KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.
Empowering Women in Nepal’s Banking Sector
Gender dynamics within Nepal’s banking sector reflect a noteworthy presence of women, surpassing regional averages, with females comprising 45% of the financial workforce and occupying 42% of positions within commercial banks.
However, despite these encouraging statistics, persistent barriers obstruct their ascent to leadership roles.
Despite legal requirements for gender diversity, entrenched cultural norms, familial commitments, and organizational biases impede women’s career progression, with only 23% reaching senior management positions.
Through initiatives fostering inclusive leadership, bolstering support systems, and challenging gender biases, Nepal can unleash the untapped potential of its female workforce, fostering sustainable growth and societal advancement within the banking industry.
NEPSE Registers Loss Amid Govt. Delays and Market Turbulence
The Nepal Stock Exchange (NEPSE) experienced a notable decline of 33.73 points during the past week, a result attributed to delays in crucial government appointments and policy reviews.
This period saw marked market volatility as NEPSE fluctuated between 1,952.96 and 1,998.52 points, indicative of investor uncertainty.
Although there were slight gains mid-week, the overall trend was one of losses.
Sectors such as hotels and tourism, as well as microfinance, demonstrated positive growth, while others, particularly life insurance, suffered significant setbacks.
Specific companies like Nepal Finance Limited and Sun Nepal Life Insurance Company witnessed significant transactions and losses, respectively.
Decreases in total turnover and average daily turnover underscored reduced market activity, ultimately leading to a decline in market capitalization and resulting in investor losses amounting to Rs 52 billion.
East-West Electric Railway Nears Completion
The Sarlahi segment of the East-West Electric Railway project has achieved a notable 90% completion milestone, signifying a significant advancement in this nationally important initiative.
Over a six-year period, substantial progress has been made under the careful guidance of project information officer Engineer Bhuwaneshwor Yadav.
However, challenges have arisen, particularly in obtaining clearance from the Sagarmatha Forest Project and the Murtiya Forest Office for tree removal, hindering efforts to open tracks.
Road Construction Delays Plague Kaski District
Negligence by the contractor, Motidan Construction Service Pvt Ltd., and oversight bodies has led to significant delays in paving a 2.2km section of the mid-hill highway in Kaski district, stretching over nearly two years since the contract was awarded in August 2022.
Persistent issues, including the management of electricity poles, drinking water pipes, and payment disputes, have contributed to the prolonged stagnation of the project.
The resulting inconvenience to passengers and increased accident risks not only disrupt daily travel but also adversely affect economic activities in western districts. Urgent remedial measures are imperative to accelerate construction efforts and enhance road safety.
Sinohydro-Sagarmatha Power Company Grapples with Local Demands
The Sinohydro-Sagarmatha Power Company, responsible for developing the Upper Marsyangdi-A Hydropower Project in Lamjung district, has encounterd obstacles from the Jalgini-Arkhalebesi Road Upgradation Struggle Committee.
This committee asserts demands for 10 percent project shares to be allocated to locals along with upgrades to the road infrastructure. In response, the company seeks avenues for dialogue.
While citing existing regulations that exempt it from share issuance, the company offers financial assistance for road improvements.
Despite the implementation of over 200 social projects, tensions persist regarding the accommodation of local demands amidst the progress of hydropower development.
Nepal to Receive Rs 1.2 Billion Grant from WWF
The Nepali government has green-lit the acceptance of around Rs 1.2 billion in grants from the World Wildlife Fund (WWF) via the Global Environment Facility (GEF).
Furthermore, the acquisition of 50 ropani of land in Surkhet and Dailekh districts for the development of towers for the Kohalpur-Surkhet-Dailekh 132 KV transmission line has been authorized by the cabinet.
(Compiled and prepared by Srija Khanal)
Economic Digest is a daily morning economic digest, basically relatable summations of the most important business news, and happenings from Nepal into easy-to-understand summaries.
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