KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.
NOC hikes price of petroleum products
KATHMANDU: The Nepal Oil Corporation (NOC) has hiked the prices of petroleum products.
According to the NOC, the prices of petrol, diesel and kerosene have been increased by Re 1 per liter. The newly-increased price will come into effect from Sunday midnight.
Likewise, the price of Liquefied Petroleum Gas (LPG) has not been increased. With this, a liter of petrol costs Rs 105 per liter, and diesel and kerosene Rs 91 per liter.
The NOC claimed that it increased the price after the Indian Oil Corporation (IOC) that supplies petroleum products to the NOC, increased its rate.
Trump orders Chinese owner of TikTok to sell US assets
President Donald Trump gave the Chinese company ByteDance 90 days to divest itself of any assets used to support the popular TikTok app in the United States.
Trump’s executive order said there is credible evidence that leads me to believe that ByteDance might take action that threatens to impair the national security of the United States.
Trump last week ordered sweeping but vague bans on dealings with the Chinese owners of TikTok and the messaging app WeChat, saying they are a threat to US national security, foreign policy and the economy.
It remains unclear what the TikTok orders mean for the app’s 100 million US users, many of them teenagers or young adults who use it to post and watch short-form videos.
Fifth phase repatriation flights to begin from Monday
The fifth phase of repatriation flights for Nepali migrant workers stranded abroad is set to begin from Monday.
More than 40 flights are scheduled to be operated during the repatriation period that will last till August 31.
The Civil Aviation Authority of Nepal (CAAN) has allowed Nepal-based international airlines to operate more than 30 repatriation flights during the phase.
Some 10 flights will be conducted by international airlines. The Nepal Airlines will bring stranded Nepalis home in 17 flights from countries like Dubai, Qatar, Malaysia, Saudi Arabia and Kuwait, among other countries.
Similarly, Himalaya Airlines, a Nepal-China venture, is scheduled to operate 14 flights to various labor destination countries including Malaysia, Qatar, Saudi Arabia, Kuwait and Dubai.
The repatriation flights will be operated between August 17 and August 31.
IPOs worth Rs 4.45 billion of various 16 companies in the pipeline
Sixteen companies are seeking approval of the Securities Board of Nepal (Sebon) to float their primary shares worth Rs 4.45 billion.
Those seeking approval to float primary shares include nine hydropower companies, two insurance companies, one merchant bank and four from the other sector.
The hydropower companies are coming up with the primary shares worth Rs 3.09 billion in total. The biggest IPO is from Madhya Bhotekoshi Jalvidyut Co. Ltd, which plans to float 15 million units of shares worth Rs 1.50 billion.
Two insurers including General Insurance Company Nepal and Sanima General Insurance will be floating IPOs worth Rs 300 million each.
According to the record of the Sebon, applications for the initial public offering worth Rs 803.28 million of four companies are under its preliminary review.
Around 150 bridges repaired in last fiscal year
Around 150 bridges were repaired in different districts across the country in the previous fiscal year 2019/20.
The Department of Road had repaired and renovated the bridges on the investment of the Nepal government and also with the financial assistance of development partners.
Chief of Bridge Division under the Department of Roads, Deepak Bhattarai said the policy was to gradually install new bridges and subsequently remove the old ones in the most vulnerable areas.
Maintenance of the earthquake-damaged bridges is also going on. Some of the single-lane bridges are under the process of expansion, he added.
“Maintenance of the old and congested bridges is taking place alongside the installation of new bridges”, the division sources said. The Department has so far repaired and renovated around 150 bridges for the past two years.
(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.
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