Kathmandu: Imports of mobile phones have increased during the global spread of the corona virus. Covid-19 has led to an increase in the use of virtual media, including teaching and learning, company meetings, and the uses of mobile phones. According to the statistics of the Department of Customs, mobile phones worth Rs. 11.10 billion have been imported in the first quarter of the current fiscal year 2020/2021. This is an increase of Rs. 3.91 billion compared to the same period of the previous Fiscal Year 2019/2020. According to statistics, 1.5 million sets of mobile phones have been imported to Nepal between the period of July and September. As stated by the department, 467,000 mobile sets worth Rs 4.18 billion were imported in July. Nepal has imported most of the mobile phones from China, India and Vietnam. According to the department, mobile phones worth Rs 7.7 billion were imported from China alone during the period. Similarly, mobile phones worth Rs 3.54 billion were imported from India, Rs 434.8 million from Vietnam, Rs 110 million from the UAE and Rs 28.6 million from Korea, according to the department. In addition, mobile phones worth Rs 7.2 million have been imported from the US, Rs 1.1 million from the UK and Rs 1.8 million from Japan.

Mobile business booms during pandemic

Washington: The World Bank has approved a $80 million project today to bolster Nepal’s agriculture sector by strengthening rural market linkages and promoting entrepreneurship while creating jobs to support post-COVID-19 recovery. According to a press statement issued by the World Bank, the Rural Enterprise and Economic Development (REED) Project will promote market linkages to support the growth of rural enterprises, especially those that are women-led. A key focus is on productive partnerships that will help add value, create jobs and foster sustainable linkages between small-holder producers and institutional buyers. The project will facilitate improvements in quality and meeting requirements of new destination markets to boost exports. “The project is an opportunity for the government and the private sector to work together in building the ‘Nepal’ brand in the agriculture sector and leverage the country’s global recognition,” stated Faris Hadad-Zervos, World Bank Country Director for Maldives, Nepal and Sri Lanka. “In doing so, the project can stimulate many niche sectors such as coffee, tea, fruit and medicinal products, among others, to help them grow and to support post-COVID-19 recovery.” The project focuses on five economic corridors covering Provinces 1, 2, Bagmati, Gandaki, Lumbini and Sudurpashchim that offer opportunities for successful linkage activities of the rural entrepreneurs to be supported by the project. REED will work with provincial and local governments, intermediary organizations and small and medium enterprises to build capacity in the agriculture sector and strengthen the entrepreneurship ecosystem. The project will also help improve production through investments in municipal agriculture centers and value chain infrastructures to ensure the availability of inputs for farming as recovery actions from COVID-19. The project will use labor-intensive Cash for Work mechanism, to the extent possible, in short-term public works. “In the context of Nepal’s agriculture sector transformation and COVID-19, improving agribusiness competitiveness and creating rural jobs are critical to accelerate recovery of the sector and the economy from the pandemic’s impacts,” stated Loraine Ronchi, World Bank Practice Manager for the Agriculture Global Practice. The project supports the Government of Nepal’s Agriculture Development Strategy 2015–2035 that aims to create a sustainable, competitive, inclusive and resilient agricultural sector that drives economic growth with private sector participation. The World Bank is supporting Nepal’s development through a portfolio of 24 projects with net commitments of over US$3 billion. The World Bank-supported projects aim at strengthening public institutions for economic management, service delivery and public investment; generating more and better jobs through private sector-driven growth; and building inclusion for the poor, vulnerable and marginalized groups, with increased resilience against climate change, natural disasters and other exogenous shocks.

World Bank approves $80 Million to boost Nepal’s agriculture sector

Sindhupalchowk (RSS): The major trade Tatopani checkpoint between Nepal and China has been formally re-opened on Wednesday. The Chinese side had closed the checkpoint on September 6 stating that some Nepali employees had contracted Covid-19 infection after the floods and landslides closed for three months. Lal Bahadur Khatri, chief of the Tatopani customs office, said that the cargo containers would enter Nepal only on Thursday, even though they came into operation as per the understanding between the two countries. It has been stated that Nepali workers will not have to cross the border as the goods entering Nepal will be brought to the customs area by the Chinese side from now on. According to the Tatopani Customs Office, the containers will be sent to the capital only after being kept in the isolation yard of the customs for 12 to 14 hours.

