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VOL. 27, NO. 18, January 11, 2007 (Paush 27 2064 B.S.) |
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FOLLOWING A BRIEF BUT TENSE STANDOFF, Maoist-nominee Matrika Yadav took oath of office in Maithili language on Wednesday (Jan 2). Minister for Forest and Soil Conservation Matrika Yadav took oath after briefly boycotting the swearing-in ceremony insisting that he would take oath only in Maithili, his mother tongue. Yadav had walked out of the State Hall, Singha Durbar -- where the swearing ceremony was in progress -- upon being informed by Chief Secretary Bhoj Raj Ghimire that there was no provision in the constitution to administer oath in languages other than Nepali. The disgruntled minister even refused to receive the telephone call from his party chairman Prachanda, who reportedly told other Maoist leaders present at the ceremony to convince him to abide by the rule. While leaving, he blamed Prime Minister Girija Prasad Koirala of being insensitive towards the rights of Madhesi people. However, after sometime, he agreed to take the oath of office, reading out his oath in Maithali. Yadav, one of the five Maoist ministers inducted in the interim cabinet on Sunday, was out of the capital on Monday when other newly-appointed ministers were sworn in. Meanwhile, Prime Minister Koirala administered the oath of office to labor minister Ramesh Lekhak who was promoted on Sunday to a full minister. Lekhak was also out of town on Monday.
FOR THE FOURTH TIME, the Special Court on Wednesday (Jan 2) deferred its verdict on the case of suspended Nepal Rastra Bank (NRB) governor Bijay Nath Bhattarai. The Court registrar Lekhnath Poudel informed that the hearing of the case has now been rescheduled for January 13 since "a judge looking into the case was on leave" on Wednesday. Bhattarai and another senior NRB official, Surendra Man Pradhan, have been accused of embezzling Rs 195.319 million that Nepal had received in foreign aid for financial sector reform project. The Commission for Investigation for Abuse of Authority (CIAA) had filed cases against Bhattarai and co-accused Pradhan in June 29, 2007 .
THE 309 MW STRONG UPPER TAMAKOSI project is going to be developed with domestic investment. Led by Employees Provident Fund (EPF), other domestic banks, financial institutions and general public will invest in this project. Nepal Electricity Authority (NEA) had announced last year that the project will be developed using domestic capital. After the Finance Ministry authorized EPF to invest in the project, the EPF is now going to ink a deal with NEA within a week. The EPF will invest up to 25 percent in the project. Based in Lamabagar of Dolakha district, the project is expected to be completed in five years. According to ministry sources, of the total expected cost of the project at Rs 26 billion, the EPF will put in Rs 12 billion, banks and financial institutions will invest Rs 4 billion and banks and general public will invest Rs 8 billion and the rest will be raised through issuing debentures/bonds. The EPF, which has the capital of Rs 60 billion, will invest Rs 12 billion in the project – Rs 10 billion as loan and Rs 2 billion as share investment of its depositors. This project is considered as one of the most economically attractive one and can generate electricity at 1.6 US cents or Rs 1.12 per unit.
THE ELECTION COMMISSION (EC) on Wednesday (Jan 2) held a meeting with government secretaries over the forthcoming Constituent Assembly (CA) election. In presence of other commissioners, Chief Election Commissioner (CEC) Bhojraj Pokharel urged the secretaries to keep resources at their disposal on the standby mode and to issue necessary instruction to all officials working under them to lend maximum help to election activities. Pokharel also said that he expected all officials to fully abide by the election code of conduct once it is enforced. He also urged secretaries to appoint a contact official in each ministry to deal with election. At the interaction program, secretaries expressed commitment to provide all necessary help. They said they will accord topmost priority to the CA election. Compiled from reports
THE PRICE OF GOLD HAS INCREASED rapidly reaching to a record level on Thursday. The price of gold has reached to Rs 20,200 per tola. Following the footsteps of rising gold price in international market, domestic market also saw the price reaching record levels. In the international market, the price of gold has reached to $855.10 per ounce – highest in last 27 years. "Domestic prices have increased due to fluctuation in international market," said Tejratna Shakya, president of Nepal Gold Silver Traders Association. As oil prices have increased and dollar has weakened, investors have turned to gold as safer bet, pushing its price. Meanwhile, due to high price rise, demand for gold has decreased in the country. Wholesale trade has decreased by 10 to 15 percent while retail trade has come down almost to zero, said Rajendra Kumar Shakya of RK Jewelers.
