Koirala Warns NC Could Float A Constitution By Itself

Former prime minister and leader of main opposition Nepali Congress (NC) Girija Prasad Koirala has said that his party would be forced to float a new constitution by itself if the process to write the new constitution continues to be delayed. Talking to reporters in Pokhara, Sunday (Nov 30), Koirala said that though NC is committed to writing new constitution, the Maoists are not serious. He said that if the Maoists block writing of new constitution, NC will write it by itself and float it to the public. He reiterated that the Maoist combatants must not be integrated into national army. They should be managed in other ways, he said. Koirala added that Maoists must dissolve their youth wing YCL before the process of integration and management of armies can begin. Compiled from reports

A Nepali Injured In Mumbai Attack: Report

Jagat Khadka, a Nepali working at Leopold café in Mumbai, has been injured during Wednesday's attack, a local newspaper report said. According to `Nepalnews' daily—a Nepali-language newspaper published from Mumbai—Khadka was hit on his left hand and stomach when an Islamic extremist opened fire at the popular restaurant on Wednesday evening. A resident of Ghoongarkot VDC in far-western district of Achham, Khadka was working as a security guard at the Café. He has now been discharged after treatment from a local hospital and is recuperating at his house, the newspaper said. A number of Nepalese worked at Hotel Taj Mahal Palace and Hotel Trident Oberoi but there are no reports of Nepalese casualty other than Khadka, reports said. A Nepali chef, Purushottam Basyal, who worked at the Taj was able to survive after hiding at the basement of the hotel on Wednesday night. He was later rescued by security personnel. The blatant attacks have left at least 160 people dead in Mumbai, the financial capital of India. Compiled from reports

PM Cannot Speak Against Democracy: Koirala

Nepali Congress president Girija Prasad Koirala has criticized the statement by Prime Minister Pushpa Kamal Dahal that Maoists would not accept parliamentary form of democracy in Nepal. Inaugurating a seminar on Thursday (Nov 27) in Kathmandu organized by Nepal Democratic Lawyers Association, Koirala said Dahal cannot by ethics speak against parliamentary democracy since he was elected through popular votes. He sought assistance from lawyers in strengthening the democratic institutions in the country and chalking out sketches for the kind of federalism that Nepal should adopt. Koirala stressed on the need to divide the nation into states based on geography with Nepali peculiarities but said his party needs suggestions and recommendations from law experts on the subject. Compiled from reports

British Army Chief Arrives, Chinese FM To Visit Nepal

The British Army's Chief of the General Staff, General Sir Richard Dannatt arrived in Nepal on Nov 28 for four day visit. General Dannatt is here to see British Gurkhas Nepal's recruit selection process and to be briefed on its supporting activities, the British Embassy in Kathmandu said in a statement Thursday. This will be General Dannatt's first visit to Nepal during his tenure as the professional head of the British Army. He met with General Rookmangud Katawal, chief of Nepali Army (NA) and also called on president, prime minister and defense minister. Meanwhile, Chinese Foreign Minister Yang Jeyichi is arriving in Nepal Tuesday (Dec 2) on a 4-day visit. During his stay in Nepal, the Chinese foreign minister will meet President Dr Ram Baran Yadav, Prime Minister Pushpa Kamal Dahal, political leaders of major political parties and top government officials, according to the spokesperson of Chinese Foreign Ministry. Although the agenda of the visit is known yet, the visit by a high profile Chinese leader a week after a visit made by Indian foreign minister is viewed meaningfully. After finishing his visit, the Chinese FM will fly to Myanmar. Compiled from reports

Commercial Banks' Deposit Increases By 22 PC

Nepali commercial banks have been able to collect 22 percent more deposit during the first quarter of this fiscal year (FY) than they did in the same period last year, according to media reports. "The deposits accumulated by some 25 commercial banks during the period in the country stands at Rs 450 billion whereas the same amount collected in the corresponding period of the last year was to the tune of Rs 351 billion," the reports quoted a press communiqué issue by Nepal Rastra Bank (NRB) as saying. It is also learnt that the deposit figures for the first quarter of the FY 2008/09 also included Rs 37.59 in foreign currency and the remaining sum in domestic currency. In a linear fashion, collective loans and advances of the commercial banks saw an upward spiral by 25.5 percent during the first quarter of the current FY. "The 25 commercial banks collected loans and advances amounted to Rs 321 billion against Rs 239 billion recorded in last FY's first quarter,'' relate the sources. Compiled from reports

