KATHMANDU: Economic Digest offers a concise yet comprehensive overview of significant business happenings in Nepal, presented in easily digestible summaries.
On Tuesday, gold and silver prices in Nepal surged significantly, with gold increasing by 200 rupees to 152,400 rupees per tola and silver rising by 10 rupees to 1,765 rupees per tola, reflecting broader market dynamics and potential shifts in investor sentiment.
In tech news, Apple introduced the iPhone 16 featuring enhanced performance with the A18 chip, a sleek design, and advanced features including a 48MP camera and improved gaming capabilities.
Meanwhile, the Nepalese government is finalizing a policy for ethanol blending to reduce petroleum use and boost local employment, and Shree Airlines has been approved for daily flights to Bharatpur, ending Buddha Air’s exclusive hold.
Additionally, the Inland Revenue Department announced a 10% VAT rebate for electronic payments to hotels, restaurants, and bars, aimed at promoting tax compliance and electronic transactions.
Gold and silver prices surge in Nepalese market
In the Nepalese market, there was a notable increase in the prices of precious metals on Tuesday.
The price of gold had risen by 200 rupees per tola, increasing from 152,200 rupees to 152,400 rupees. Similarly, silver prices had also gone up. The cost of silver per tola had risen by 10 rupees, reaching 1,765 rupees, according to the Gold and Silver Traders Federation.
This rise in prices for both metals reflected broader market dynamics and indicated potential shifts in investor sentiment or changes in supply-demand conditions within the precious metals sector.
Apple unveils iPhone 16: enhanced performance, advanced features, and new deign
Apple has unveiled the iPhone 16 at the Steve Jobs Theater and The Observatory. The flagship model features a sleek design with aerospace-grade aluminum and vibrant color options.
It includes a tougher Ceramic Shield, a display with up to 2000 nits brightness, and a customizable action button.
Powered by the A18 chip, the iPhone 16 offers up to 30% faster speeds and improved energy efficiency with its 16-core neural engine, 6-core CPU, and 5-core GPU.
Apple Intelligence enhances Siri with personalized assistance, while the camera system boasts a 48MP main sensor, 12MP ultra-wide lens, and supports 4K60 video with Dolby Vision HDR.
It also features advanced gaming capabilities, ray tracing, and improved thermal performance.
Connectivity is enhanced with Wi-Fi 7 and Messages via Satellite, and the efficient A18 chip extends battery life. Prices start at USD 799 for the 128GB model and USD 899 for the Plus, with trade-in offers up to USD 800 off.
Govt nears finalization of ethanol blending policy to cut petroleum use and boost local employment
Minister for Industry, Commerce, and Supplies Damodar Bhandari announced significant progress on the government’s policy for ethanol blending in petroleum products.
Speaking at a debate organized by the Nepal Association of Financial Journalists, Bhandari revealed that the regulatory framework for ethanol mixing is complete, with only the pricing to be finalized within a month.
The policy aims to cut down daily petroleum consumption by 200,000 kilolitres and is expected to boost local employment through increased ethanol production. Despite a policy drafted in 2060 BS, implementation had been delayed.
Shree Airlines secures approval for daily flights to Bharatpur, ending Buddha Air’s exclusive hold
Shree Airlines has received approval from the Civil Aviation Authority of Nepal (CAAN) to operate five daily flights to Bharatpur.
Initially, Shree Airlines will launch three flights daily, using Turboprop-800 series aircraft. This new service will introduce competition in Bharatpur, where Buddha Air currently holds a monopoly with over eight daily flights using ATR-42 aircraft.
IRD announces 10% VAT rebate for electronic payments to hotels, restaurants, and bars
The Inland Revenue Department (IRD) introduced a 10% VAT rebate for payments made electronically to hotels, restaurants, and bars.
This initiative aims to promote tax compliance and electronic transactions. The rebate applies to payments made via debit/credit cards, QR codes, and mobile payments.
Businesses and payment portals must meet specific conditions to participate, including setting up systems to process rebates and complying with updated electronic billing procedures.
This scheme, initially outlined in the Fiscal Year 2019/20 budget, is part of the government’s push towards a cashless economy.
(Prepared by Srija Khanal)
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