help Nepali youths to find a job or become self-employed after returning home, ultimately helping in their reintegration which has been a neglected issue.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The draft has also articulated that a worker should be able to go to work abroad for free. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Either employers should bear all the cost or the government can set up a mechanism for financing it,” said Gurung. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Recruiting agencies, however, say the zero-cost jobs are practically impossible.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Despite Gurung’s claim that the team held discussions with all the concerned stakeholders to draft the policy, Rajendra Bhandari, president of the Nepal Association of Foreign Employment Agencies (NAFEA), denied it, saying that the zero-cost job provision has been included in the policy randomly.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Can it be implemented?” asked Bhandari. “Moreover, who can actually determine it? A labour sending country or the receiving one?”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Previous attempts of the government to make employers pay the recruiting charges have been unsuccessful. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The government implemented the free-visa, free-ticket rule nine years ago, making it compulsory for employers in Malaysia, Qatar, Saudi Arabia, the United Arab Emirates, Kuwait, Bahrain and Oman to bear all the cost of the visa processing and air tickets when they hire Nepali workers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the rule, workers need to pay no more than Rs 10,000 to recruiting agencies in service fees if their employers would not bear the cost. But, its implementation has been poor as workers flying to these countries still pay a huge sum in recruitment fees. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Bhandari argued that further discussions need to be held on the whole migration cycle before finalising the labour migration policy. “We are not happy with the draft submitted,” Bhandari added. “It cannot be accepted.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The experts have also said that women should not be barred from working overseas.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Nepali women have faced a series of prohibitions from the government in labour mobility over the years. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While men are under immense pressure to seek foreign jobs, the patriarchal society sees women from the victim-centric lens and tries to restrict their movement within the country, migration researchers claim.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The state continues to impose certain conditions, allegedly ‘almost impossible’, on women for working as domestic help in Gulf countries, one of the most available jobs for Nepali women overseas.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Observers argue that such restrictive policies over the years have compelled women to take dangerous and ‘illegal’ routes to go abroad, making them vulnerable to trafficking. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Instead of barring their movement citing various reasons, women should be provided training for foreign job opportunities,” Gurung added.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The draft has mentioned bringing Nepalis who travel to India for jobs under a regulation. Such workers have often been neglected by the state. There is no official data on them. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Most of the Nepalis working in India face typical issues, different from those working overseas,” said Gurung. “A separate body such as the Foreign Employment Board can be set up to address them.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Local units can provide them an identity card which would help them in their travel and to the authorities to keep their record,” Gurung added.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Receiving the draft, Minister Bhandari said that labour movement cannot be stopped as “the alternative to employment is better employment.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Our policies must prioritise making labour migration more orderly and producing the human resource demanded in the global market,” said Bhandari. </span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 10 => array( 'Article' => array( 'id' => '21823', 'title' => 'Bardiya National Park Sees Increase in Tourist Arrivals', 'article_category_id' => '1', 'article_date' => '2024-08-13 08:52:41', 'image' => '20240813085312_20220715030645_bardiya-national-park-1.jpg', 'summary' => 'GULARIYA, August 13: Bardiya National Park (BNP), a popular tourist destination in the far-western Tarai region, has recorded a rise in tourist arrivals. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">GULARIYA, August 13: Bardiya National Park (BNP), a popular tourist destination in the far-western Tarai region, has recorded a rise in tourist arrivals. The park, known for its rich biodiversity, attracts visitors eager to see tigers, gharials, and a variety of bird species.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Conservation Officer Purushottam Wagle stated that the increased tourist influx has provided a boost to tourism enterprises, which were severely impacted by COVID-19 and are now gradually recovering. The rise in tourist numbers has also contributed to increased revenue.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the fiscal year 2022/23, BNP welcomed a total of 24,324 tourists, generating Rs 22 million in revenue. This number increased to 26,131 in the fiscal year 2023/24, boosting revenue to Rs 28.4 million.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In response to the growing number of visitors, BNP has focused on improving service delivery and tourism infrastructure. Jungle trails have been developed for walking and driving in the park, Wagle added. Additionally, efforts are underway to increase the number of hotels and homestays to ensure sufficient amenities for visitors.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Both domestic and foreign tourists visit BNP. Tourism entrepreneur Ramaji Thapa noted that the influx of new visitors has uplifted the spirits of the local community. Park visitors are particularly drawn to Tharu culture, including their cuisine and festivals.