Nepal Economic Digest (March 06, 2020)


March 6, 2020


Nepal Economic Digest (March 06, 2020)
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KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.

Mechanical parking suggested resolving unsystematic parking problem

Japan’s Nippon Cable Company has proposed employing mechanical parking to alleviate the growing problem of traffic inconvenience and pollution in the Kathmandu Valley.

Company officials at a program here on Wednesday suggested this citing the findings of a survey conducted in Kathmandu.

The survey study was related to a feasibility study for the business sustainability of mechanical parking and the sustainability of its management in collaboration with the private sector.

The study was carried out with the support of the Japan International Cooperation Agency (JICA).

Six firms penalized for hiking mask prices

With Nepal at a high risk of coronavirus, the government has taken action against various six firms and dealers for their involvement in black marketeering of medical goods including masks and sanitizers.

A team deployed from the Department of Commerce, Supplies and Consumers Protection Management on Wednesday fined Chhetrapati-based Nepal Care and Surgical Suppliers Rs 200,000 for creating an artificial shortage of masks and hiking the prices of masks.

The investigation carried out by the Department found that it was selling at a high price creating an artificial shortage of medical goods.

Average room occupancy in five-star hotels down to 45%

Five-star hotels have witnessed a decrease in hotel occupancy. Only 45% of rooms are being occupied due to cancelation from tourists that fear the COVID-19.

At the same time last year, five-star hotels had an occupancy of 80%. Even the banquet halls of the hotels are not being utilized despite the wedding season as the government has urged people to avoid crowds as a precautionary measure for COVID-19.

Nepal invites India, USA, China and Russia’s military to climb Mt Everest

The Defence Ministry of Nepal has invited military of India, China, and the United States to climb the world’s highest summit, Mount Everest, later this year as a symbol of friendship.

Nepal’s ambassador to Russia Rishi Ram Ghimire said that the Ministry of Defence has sent an invitation to the Russian Ministry of Defence to climb Mount Everest together this year.

“I think they will agree. This may happen in May. From late April to late May is a good time to climb Mount Everest. Other months of the year are less suitable”, the ambassador said, adding that Nepal was waiting for Moscow’s response to the invitation, which was sent a month ago.

Minister Bhattarai directs to form ‘action team’

Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai has directed the bodies concerned to form an ‘action team’ at Civil Aviation Authority of Nepal (CAAN) and Nepal Tourism Board (NTB) to carry out a study on the impact of coronavirus (COVID-19) on tourism sector and the measures to be taken in this regard.

Likewise, Director General at CAAN, Rajan Pokharel, Chief Executive Director of the NTB Dr Dhananjay Regmi, as well as chiefs and representatives of different organizations associated with tourism sectors informed about the effects posed by a coronavirus in the tourism sector.

India restricts exports of 26 drug drugs on fear of coronavirus shortages

India has restricted the export of 26 active pharmaceutical ingredients (APIs) and the medicines made from them, in a move seen aimed at tackling possible domestic shortages of medicine during the coronavirus outbreak.

India is the world’s main supplier of generic drugs.

The list includes paracetamol, Vitamins B1, B6, B12, female hormone drug Progesterone, antibiotics used to treat vaginal infections like Tinidazole and Metronidazole, a drug used to treat herpes Acyclovir, and other antibiotics like Chloramphenicol, Erythromycin Salts Neomycin, Ornidazole, and Clindamycin.

Hand sanitizers in short supply due to buying rush sparked by outbreak fears

There is a shortage of two of the materials that protect COVID-19, face masks, and hand sanitizers.

The WHO has said that rubbing hands with alcohol-based substances and/or washing hands with soap and water regularly helps to kill the virus.

Given the notice by WHO, people have stocked up on hand sanitizers thus created a shortage in the market.

(Compiled and prepared by Swastik Aryal and 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. The Institute for Strategic and Socio-Economic Research (ISSR), Nepal’s independent think tank, and Khabarhub — Nepal popular news portal — have joined hands to disseminate news from Nepal in the form of Economic Digest.

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