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

Flood causes heavy damage to Middle Bhotekoshi hydel project

Flood in the Bhotekoshi river in Sindhupalchok district on Wednesday night has inundated the Middle Bhotekoshi hydropower project, causing losses of billions of rupees.

The 102-megawatt hydropower project is under construction in the district. Project Chief Sunil Kumar Lama said that a Chinese technician has also gone missing in the flood.

The flood has also damaged the go-down built to store equipment needed for the project. The dam of the project also suffered damage.

Mayor of Bahrabise municipality, Nimphunjo Sherpa said that the flood has caused heavy damage to the project and activities are underway to retrieve the submerged goods and equipment of the project.

Wyndham to open first hotel in Nepal

Wyndham Hotels & Resorts has announced its plan to open its first hotel in Nepal.

The company sees strong market fundamentals in the region for more of its economy and extended stay brands like Hawthorn, Howard Johnson, and Days Inn as well as the mid scale Ramada brand, currently its biggest brand in India.

Similarly, it is also planning to open its first hotels in Bhutan in March 2021. A Ramada Encore slated to open in Kathmandu’s Thamel in August will be Wyndham’s first affiliated brand in Nepal.

The new properties come amid ongoing Ramada openings throughout India as well as the introduction of the company’s first extended stay Hawthorn Suites brand in the country — a 202-room “eco-spiritual resort” near Dwarka Beach in northwest India.

Cases filed against various persons, companies for revenue leakage

Cases have been filed against various persons and companies on the charge of revenue leakage by evading tax and using duplicate VAT bills. Department of Revenue Investigation filed the cases at the high court demanding recovering Rs 774 million, the amount misappropriated and slapping fine of equal amount.

The cases were filed against New Koirala Brothers Enterprises, Samar Traders, Mahabauddha, for evading revenue by using duplicate VAT bill while two persons including Mayur Malakar, staying at Tokha-based Grande Apartment for their involvement in revenue leakage, said Director General at the Department, Dirgharaj Mainali.

(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.