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"Foreign tourists are mesmerized by the biodiversity here," he said, adding that if safari vehicles fail to operate in BNP, the park ensures the immediate rescue of tourists.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to tourist guide Anuram Chaudhari, there are over 30 tourist hotels and homestays in the BNP area. He also noted that foreign tourists often prefer walking safaris over vehicle safaris in the park. -- RSS</span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ), (int) 11 => array( 'Article' => array( 'id' => '21820', 'title' => '173 People Die in Disaster Incidents since June 10', 'article_category_id' => '1', 'article_date' => '2024-08-13 07:51:48', 'image' => '20240813075238_20240710125955_SS-Kanchanpur-24DSC00097(1)copy.jpg', 'summary' => 'KATHMANDU, August 13: A total of 173 people have lost their lives in natural disasters, including landslides and floods, across various parts of the country since June 10, according to the Police Headquarters.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 13: A total of 173 people have lost their lives in natural disasters, including landslides and floods, across various parts of the country since June 10, according to the Police Headquarters. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Deputy Inspector General Dan Bahadur Karki informed that the casualties include three in Kathmandu Valley, 26 in Koshi Province, seven in Madhes Province, 31 in Bagmati Province, 54 in Gandaki Province, 33 in Lumbini Province, eight in Karnali Province, and 11 in Sudurpaschim Province.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In addition, 223 people have been injured including 11 in Kathmandu Valley, 37 in Koshi Province, 11 in Madhes Province, 23 in Bagmati Province, 46 in Gandaki Province, 13 in Lumbini Province, 54 in Karnali Province, and 28 in Sudurpaschim Province.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The police said rescue operations helped save 28 people in Kathmandu Valley, 49 in Koshi Province, 12 in Bagmati Province, 14 in Gandaki Province, three in Lumbini Province, two in Karnali Province, and five in Sudurpaschim Province.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Karki also shared that two people are missing in Koshi Province, 41 in Bagmati Province, two in Gandaki Province, and one each in Lumbini, Karnali, and Sudurpaschim provinces. Search efforts for the missing individuals are ongoing, said DIG Karki.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The disasters have also caused significant damage to infrastructure. According to the police, 384 houses were inundated by floods while 275 houses suffered damages. In addition, 104 huts, 43 bridges, two school buildings, and two government offices were also damaged. Furthermore, 4,322 families have been displaced, and 812 cattle have died during this period. -- RSS</span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( [maximum depth reached] ) ), 'Slider' => array() ) ) $i = (int) 2 $breaking = array( 'Article' => array( 'id' => '21825', 'title' => 'Lower Seti Hydropower Project Acquires o500 Ropanis of Land', 'article_category_id' => '1', 'article_date' => '2024-08-13 09:11:41', 'image' => '20240813091228_hydro.jpg', 'summary' => 'KATHMANDU, August 13: The Tanahun Hydropower Project has acquired 500 ropanis of land for the Lower Seti Hydropower Project, which has a capacity to produce 126 MW of electricity. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 13: The Tanahun Hydropower Project has acquired 500 ropanis of land for the Lower Seti Hydropower Project, which has a capacity to produce 126 MW of electricity. Shyamji Bhandari, head of the hydropower project, informed that an estimated Rs 700 million will be spent on building the necessary structures, including compensation distribution, reservoir, powerhouse, and staff accommodation. The project is expected to affect ward number 1 and 3 of Rishing Rural Municipality, Bandipur Rural Municipality-6, Devghat Rural Municipality-2, 3, and 4, Ambukhairni Rural Municipality-5 and 6, Wards 13 and 14 of Byas Municipality, and ward number 29 of Bharatpur Metropolitan Municipality in Chitwan.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chief Bhandari stated that a dam measuring 213 meters in length, 32 meters in height, and 200 meters in width will be constructed near Saranghat, on the border of Bandipur Rural Municipality-6 and Devghat Rural Municipality-3. The Tanahun Hydropower Project, fully owned by Nepal Electricity Authority, has initiated the Lower Seti Hydropower Project with a capacity of 126 MW.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Project Managing Director Kiran Shrestha reported that with the construction of the 140 MW Tanahun Hydropower Project, the company has begun work on the Lower Seti Hydropower Project.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Shrestha mentioned that the electricity produced will be connected to the 220 KV Damauli-New Bharatpur transmission line, built by the Tanahun Hydropower Project, and fed into the national electricity grid. Electricity will be generated by constructing a semi-underground powerhouse at Devghat-4. He also noted that about two kilometers of transmission line will need to be constructed for this purpose. </span></span></p> <p> </p> ' ), 'ArticleCategory' => array( 'name' => 'NEWS' ), 'ArticleComment' => array(), 'ArticleFeature' => array(), 'ArticleHasAuthor' => array(), 'ArticleHasTag' => array(), 'ArticleView' => array( (int) 0 => array( 'article_id' => '21825', 'hit' => '174' ) ), 'Slider' => array() ) $date = '2024-08-13 12:55:23' $dateFromDatabase = (int) 1723533023 $dateTwentyforHoursAgo = (int) 1741399979 $today = '2025-03-09 07:57:59am' $today2 = (int) 1741486379 $newDate = 'Aug 13' $commentCount = (int) 0 $word_count = (int) 317 $time_to_read = (float) 1.59 $time_to_read_min = (float) 1 $time_to_read_second = (float) 35 $key = (int) 8include - APP/View/Elements/news_main.ctp, line 304 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/Pages/homes.ctp, line 16 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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| 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