Tatopani checkpoint resumes from today

Kathmandu: In the previous years, with the onset of the first flush of tea, traders from the western countries were found teasing the tea plantations in the eastern hilly districts. Especially tea buyers from Germany, USA and other countries used to go to the orchards and factories to demand tea. This time, no tea buyers could come to the orchard due to the panic spread around the world due to Covid-19. Which has a direct impact on tea exported to the West. Compared to the previous year, the international tea market has declined by 40 percent this year. Entrepreneurs say that even in the countries where Nepali tea is exported, there is a problem in export due to corona, and inability to deliver Nepali tea by air. While the Tea and Coffee Development Board and the Himalayan Orthodox Tea Producers' Association (HODPA) have been preparing logos to promote Nepali tea in the world market, Corona's influence has caused problems in the tea market. According to tea exporters Corona epidemic has hit the producers of special tea the hardest while exports to western countries, including domestic ones, are improving. In the first few weeks of the lockdown, when the factory was closed, green tea could not be picked. Even though the factory was operated after that, it could not run at full capacity for a long time due to lack of fuel and staff. Although Nepali tea was not exported to the Indian market at the beginning, it has become easier lately. It is estimated that about 500,000 kg of tea will go to European and American countries out of the six million kgs of tea produced annually in Panchthar, Dhankuta, Tehrathum and other districts including Ilam. But this year, only 40 percent less exports. Last year, 18,000 kg of ready-made tea was sent to Europe, but this year entreprenuers are hardly sending only 10,000 kg. The government has already approved the logo titled 'Nepal Tea Quality of Himalayas'. Stakeholders say that even though Nepal's tea is of good quality, it has not been promoted in the western market due to lack of access and publicity. Farmers have complained that some factories exporting tea to the western market have paid up to Rs 92 per kg of green leaf but other factories have paid less and did not pay on time.

International tea market of Nepal declines by 40 percent

Kathmandu (NAN): Finance Minister Bishnu Poudel has said that the policy arrangements need to be corrected to improve the weak state of capital expenditure. Finance Minister Poudel has said that such laws need to be reformed as capital expenditure is weak due to some legal provisions. Talking to News Agency Nepal (NAN), he said that he was planning to increase capital expenditure by improving such things as some legal regulations or other things have created obstacles in capital expenditure. Similarly, Finance Minister Poudel said that he is in the strategy of increasing the cost by continuing any project by meeting the challenge created by Covid in the current situation. "We have a separate plan to meet the challenges posed by Covid to improve the situation, which is not currently comparable to the expected capital expenditure," he said. In addition, some of our provisions are legal or regulatory provisions or other factors that are hindering capital expenditure, we also review the overall situation and move forward with the necessary decisions and make significant improvements in the weak state of capital expenditure, 'he said. Finance Minister Poudel said that the current situation of revenue mobilization is also challenging. He said the shutdown had led to a contraction in economic activity and that it had affected production, markets and revenue, adding to the challenge of revenue collection. However, Poudel said that the target is likely to be closer to the target in the first quarter of the current fiscal year. "Looking at the situation so far, the path of revenue mobilization has become a bit challenging for us," he said. In between, there was a state of captivity. Economic activity contracted considerably. It is true that it has an impact on production, market and revenue, 'he said. "Analyzing the situation for the first quarter now, we are very close to the revenue target. Some are down but we are getting closer. We are prepared and in the mood to take health precautions for the rest of the period, focus on productive activities, focus on employment promotion and take initiatives to overcome the contraction in the economic sector. From that point of view, we are predicting that by the end of the financial year, we will probably meet the revenue target or come very close,” he added. Likewise, Finance Minister Poudel said that his focus was on adopting austerity measures regarding the expenditure of the government and various state bodies. He also made it clear that he was preparing to move forward strategically on issues such as maintaining austerity in government spending and getting the economy back on track.

