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

Domestic airlines to carry passengers to their full capacity

Domestic airlines companies have been allowed to carry passengers to their full capacity.

Writing a letter to the Civil Aviation Authority of Nepal (CAAN), the Ministry of Culture, Tourism and Civil Aviation said that domestic airlines can carry passengers to their full capacity.

Earlier, domestic airlines had decided not to resume services after the government directed them to carry passengers only up to 50 percent of their capacity in view of the COVID-19 infection.

Responding to the reaction of the domestic airlines companies, the ministry had allowed the airlines to carry passengers to their full capacity on the condition that they should conduct only 25 percent of total fights a day.

The cabinet meeting on Thursday had endorsed the proposal of the ministry. “Domestic airlines can carry passengers to their full capacity but conduct only 25 percent of the total flights a day.

All the health safety standards set by the government must be followed during the flights,” reads the circular dispatched to the airlines companies.

NEPSE close week higher

The stock market observed a notable strength since the beginning of this week.

On Sunday, the benchmark Nepal Stock Exchange (Nepse) index rose 16.56 points, followed by a gain of 3.26 points on Monday.

After correcting a modest 4.47 points on Tuesday, the exchange gathered momentum further towards the latter part of the week.

The major average added 5.36 points on Wednesday, while the index capped this week’s trading on a firmly positive note with a 30.78 points jump.

Consequently, the gain tally for the week stands at 51.49 points or 3.39% with Nepse finishing at 1,572.18.

Electric minibus begins operation from Kathmandu to Manthali

An electric minibus has been launched on the long route for the first time in Nepal. Shree Bhawalaxmi Investment Company Pvt Ltd launched the electric minibus service.

The electric minibus will provide service from Kathmandu to Manthali of Ramechhap every day. Senior leader of ruling Nepal Communist Party, Madhav Kumar Nepal inaugurated the service.

Two minibuses headed towards Manthali from Koteshwor today. On the occasion, Nepal said the operation of electric vehicles would help maintain healthy environment as well as would help in national economy by displacing the imported diesel and petrol.

Saying that it would not be appropriate to impose tax on electric vehicles at a time when most of the countries in the world have given priority to electric vehicles, leader Nepal urged the government to make policy-level arrangement in order to encouraging operation of electric vehicles.

FNCCI to hold General Convention on Nov 26-27

The Federation of Nepalese Chamber of Commerce and Industries (FNCCI) has decided to hold its General Convention in November.

A meeting of office-bearers held on Friday decided to organize the General Convention on November 26-27.

The General Convention has been postponed twice due to the coronavirus pandemic.

Pandemic threatens hard-earned development gains: PM Oli

Prime Minister KP Oli addressed the SDG Moment 2020 on Saturday. The SDG Moment 2020 is a high-level event convened by UN Secretary-General on the margins of the 75th session of the UN General Assembly.

In his address, PM Oli expressed concerns that the pandemic threatened the hard-earned development gains particularly in the countries such as LDCs, LLDCs and SIDs.

The freezing economy, shrinking revenue, increasing public expenditure, rising poverty and unemployment have severe impact on these countries’ efforts to realize the SDGs, he added.

He stated that it was not a moment to shift the goalposts further and that the SDGs must continue to serve as the compass of clarity for global action.

PM Oli further said the sustainable development was at the center of Nepal’s development vision and it underpinned the national aspiration of ‘Prosperous Nepal, Happy Nepali’.

According to him, it was time to move beyond rhetoric and accelerate action at all levels in order to recover and rebuild better, and to ensure that no one is left behind.

“We have made some significant achievements in key areas –including poverty reduction, food security, education, gender equality, basic sanitation, and energy access. Our people have been enjoying fundamental rights and freedoms as enshrined in the Constitution,” he said, adding that there were still challenges and gaps.

Nepal was one of the five countries from the Asia Pacific region to be featured in the SDG Moment 2020.

Let’s stand united for dev rising above petty interest: PM Oli

Prime Minister KP Sharma Oli has urged one and all to gear up for the development and prosperity of the country by rising above the petty interest and prejudices.

Addressing the nation on the occasion of Fifth Constitution Day today Prime Minister Oli reminded that the countries which are developed now in the world were also struggling for development few decades back.

“The condition of the countries which are developed now in the world was also like ours few decades ago. They left no stone unturned for the development of their countries, regardless of caste and color,” said Oli, adding, “Let’s get united for the development and prosperity rising above the petty interest and prejudices.”

He further said that there are no options left for the government to develop the nation. “Now the time has come for us to translate our commitments into results.”

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.