THE NEPAL STOCK EXCHANGE (Nepse) index continued to surge this past week also. The index soared by 15.89 points to reach 575.04 points. The bull rush is triggered by increase in prices of shares of commercial banks. The bull trend has began since last three weeks. It continued this week despite the caution by Nepse against speculative trading. According to the weekly share trading analysis, the commercial banks group, which is the largest scrip by volume, continued to climb higher and posted an impressive growth of 22.57 points reaching to 637.22 points.
MINISTER FOR WORKS AND PHYSICAL PLANNING Hisila Yami has offered a new proposal to the Asian Development Bank (ADB) stating that the government is willing to fulfill all other conditions of the ADB within October except awarding the management contract to Severn Trent. In her letter addressed to director general of ADB Kunio Senga, Yami has said the distribution of valley's water can be handed over to consultant. She said that in the interim period, the government will appoint new manager, call new tender for the purpose, and adjust terms of reference etc. Yami said that the government wants to appoint Nepali manager as far as possible. Last week, the ADB had asked the government about its alternative to Severn Trent and by when it would complete the institutional reforms on water management. In her reply, Yami has said that the reforms would be completed by coming September.
US AMBASSADOR JAMES MORIARTY has told a delegation of Bhutanese refugee leaders that fear must not affect refugees' choices on third country resettlement. According to a press release by the US Embassy, Moriarty emphasized that it is essential for refugees have the freedom to make well-informed, independent decisions regarding their future without fear of threats or intimidation. He said that the offer was based on humanitarian concern for the well-being of the Bhutanese refugees not for political reasons. "Third-country resettlement does not preclude the right of refugees to return to Bhutan should conditions there permit return at a later date," Moriarty told refugee leaders.
THE WORLD BANK HAS WRITTEN a letter to the central bank saying that its inability to carry out effective regulatory work could jeopardize the financial sector reforms program. In the letter written by WB Country Director Ken Ohashi to Nepal Rastra Bank governor Bijaya Nath Bhattarai and Finance Secretary Bidyadhar Mallik, suspicions have been raised that the central bank might not be able to enhance its regulatory capacity on its own without the help from foreign expert. The KPMG Sri Lanka, which had been selected for providing technical help to the central bank last year, withdrew citing insecurity. Subsequently, this aspect has remained in a limbo. In its letter, the WB has asked to restart the tender process to select another expert. However, after the Commission for Investigation of Abuse of Authority (CIAA) started interrogating NRB's concerned officials, the whole process is in a standstill. Source say that Ohashi had also contacted CIAA commissioner Lalit Bahadur Limbu in this regard.
THE WORLD BANK HAS APPOINTED Susan Goldmark its new Country Director for Nepal. She will succeed Kenichi Ohashi, who served in the position since 2000. Goldmark, an American national, joined the Bank in 1988 as a Private Sector Development specialist in the Africa Region. Since then, she has held various positions including Sector Manager for the Finance, Private Sector Development and Energy clusters in the Latin America and Caribbean Region. She has been a key member of the management team promoting carbon finance activities throughout the World Bank. Prior to joining the World Bank, she worked in a non-governmental agency and a private consulting firm specializing in enterprise development issues in developing countries. Earlier, she studied and worked in Nepal. "When I was a 20 year old student I lived in Nepal and was captivated by the country's peoples, cultures and beauty," says Goldmark. "I feel privileged and excited to be returning at this time of both promise and challenges. I look forward to supporting the goals of peace and development in Nepal." Goldmark was selected through a Bank-wide competitive managerial selection process. She will take up the position effective July 1, 2007. Ohashi, meanwhile, will move to Africa where he will take up the position of World Bank Country Director for Ethiopia and Sudan.
BHUTANESE REFUGEE LEADERS have announced the postponement of the Bhutanese refugees' repatriation campaign for a month. Issuing a statement, the National Front for Democracy (NDF) said it had been postponed for a month with effect from on Wednesday. The statement signed by party president Thinley Pinjore said: "Earlier, the repatriation campaign had been postponed till Friday (June 15) after a meeting that was held among Jhapa Chief District Officer, representatives of the eight political parties and Bhutanese Refugees' Organizations and the Darjeeling district magistrate, in Panitanki of India on May 28. Now, it has been deferred for a month." The statement added: "The repatriation campaign has been postponed for a month as India's remark on the issue was positive." The statement also urged refugees to wait for a month.
JOURNALISTS OF NEPAL 1 Television based in New Delhi have quit claiming they were mentally tortured by the management. According to statement issued by television’s employees union on June 12, Chranjivi Devkota, Rajendra Khanal, Divyajyoti Mishra, Lily Baidhya, Sushil Kharel, Pradip Giri, Madhu Bhattarai and Aarati KC, Delhi-based journalists of Nepal 1 Television, quit their jobs after receiving mental torture and threat from the television's management. According to the statement, they were compelled to quit after being scolded in threatening language time and again. In the statement, union claimed that management showed indifferent behavior to implement the 14 point agreement signed between the employees and the television management on 7 May.