Finance Minister Poudel is excited by revenue raised in last three months

Kathmandu: Every year, focusing on Dashain, Tihar and Chhath festivals, motorcycle companies used to bring offers to customers who buy motorcycles and scooters. Offers came this year too, but the customer's desire was different. 



Dealers like Bajaj, Honda, Yamaha, TVS, Hero, Suzuki, Aprilia, Vespa, KTM, Benelli, Royal Enfield did not offer as many discounts as before in this decade. They did not even hold a big exchange fair. 



Entrepreneurs were confident that the exchange fair would not be very result-oriented at this time. So their priority was not on the exchange. They wanted to sell a new motorcycle. The scheme was brought accordingly. Cash discount, 50 percent down payment with no interest rate was almost the same scheme of all the companies.



A new picture has emerged this year in the handshake between motorcycle dealers.It was found that they were explaining to their customers that their products are better than showing the weakness of each other's models.The decade saw good competition between major companies Bajaj, Honda, Yamaha and TVS. Bajaj won the race, while the other three companies also managed to sell twice as much this year as in the previous decade. 



However, the number of sales has not been released yet.The transport office was closed soon due to the infection of Kovid 19. Therefore, the motorcycles delivered by the companies have not been registered yet. Therefore, the exact number of motorcycles sold by which company in a decade will be known only after a decade. Based on our conversations with all motorcycle dealers, sales have more than doubled this year compared to the previous decade.



Although Covid 19 is considered to be the main reason for the increase in motorcycle sales, it can be estimated that the overall sales pressure after Chait has been concentrated in the decade. The companies had also cleared the stock of motorcycles in June and July with a big discount scheme. As local governments issued a restraining order in August, companies ordered more goods and had the opportunity to prepare for the decade.All the companies had made their preparations with the expectation of selling motorcycles in the decade. 



Their guess was that the customers rushed to buy the motorcycle. Motorcycle sales are high due to the fearful rise in public imports and the long-term buyer's reluctance.



Most companies had increased the price of their motorcycles by Rs 1,000 to Rs 5,000 just before the announcement of the Dashain scheme. Customers took the price hike in their current models as normal and rushed to the showroom to buy.There was also a reduction in the schemes brought by the companies. In the scheme brought in June, the company gave a cash discount of up to Rs 15,000 on the current model and limited it to a maximum of Rs 12,000 in a decade. Suzuki brought Rs 12,000, Bajaj Rs 10,000, TVS Rs 9,000, Yamaha Rs 8,000, Hero Rs 5,000 and Honda only Rs 4,000.The companies liked the zero percent interest rate scheme the most. After making 50 percent down payment in this scheme, the remaining amount can be paid in 18 installments. 



In which there was no interest. So many people took advantage of this scheme and bought motorcycles.

New record for motorcycle sales in festive season

Kathmandu: Remittances to Nepal from abroad have increased by eight percent during the first two months of the current fiscal. According to the data released by Nepal Rastra Bank (NRB) remittance inflow was 8.1 percent during the same period of last fiscal year. According to NRB, remittance worth Rs. 165.73 billion has been received till mid-August. The remittance inflow had decreased by 0.6 percent in the corresponding period of the previous year. Remittance inflows to the US dollar rose 2.6 percent to 1.39 billion dollars, according to the NRB. Despite the increase in remittance inflows, the number of people going for foreign employment has decreased by almost 100 percent during this period. According to the central bank, the number of Nepalis seeking final labor permits (institutional and individual-new and legalized) for foreign employment declined by 99.2 percent during the review period. Such number had increased by 0.2 percent in the corresponding period of the previous year. The number of Nepalis seeking re-employment for foreign employment has decreased by 86.5 percent during the review period. Such number had increased by 10.3 percent in the corresponding period of the previous year.

