KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.

Final labour permit after approval of ‘No Objection Certificate’

The Department of Foreign Employment has said it will issue labour permit only after no objection certificate (NOC) is verified by the concerned Nepali Embassy.

The NOC is initially provided by the employing company in the country of destination.

The DoFE in a notice issued reiterated that the NOC be certified by the concerned embassy of the labour receiving country.

The same process of verification by the embassy is required in case of new permission for opening foreign employment.

Draft of BIMSTEC charter in final stage

The draft of the charter of the Bay of Bengal Initiative for Multi-sectoral Technical and Economic Cooperation (BIMSTEC) has been given a final shape.

A meeting of senior officials of BIMSTEC member countries hosted by BIMSTEC chair Sri Lanka gave final shape to the draft.

The virtual meeting also endorsed the appointment of the future General Secretary. It was discussed during the meeting to hold the next ministerial meeting of the association in Sri Lanka next year.

Leading the Nepali delegation in the meeting, Foreign Secretary Shanker Das Bairagi emphasized on deeper cooperation among the member states to implement the identified projects of cooperation and expansion of trade and connectivity.

The 22nd meeting of the foreign secretaries of BIMSTEC member countries will be held in March next year in Thailand.

Australia’s economy takes sharpest dive since the 1930s

Australia’s economy has suffered its sharpest quarterly drop since the Great Depression because of the pandemic, confirming the country is in its first recession in 28 years.

The latest national accounts showed the economy shrank 7% in the June, the biggest contraction since records began in 1959.

Its nearest rival was a 2% fall in June 1974. Economists estimate a sharper fall of 9.5% in 1930, when Australian became one of the world’s hardest-hit countries by the Great Depression.

Combined with a smaller 0.3% drop in the March quarter, the definition of a technical recession – two consecutive quarters of contraction – has been fulfilled.

“Today’s national accounts confirm the devastating impact on the Australian economy from COVID-19,” Treasurer Josh Frydenberg said.

Properties worth Rs 6 million gutted in Humla fire

Properties worth Rs 6 million were gutted by a fire that broke out at Rodikot in Sarkeghad Rural Municipality-7, Humla.

The fire completely destroyed six houses and partially damaged nine other houses in Thulogaun area, Chairman of Sarkeghad Rural Municipality-7 Krishna Prasad Jaisi said.

The fire was brought under control at 2:30 am today with the help of security personnel and local people. Likewise, the District Natural Disaster Rescue Committee has submitted the detail of the losses incurred in the fire to the federal and state governments.

Chief District Officer of Humla, Chiranjivi Giri, said that the detail of the losses collected from the field was sent to the Ministry of Home Affairs.

(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.