KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.
More than 95 pc arrears in energy and irrigation sectors settled: Energy Ministry
About 99.99 percent of arrears in the energy sector and 95.59 percent arrears in irrigation sectors have been settled in the fiscal year 2019/20, said the Ministry of Energy, Water Resources and Irrigation.
Out of the total Rs 1.3982 billion outstanding dues in the energy sector, Rs 1.3980 billion has been settled.
Similarly, Rs 9.5 million of the total Rs 9.9 million outstanding dues in the water resources and irrigation sector has been settled, according to the ministry.
The ministry has claimed that it has recorded 73.26 percent financial progress and 75.3 percent physical progress in energy related projects, while the financial and physical progress in the water resources and irrigation sector is 71.67 percent and 71.79 percent, respectively.
Out of the total 23 projects of national pride of the Government of Nepal, the ministry alone has been leading 8 national pride projects.
Samsung to halt production at its last computer factory in China
Samsung Electronics Co will be halting its operations at the last computer factory in China.
Companies are rethinking their production and supply chains amid rising Chinese labor costs, a U.S.-China trade war and the blow from the COVID-19 pandemic, Reuters reported.
Around half the 1,700 employees on contract at Samsung Electronics Suzhou Computer will be affected, excluding those involved in research and development, the South China Morning Post reported citing a notice to Samsung staff.
Samsung shut its last smartphone factory in China last year. Its remaining facilities include two semiconductor manufacturing sites in Suzhou and Xi’an.
OPPO launches OPPO A12
OPPO has introduced a new smartphone in its A Series – OPPO A12. Built with a long-lasting battery of 4230mAh and available in 3GB RAM + 32GB ROM and 4GB RAM + 64GB ROM variants, OPPO A12 features smooth performance with all the mainstream settings, such as Rear Fingerprint Sensor, Octa-core Processor and AI Dual Rear Camera, making it a significantly considerable option for entry level users.
OPPO A12 comes with 3GB RAM + 32GB ROM and 4GB RAM + 64GB ROM, with an expandable memory of up to 256GB.
This ensures a very smooth daily usage experience, without the worry of running out of storage space. Inbuilt with a 4230mAh battery, OPPO A12 offers a much longer duration of recreational time – up to 17 hours of nonstop video streaming.
The Octa-Core Processor, MediaTek Helio P35, significantly reduces energy use, while enabling lag-free gaming and video watching experience.
Jagdamba Mask to receive NS mark within 15 days
The Nepal Bureau of Standards & Metrology (NBSM) is going to test the quality of the mask in India after some industries applied for the Nepal Standard (NS) mark.
The department does not have the required laboratory for quality testing of masks. Director-General of the Department Bishwa Babu Pudasaini said that NS mark will be given after testing the quality within 15 days.
“We have already sent samples of three industries for testing. The results will come within 15 days after completing the test,” he said.
Pudasaini said that samples are being sent to India as there is no laboratory for testing in Nepal. Jagdamba Mask and Sherpa Adventure have applied for the NS mark.
With an investment of Rs 200 million, Shankar Group has already established Jagdamba Mask Industry and started sales.
The industry aims to produce 30 million N-95 and KN-95 masks. Similarly, the target is to produce 50 million surgical masks.
Nepal suffers trade deficit with all SAARC countries but Maldives and Afghanistan
Nepal has been bearing a trade deficit from six out of eight South Asian Association for Regional Corporation (SAARC) countries.
According to a report unveiled by the Department of Customs, Nepal has been experiencing a trade deficit with all six SAARC members except the Maldives and Afghanistan.
The range of trade deficit with India, Pakistan, Bangladesh, Sri Lanka and Bhutan is considerably high. In the last fiscal year 2019/20, Nepal made profits of Rs 190 million in the exports and imports with the Maldives and Rs 1,475,000 with Afghanistan, said the report.
According to the report, Nepal exported veterinary vaccines worth Rs 1,686,000 to Afghanistan and imported goods worth only Rs 211,000.
Similarly, Nepal exported goods worth Rs 21.9 million to the Maldives in the last fiscal year. Nepal imported goods including paints, garments and clothing. Nepal suffered a trade deficit of Rs 995.5 million with Bhutan last year.
According to the report, Nepal imported goods worth Rs 122 million to Bhutan and while its export volume is put at only Rs 117.5 million.
Apart from Bhutan, Nepal is facing trade deficit with Bangladesh, Sri Lanka, Pakistan, and India. The volume of goods to be exported to Bangladesh is gradually dwindling while the amount of goods being imported from Bangladesh is increasing day by day, resulting in a huge trade deficit for Nepal.
Experts say Nepal is facing the trade deficit due to the government’s failure to focus on production-orientated economy.
(Compiled and prepared by Nitish Lal Shrestha)
Nepal Economic Digest is a daily morning email digest, basically relatable summations of the most important business news, happenings from Nepal into easy-to-understand summaries.