Nepal Economic Digest (March 10, 2020) « Khabarhub
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Nepal Economic Digest (March 10, 2020)

10 March 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.

Oil crashes 30% over Saudi Arabia-Russia crude price war, coronavirus fears

Oil plunged about 30 percent in a disordered market opening, with crude benchmarks WTI and Brent both trading below $35 a barrel with fears of a price war after the collapse of an output cut deal between OPEC and Russia.

On Monday, Asian markets opened with a massive gap, with Brent decreasing about 30 percent to $31.38 per barrel within seconds, international media reports have said.

Likewise, WTI dropped below $28 – the lowest since 2016. OPEC and non-OPEC countries held consultations in Vienna.

However, they failed to agree on additional oil cuts notwithstanding concerns over the coronavirus outbreak.

Qatar denies entry to 14 countries including Nepal

With the deadly virus continuing its march across the world, the Qatar government has temporarily denied entry to 14 countries including Nepal.

Nepal has also featured in the list of the countries banned by the Qatar government, the lucrative destination for foreign employment. Issuing a notice on Sunday, the Qatar government decided to bar the foreigners from China, Egypt, India, Iran, Iraq, Nepal Lebanon, Bangladesh, Pakistan, Philippines, South Korea, Sri Lanka, Syria, and Thailand visiting the country.

Over 400,000 Nepali migrant workers have been working in Qatar, currently.

DoR to build 3 flyovers along Koteshwor-Kalanki road section

The Department of Road (DoR) is working out a plan to construct three flyovers at different places along the Koteshwor-Kalanki road section.

The DoR has planned to build three flyovers to resolve the traffic jam that cropped up at the major intersections along the Koteshwor-Kalanki road section even after the China government upgraded it, said General Director of the DoR Keshab Sharma.

“We have introduced this plan after the traffic jam cropped up at the major intersections including Gwarko, Satdobato, Ekantakuna and Balkhu on the Ring Road,” said Sharma.

Federal, state ministries seal 5-point deal on agro project

The Federal Ministry of Agriculture and agriculture minister of state governments have signed a five-point agreement on agro-business.

The agreement was signed following a discussion held between the ministers of the federal government and state governments on Sunday and Monday.

Minister for Agriculture Development Ghanashyam Bhusal had organized a two-day meeting with ministers of all seven states to solicit their suggestions for long-term development in the agro sector.

Govt refutes goods shortage, warns of action against artificial price rise

The government has denied there is a shortage of daily consumer goods in the market and warned of maximum action against anyone found indulging in black-marketeering and hoarding.

Stating the government was working on a war-footing level to keep the market supply regular, it has made it clear that there is a pressure to meet the demand for sanitary mask and sanitizer only when the coronavirus has posed a global health threat.

The Minister for Commerce and Supplies, Lekhraj Bhatta said, “There is no issue in the supply of foodstuffs, cooking gas, salt, grains and edible oil. There is no situation of panicking anywhere.”

Sugarcane farmers postpone second phase of protest over coronavirus fears

Sugarcane farmers have postponed their second phase of protests due to the fear of coronavirus.

The protest program was planned to put pressure on mill owners to clear the outstanding payments for their crops.

Bagmati State allocates 3 billion budget for tourism development

The Bagmati State government has planned Rs 3 billion-budget for the promotion of tourism with infrastructure development in the current fiscal year.

The budget managed by the Ministry of Industry, Tourism, Forest and Environment will be spent to construct infrastructures and publicity campaigns in the State.

Hem Pathak, Planning Officer at the Ministry said the State government has expedited the process of building physical infrastructures by determining tourist destinations in all districts except in the Kathmandu Valley with the concept of ‘one district one model tourist destination’.

(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.

Publish Date : 10 March 2020 11:26 AM

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