KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.
KMC sets Rs 100 million emergency fund to combat COVID-19
The Kathmandu Metropolitan City (KMC) is set to set up an emergency fund worth Rs 100 million to fight coronavirus.
Metropolis ward, small, medium and big, each would receive Rs 200,000, Rs 300,000 and Rs 400,000 respectively from the fund to check and control the infection, said the metropolis mayor Bidya Sundar Shakya after the meeting.
“The meeting also decided to distribute pamphlets and banners featuring awareness against the virus and dengue in Nepali and Nepal Bhasa languages.
Domestic airfare comes down by as much as Rs 200
Domestic airlines have decreased airfare after the Nepal Oil Corporation (NOC) reduced the price of Aviation Turbine Fuel (ATF) by Rs 4.50 per liter.
The reduced airfare has been effective from Friday.
According to the Airlines Operators Association of Nepal (AOAN), the airfare has come down by a minimum of Rs 25 and a maximum of Rs 200. The airfare for mountain flights from Kathmandu has been reduced by Rs 150.
US announces $1.8 million aid to Nepal to fight COVID-19
The US government has announced an additional $1.8 million in assistance to bolster the government of Nepal’s novel coronavirus disease (COVID-19) readiness and response.
These funds are part of the United States Agency for International Development (USAID) Emergency Reserve Fund for Contagious Infectious Diseases.
Hyatt Regency Kathmandu closes for a month
Hyatt Regency Kathmandu has announced closure for a month following a sharp decline in the number of guests.
The five-star hotel based in Bouddha said it will close all of its operations for one month starting on Saturday.
The travel industry is facing severe trouble due to fears of coronavirus outbreak with almost all bookings canceled.
Nepal Reinsurance Company closes IPO issuance
Nepal Re-Insurance Company Limited has closed issuing 1,60,00,000 units worth Rs 1.6 arba as Initial Public Offering (IPO) for the general public from Friday.
The IPO issue was open since Tuesday.
Among the offered 1,60,00,000 units, the company said some 73,500 units have been set aside for the employees of the company. Likewise, 5 percent of the total offered a share to the general public (80,000 units) have been set-aside for mutual funds, it said. Likewise, the remaining 1,51,26,500 units are meant for the general public.
Remote Ghaiyabari connected to the road network
An agriculture road has been constructed up to Ghaiyabari (ward-5) and Tallojyamire in the remote area of Bhimphedi rural municipality in Makwanpur district.
With the expansion of the road network, local people have been elated when their local agro products are being transported to the market. The road was constructed at the cost of Rs 3 million.
Hotel Yak and Yeti announces closure from Saturday
Hotel Yak and Yeti has announced closure from Saturday keeping a possible risk from COVID-19 in mind.
Issuing a statement, the five-star hotel based in Dubarmarg said the decision was taken considering the health of its employees, guests and locals. It has not mentioned when the hotel will resume its operations.
Alibaba Group to donate emergency supplies to Nepal
Alibaba Group, a Chinese multinational technology company, has announced to donate emergency supplies to the South Asian countries including Nepal to contain the deadly coronavirus.
Posting a Twitter message on Saturday, Jack Ma, the founder of Alibaba Group, said the company will supply emergency supplies including 1.8 million masks, 210,000 test kits, 36,000 protective suits including ventilators and thermometers to Afghanistan, Bangladesh, Cambodia, Laos, Maldives, Mongolia, Myanmar, Nepal, Pakistan and Sri Lanka.
No halt of emergency service. What falls under emergency service?
The government has decided to close all offices except those providing emergency services from March 22 to April 3.
As per Nepal Gazette, essential services include postal, telephone service, transporting passenger and goods through water, land and airways, printing and government press, communication service, internal security service, drinking water, services related to tourist shelter, petroleum products, hospital, banking, insurance, electricity and transport, storage, delivery of daily essentials and weather forecasting among others.
(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.
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