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VOL. 27, NO. 39, June 13 , 2008 (Jestha 31 2065 B.S.)
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THE SECOND MEETING OF THE CONSTITUENT ASSEMBLY, Thursday (June 5), decided to form a 49-member committee to draft the CA regulations. The meeting, which held at International Convention Centre only decided to form CA regulations drafting committee, chairman of the CA Kul Bahadur Gurung announced adding that that the next meeting would take place on June 11. All the 25 political parties will send their representative in the committee. CA meeting took place briefly after major parties failed to reach a consensus on key issues. Parties could not sort out political differences on key issues -- formation of a new government, amendment to the interim constitution and power and duties of president and vice-president.
NEPAL ELECTRICITY AUTHORITY (NEA) has reduced the load-shedding hours from five hours to only four hours a week effective from Saturday (June 7). The reduction in load shedding hours comes with the arrival of the monsoon in the country with the increased water levels in the rivers, the NEA informed. According to Sher Singh Bhatt, Director of System Operation Department at NEA, the power will be cut from 7 pm to 9 pm and 7.15 pm to 9.15 pm two days a week. Earlier this year consumers had to suffer black outs for up to 40.5 hours a week.
EVEN THOUGH NEPAL’S CONTRIBUTION to emission of Green House Gases (GHGs) is negligible, it is bearing severe brunt of global warming caused by huge emissions by industrialized countries. In a statement issued on the occasion of World Environment Day, Thursday (June 5), Minister for Environment, Science and Technology Formullah Mansoor has appealed to all to start reducing emission of such gases including carbon dioxide. “Despite our negligible emission, Nepal is suffering from (consequences of climate change) rapid snow-melting, expansion of glacial lake, formation of new glacial lakes, receding snow line, haphazard weather pattern resulting in flash floods, droughts and so on,” said Mansoor. “ Nepal has introduced policies and programs on climate change in the current three year interim plan to create awareness and to promote private-public partnership in this direction,” the minister said. He added that Nepal has started initiatives such as evaluating national capability, formulating national policy on climate change, and determining process to approve Clean Development Mechanism (CDM). “Our activities are targeted at development of a low carbon economy,” he said.
This year the world is observing the Environment Day with the slogan “Kick the Habit: Towards A Low Carbon Economy.”
THE NEPAL RASTRA BANK (NRB) has said that based on the economic data of the first nine months of the current fiscal year, the growth rate this year could be four percent. The central bank has claimed that due to 6 percent growth in agro production, the overall growth rate is set to increase. According to Ministry of Agriculture, this year the production of paddy increased by 16.8 percent. However, the rate of inflation has increased to 8.9 percent – compared to 5.6 percent during the same period previous year. The price of rice has increased by 25 percent. The price of edible oil and ghee increased by 33.8 percent. Exports have increased by 2.6 percent while imports have increased by 19.5 percent. Due to shortage of Indian currency, the NRB spent US$ 1.05 billion to purchase IC.
Prime Life Insurance Company Limited commenced its business from 4 th June 2008. The company had received approval to conduct life insurance business on 7 th May 2008. The company plans to introduce innovative products and provide superior customer service through the use of world class technology. At the commencement of business, the company has introduced Endowment Insurance Plan " Prime Saral Jeevan" and insurance plan with payments at regular intervals "Prime Dhan Sagar".The capital base of Prime Life is 360 Million NPR including 30% for Public. The Board is Chaired by Rajendra K. Khetan who is also Chairman of Laxmi Bank Ltd. . Prime Life is reinsured by Scor Re of France which is a leading Life Reinsurer in many countries.
Khetan Group is already in Non life under its another Public Arm Everest Insurance Co. Ltd.. The Laxmi Complex owned by Laxmi Bank, Everest Insurance will soon be a full fledge Financial Center after Prime Life moves in with working area of 30,000 Sq Fts at Hattisar.
