KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.
Krishna Prasad Acharya elected IPPAN chair
Krishna Prasad Acharya has been elected as the chairperson of Independent Power Producers’ Association, Nepal (IPPAN).
A general meeting of the IPPAN held on late Sunday unanimously elected Acharya as the new chairperson of the Association.
The nine-member central executive committee of the IPPAN has been extended to a 17-member executive committee through the amendment of its statute.
Mohan Dangi, Ashish Garga and Ganesh Karki have been elected as vice chairpersons of the central executive committee.
Similarly, Gore Sherpa has been elected as the General Secretary while Bharat Khatri, Balaram Khatiwada and Ram Acharya have been elected as secretaries.
Ananda Chaudhary has been elected as treasurer. Likewise, Prakash Dulal, Bharat Khadka, Bharat Lamichhane Uttam Blon, Abigya Malla and Kabita Kandel have been elected as members of the committee.
Nepse ends 17 points lower as earnings take a hit
A sharp decline in the morning saw the Nepal Stock Exchange (Nepse) index sink over 27 points in the first few minutes of the trading session.
Some volatility ensued thereafter as the benchmark partially recouped earlier losses within the first half an hour of trading.
The Nepse index hovered in the red after mid-day finally settling below the 1,400-point mark at 1,391.46 points. The day’s loss tally was recorded as 17.33 points.
Losses accentuated as many listed companies published their unaudited earnings for the fiscal year 2019/20 on Friday.
Majority saw their earnings drop year-on-year, while only a few managed to buck the trend and reported growth in earnings.
Therefore, on the prospect of future earnings as well as possible dividends for the previous fiscal year, investors took a major step back allowing sellers to dominate the day’s session.
Rescue flights of fifth phase begins
The rescue flights of fifth phase started to repatriate the Nepali citizens stranded in foreign countries due to the COVID-19 pandemic.
In doing so, national flag carriers, Nepal Airlines Corporation and Himalaya Airlines along with other foreign airlines are conducting chartered flight services from August 17 to bring back Nepali from foreign destinations.
The Nepal Airlines would make chartered rescue flights up to 31 August while the Himalaya Airlines has made public to operate the service up to 30 August.
Following the rapid spread of coronavirus infection in different parts of the country including federal capital Kathmandu, the government has reviewed its earlier decision to resume the operation of domestic and international flights from 17 August.
(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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