Nepal Economic Digest (August 07, 2020) « Khabarhub
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Nepal Economic Digest (August 07, 2020)

07 August 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.

FNCCI forms six-member panel to prepare its 54th AGM

A committee has been formed to prepare the election modality to conduct 54th Annual General Meeting (AGM) of the Federation of Nepalese Chamber of Commerce and Industries.

An executive committee meeting of the FNCCI held on Wednesday formed a six-member panel to prepare the modality to hold its 54th AGM.

The committee has been directed to submit a draft of the modality at the FNCCI within 15 days. DB Basnet and Arun Raj Sumargi from District and Municipal Chambers, Bharat Acharya and Ranjit Acharya from Associates and Binod Dhakal and Sunil Gopal Shrestha are in the committee.

Earlier, the AGM of FNCCI had been set for August 10 and 11. It had been postponed due to coronavirus pandemic.

COVID-19 renders one-fourth private sector workers jobless: NRB Survey

Businesses and industries are found to  have cut one fourth of jobs during the lockdown imposed by the government to combat the spread of coronavirus, a survey by the Nepal Rastra Bank (NRB) has found.

The said survey covering 674 businesses and industries from 52 districts carried out between June 8 and June 24 found 22.5 percent of their employees were laid off during the lockdown.

According to the survey results, two-thirds of those who have lost their jobs were either temporary or contract-based workers. Job losses in the hotel and restaurant sector remained the highest at 40 percent, according to the survey report.

Committee formed to revive sick and defunct industries

The government formed a six-member committee in a bid to breathe a new lease of life to those state-owned and run sick and defunct industries.

Once thriving industries such as Hetauda Kapada Udhyog, Butwal Dhago Karkhana, Birgunj Krishi Aujar Karkhana, Bhrikuti Kagaj Karkhana, Gorakhkali Rubber Udhyog, Janakpur Churot Karkhana among others industries have been defunct and sick owing to various reasons over the period.

The government in the last meeting of the cabinet on August 3 decided to form a six-member committee coordinated by former secretary Deepak Subedi.

The Committee will offer recommendations on the modality so as to revive the sick industries in the country.

According to the Minister for Finance and Minister for Communications, Information Technology Dr. Yubaraj Khatiwada, the Committee would help the government identify the sick industries, categorize them, help rebuild and re-operate them.

The government has launched policies and programs for the new fiscal year 2020/21 for the revival of such enterprises.

1,494 Nepalis returned home on Thursday

As many as 1,494 Nepali people stranded due to lockdown in various countries abroad returned home on Thursday.

According to Civil Aviation Authority of Nepal (CAAN), 1,494 Nepalis came back home from Saudi Arabia, Qatar, the United Arab Emirates, Malaysia, and Turkey.

Nepal Airlines conducted two flights and Himalaya Airlines conducted one flight to airlift 564 Nepali people from Saudi Arabia, said CAAN.

Similarly, 525 people came to Nepal on two flights of Air Arabia and one flight of Fly Dubai.

Likewise, 178 Nepalis came home on a flight of Malindo Air from Malaysia and 73 from Turkey on a flight of Turkish Airlines.

(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.

Publish Date : 07 August 2020 08:00 AM

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