NC Will Wage Agitation If Seized Properties Not Returned Right Away: Deuba

Senior Nepali Congress (NC) leader Sher Bahadur Deuba has warned that his party will launch agitations if the Maoists do not return the properties they had seized during the decade-long insurgency. Addressing NC supporters in Dang, who have been staging Satyagraha (resistance movement) demanding return of seized properties, on Wednesday, Deuba said the NC "will not remain silent" if Prime Minister and Maoist chairman Pushpa Kamal's assurance to return all the captured lands and other properties is not executed right away. The Maoists, according to the NC leader, have not shown intention to give the properties back to the real owners. Dozens of families in Dang whose lands were captured by the Maoists have been staging Satyagraha for some days now. The Maoists had captured some 2500 bigha land owned by 270 families in the district. Compiled from reports

NRB To Discourage Investment On Real Estate

The Nepal Rastra Bank (NRB) plans to tighten monetary policy discouraging financial institutions to make further investment in real estate without investigating risks. The initiatives come after the International Monetary Fund (IMF) commented that loose monetary policy of Nepal has some contribution to boost real estate prices, adding the decline in their prices would invite negative impact on the investors. Acting Governor Krishna Bahadur Manandhar has said that NRB had increased 'risk weight' provisioning to 150 percent in the real estate sector against 100 percent in other sectors. He further said increased cash reserve ratio (CRR) to 5.5 percent from 5 percent was meant to discourage banks and financial institutions from investing in high risk ventures. The Kathmandu Post daily reports

SEBON Chief Resigns

Accusing the government of ignoring the deteriorating situation in securities market, chairman of Securities Board of Nepal (SEBON), Dr Chiranjibi Nepal, has resigned from his post. He accused the government of indifference towards introducing necessary laws to bail out the plunging capital market. "From its value worth 60 percent of GDP, the capital market has already come down to 40 percent of GDP. But there is no seriousness on the part of the government," he said, addressing a press meet, Wednesday. "In India, the Finance Minister holds daily briefing with securities market chief," he said, adding that nothing like that happens here. He also criticized the government decision to impose capital gain tax and sundry other taxes discouraging share investors. "Even a minister goes around saying that securities market is just like gambling," he accused. Nepal in his resignation letter said the government did not cooperate with the Board in better managing the financial market and it showed sheer indifference at a time when it is required to come up with necessary measures. He said the actions of the government have discouraged the investors. The SEBON chairman's resignation comes in the wake of a continuous downward spiral of NEPSE (Nepal Stock Exchange) index. On Tuesday alone, the benchmark index of NEPSE (Nepal Stock Exchange) nosedived by 27.66 points or 3.81 percent to close at 698.81 points. Nepal was appointed as chairman of SEBON, the regulatory body of the country's financial market, for a four-year term a year ago. Compiled from reports

Downward Spiral In NEPSE Continues

The benchmark index of NEPSE (Nepal Stock Exchange) on Tuesday (Nov 25) nosedived by 27.66 points or 3.81 percent to close at 698.81 points, according to media reports. The indices of all sub-groups declined sharply thus resulting in a reduction of market capitalization to Rs 371 billion. When the country's sole secondary market closed on Monday the market capitalization stood at Rs 385.9 billion. Thirty seven of the 47 companies whose shares were traded on Tuesday suffered the drop of the prices of their shares. Nepal telecom shares saw a downward spiral of 8.47 percent to close at a historic low of Rs 540. In a linear fashion, the banking sector suffered a sharp decline of 22.53 points or 3.18 percent to respite at 686.91. The group index of the hydropower sector also went down by 13.33 points to 860.81. Meanwhile, finance companies and insurance companies saw a marginal drop of 2.68 and 3.8 points respectively. Market analysts ascribed the decline to various banks and financial institutions announcing bonus shares and rights issues. Compiled from reports

CAN Info Tech 2009 In The Offing

With the slogan 'ICT Milestone for New Nepal', Computer Association of Nepal (CAN) is organizing CAN InfoTech 2009 from January 14-19 at Bhrikuti Mandap. According to the organizers, the six-day event will evoke participation of scores of different organizations, national and international companies. CAN expects around 3.5 lakh visitors to the event which will have around 188 stalls. The CAN InfoTech seminar on January 15-16 will be held at Rastriya Sabha Griha. According to CAN, representatives from Asian Oceanian Computing Industry Organization (ASCOCIO) and World Information Technology and Services Alliance (WITSA) will also participate in the event. The event will comprise presentations on infrastructure development of information technology and communication, e-commerce, bio-informatics, leadership in electronic work and e- governance. CAN has been holding the yearly info tech since as far back as 1994. The Himalayan Times daily reports