KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.
Lockdown saves import of petroleum products worth billions
The lockdown enforced since March 24 has brought abrupt closure of the industries, transportation, and all construction works.
This shut down in all sectors has spared more than Rs 28 billion that would have been used in the import of petroleum products otherwise.
The restrictions on the movement of the vehicles and the shutting down of large construction projects especially related to hydropower, drinking water, and road construction, and maintenance have led to the decline of the use of petroleum products.
However, the import of the goods and products of daily use is regular. The country had imported petroleum oil and gold worth 146.66 billion rupees in the first 9 months of the last financial year.
Lockdown hits construction of 9 hydroelectricity projects in Lamjung
The nationwide lockdown enforced to stem the spread of coronavirus has affected nine hydroelectricity projects in Lamjung district.
Managers of the nine under construction hydel-projects with 202-megawatt aggregate capacity said construction works of the projects were hit hard for lack of supply of construction materials and sufficient number of workers.
The government after two weeks into lockdown had urged the large construction projects to continue works. But, the works have failed to resume in the lack of necessary resources at the local level.
The managers viewed they faced problems as construction materials including cement, sand, steel bars needed to be brought in from other districts.
Freight transport service launched from China’s Xi’an to Kathmandu
A freight transport service has been launched on Friday between China’s Shaanxi and Kathmandu, Chinese media reports have said.
The service has started from Xi’an, the capital of northwest China’s Shaanxi Province, according to Xinhua. Reports said a cargo train carrying grouting pipes, clothes, PVC pipes, shoes and printers left Xi’an for Xigaze in China’s Tibet Autonomous Region.
The cargo will then be transferred onto trucks to be delivered to Kathmandu, the China Railway Xi’an Group Co., Ltd. said.
This train service is the first on the combined road-rail cargo transport service from China’s Shaanxi to South Asia. This is operated by the China Railway Container Transport Corp. Ltd., and the China Railway Xi’an Group Co., Ltd.
Migrant workers protest in Qatar over unpaid wages
Migrant workers staged a rare protest in Qatar over unpaid wages, the country’s government said. Images on social media showed more than 100 men blocking the main road in the Msheireb district of the capital, clapping and chanting as police looked on, media reports said.
“In response to the late settlement of salaries, a small number of expatriate workers conducted a peaceful protest in the Msheireb area on May 22,” the labor ministry said in a statement.
“Following an immediate investigation (the ministry) has taken steps to ensure that all salaries will be promptly paid in the coming days.” Legal action has been taken against the companies involved in the non-payment of salaries, it added.
(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.
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