Remittances increased by 8 percent to Rs 165 billion in two months

Kathmandu: Amid the Covid-19 pandemic, foreign investors are excited to open new industries in Nepal. Although covid-19 cases are increasing significantly in the country, the processes of registering new industries with foreign investment seems to be normal at present. A total of 89 industries with foreign investment have been registered in the first three months of the current Fiscal Year 2020/21. According to the Department of Industry, foreign investment worth of Rs 19.15 billion has been committed in those industries registered till mid-October. This amount is only about Rs 100 million less than last year and only one less than the number of industries. During the same period in previous fiscal year, a total of 88 industries were registered worth Rs 19.25 billion. Economists say that even in the midst of the Corona epidemic, the return of foreign investment to normal is a positive sign for the country's economy. Binod Kumar Khadka, information officer of the industry department, said that investors have been more attracted towards the hydropower and tourism sectors recently. He said that even after the investment conference, there is continuous contact with the investors and the foreign investment commitment is continuing even among the co-operatives. The highest foreign investment commitment has been made in the tourism sector in the last three months. A total of 58 new industries have been registered in this sector with an investment of Rs 13.80 billion. The department has stated that 1,592 people will get employment after the operation of these industries. Similarly, foreign investors have committed for 25 new industries in the service sector. A total investment of Rs 4.5 billion has been committed in this sector. After the operation of these industries, 1,034 people will get employment. Agriculture, technology and manufacturing sectors, on the other hand, have relatively low investment commitments. The lowest commitment is in the agricultural sector. There is an investment proposal for only one industry in the agricultural sector. An investment commitment of Rs. 350 million has been made in agriculture. Similarly, two new industries have been registered in the manufacturing sector. A total of Rs. 200 million investment commitment has been made for these industries. After the operation of the industry, 45 people will get employment. Investment commitment has been made for three new industries in the information technology sector. Rs 300 million investment commitment has been made for three industries. The highest investment commitment in the current fiscal year has come from China. China has committed to invest in 83 industries. An investment commitment of Rs. 15.85 billion has been made for 83 new industries. An investment proposal has come from India and the UK to operate 2/2 new industries. Investment commitments have come from Mexico and the Virgin Islands to operate 1/1 new industries. India has committed Rs 150 million for the operation of two new industries. The UK has committed Rs 100 million for two industries. Mexico has pledged Rs 500 million to run an industry, while Virgin Islands has pledged three billion.

FDI increases even during pandemic

SYDNEY/NEW YORK (Reuters) - Asian stocks slipped on Tuesday as investors adjusted risk exposure heading into the U.S. election and as a deadline for Washington to pass an economic stimulus bill approached while Europe reported record daily coronavirus infections. MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.11 percent lower after U.S. stocks ended the previous session in the red. Australian and Japanese markets also dipped and MSCI’s gauge of stocks across the globe was 0.09 percent lower. Chris Weston, the head of research at Melbourne brokerage Pepperstone, said while there were worries about the U.S. stimulus package, recent declines were likely due to positioning ahead of the Nov. 3 presidential election. “Do you really want to hold those exposures into what could be a volatility event?” Weston said. “We’re getting into the Wild West territory where it becomes more whippy.” Caution among investors globally was also driven by rising concerns about the risk of a disputed U.S. election outcome. “Such an event would very likely upset global markets considerably until the U.S. reaches an accepted resolution,” said American Century co-CIO Keith Creveling. Japan’s Nikkei slipped 0.34 percent. Hong Kong’s Hang Seng index bucked the trend to rise 0.16 percent. Investors await key earnings results later in the week for companies including Netflix Inc and Tesla Inc. They were also waiting to see if the final debate between U.S. President Donald Trump and his Democratic challenger Joe Biden on Thursday shifts the trajectory of the election.The number of new COVID-19 cases in the United States last week rose 13 percent to more than 393,000, approaching levels last seen during a summer peak, according to a Reuters analysis. European shares closed lower as surging COVID-19 cases raised investor concerns. Parts of the UK were put into lockdown and France imposed curfews. In contrast to equity markets, currency markets were less pessimistic about the prospect of a stimulus breakthrough with the safe-haven dollar edging slightly lower amid expectations that U.S. lawmakers might still agree on a fiscal stimulus package at the 11th hour. Greenback moves, however, were modest with the dollar index 0.015 percent lower on Tuesday. The dollar rose 0.03 percent against the yen to 105.46 while the euro was up 0.03 percent to $1.1772. The Australian dollar fell 0.2 percent versus the greenback at $0.7045, hurt by expectations that the central bank would soon cut rates and expand its massive bond buying campaign to lower borrowing costs. In oil markets, U.S. West Texas Intermediate (WTI) crude futures fell 0.3% to $40.69 a barrel while Brent crude futures dipped 0.6 percent to $42.36 a barrel.

Asian stocks dip as U.S. political concerns grow

New York: The Social Security Administration (SSA) has announced today, that Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase by 1.3 percent in 2021. According to SSA, the 1.3 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2021.&nbsp;



Increased payments to more than eight million SSI beneficiaries will begin on December 31, 2020.&nbsp; (Note: some people receive both Social Security and SSI benefits). The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.



Some other adjustments that take effect in January of each year are based on the increase in average wages.&nbsp; Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $142,800 from $137,700.

Social Security Administration announces 1.3 % benefit increase for 2021

New York: In September 2020, the number of private sectors' jobs in New York State has increased over the month by 75,300 or 1.0 percent to7, 285,400, according to the preliminary figures released by the New York State Department of Labor on October 15. This represents the fifth straight month of job gains for the Empire State. New York’s private-sector job growth outpaced the nation’s private-sector job growth — 0.7 percent in September 2020 — for the third month in a row.



New York State's seasonally adjusted unemployment rate decreased from 12.5 percent to 9.7 percent in September 2020. The number of unemployed New Yorkers decreased over the month by 302,000, from 1,186,700 in August to 884,700 in September 2020.



Within the leisure and hospitality sector, job losses were greatest in accommodation and food services (-283,400), especially foodservices and drinking places (-223,100), as stated by the department. Within the trade, transportation, and utility sector, job losses were focused in retail trade (-91,900), especially clothing and clothing accessories stores (-44,800).Within the professional and business services sector, job losses were concentrated in administrative and support services (-97,300) and professional, scientific, and technical services (-40,700).



As stated by the department, the number of private-sector jobs in New York State is based on a payroll survey of 18,000 New York businesses conducted by the U.S. Department of Labor’s Bureau of Labor Statistics (BLS). Monthly payroll employment estimates are preliminary and subject to revision as more complete data become available the following month. The BLS calculates New York State’s unemployment rate based partly upon the results of the monthly Current Population Survey (CPS) of approximately 3,100 households in the State.&nbsp;

NYS Economy added 75,300 Private Sector Jobs in September

Kathmandu: The average income of Nepali citizens has increased at a time when the global economy is in a recession due to the coronavirus epidemic and Nepal's economic growth is also in a phase of deflation.



According to the International Monetary Fund (IMF) per capita income of Nepalis has reached 1,115 US dollars. In the last fiscal year 2019/2020, Nepal's economic growth rate remained stable at 0.002 percent, but the average per capita income has increased by 3.5 percent.



The average income of Nepalis in FY 2018/19 was equal to $1,078, according to the statistics provided by the IMF for Nepal.



The average per capita income is calculated by dividing the gross domestic product (GDP) of the country by the population. In Nepali currency, the per capita income of Nepalis has reached Rs. 127,827, which was Rs. 121,747 in the previous year.



On the basis of purchasing power parity (PPP), the income growth rate of Nepalis is only 0.12 percent, which was about 7.5 percent in the previous year. According to the International Purchasing Power (PPP), the per capita income of Nepalis is only $3,585, as stated by the IMF. Based on these measurements, Nepal covers around 0.079 percentage of the total world economy.



"Nepal's growth rate has been steadily declining in the last two quarters of the fiscal year due to the Covid-19 pandemic, which has slowed the pace of growth seen in the first six months of the fiscal year," Lara Jaramillo Meyer, head of the IMF's Nepal mission, said in an email. In the year 2019/20, Nepal's growth rate remained stable.

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