A TOTAL OF 18 CLIMBERS, including seven French mountaineers and 11 Nepali support staff, are feared dead as they remain out of contact for the last five days. The French expedition team members are out of contact since Thursday (October 20) when a massive avalanche hit the Annapurna region in west Nepal at the height of around 15,000 ft. A search mission was able to rescue four Nepali porters but said it hasn’t been able to contact rest of the team members. The expedition was on its way to climb 6,120 meter-high Mount Kangguru in Manang district.
EXPERTS, ECONOMISTS, BUSINESSMEN AND stakeholders have jointly asked the government to strongly present the issues of the Least Developed Countries (LDCs) in the forthcoming Sixth Hong Kong Ministerial conference of the World Trade Organization (WTO). They have urged the government to effectively raise the issues in July package including the market access to agro and non-agro products; service sector and trade facilitation. Speaking at the program organized by Nepal Chamber of Commerce (NCC) and South Asia Watch on Trade, Economics and Environment (SAWTEE), Dr. Shankar Sharma, vice chairman of the National Planning Commission (NPC), said that the exports of Nepal could not increase in proportion to GDP. He said that Nepal would concentrate on common agenda agreed upon by LDCs during the WTO meeting.
AT LEAST TEN PEOPLE WERE KILLED and half a dozen others were injured when the roof of the main six-storey building of the private sector Manipal Teaching hospital collapsed Thursday (October 20) afternoon. Those killed included two employees at the same hospital. The reason of the collapse could not be known. The hospital has announced compensation to the families of victims and free treatment to those who have been injured. The roof made of fiber-plastic sheets fell from 70 ft. above crushing people standing or sitting below. Security personnel, hospital staff and local people carried out the rescue work despite heavy downpour. The 700-bed hospital is being run by the Manipal Group of India.
A PARIS-BASED PRESS FREEDOM WATCHDOG has said Nepal ranks among bottom ten in the World Press Freedom Index (WPFI) compiled it. According to the Reporters sans Frontiers (RSF), Nepal ranks 8th out of 167 countries surveyed in terms of press freedom. The Maoist rebels killed, kidnapped and threatened journalists, especially pro-government ones, who criticized them, the RSF added. More than 400 journalists were arrested or imprisoned by the security forces in Nepal in 2004 and more than 30 were harassed by Maoists, the report said. Two journalists were killed, 413 arrested, 13 kidnapped, 76 physically attacked and 29 others were threatened in Nepal last year, the report said.
AXMI BANK HAS RECEIVED THE APPROVAL from Nepal Rastra Bank to upgrade its Hattisar office into a full-fledged branch and its corporate office. The office of HISEF at Hattisar was converted into a Laxmi Bank office in May 2004 following the merger between the two entities. The merger was the first of its kind and till date remains the only merger in the financial services sector. Laxmi Bank commenced operation in mid 2002 as a regional bank headquartered in Birgunj. The bank has branches in Pokhara and Banepa as well. The fifth branch will be opened in Biratnagar within November 2005. The paid up capital of Laxmi Bank is Rs. 61 crores. It has total deposits of Rs. 350 crores and total lending of Rs. 305 crores. “The bank expects to make an operating profit of Rs 10 crores during the current financial year. The level of non-performing assets (NPA) is 1.3% of the loan portfolio; these relate to businesses inherited from HISEF following the merger. These NPAs have been sufficiently provided for and net NPA as such is virtually zero,” states the bank’s press release. “Laxmi Bank takes pride in its technological superiority, which will continue to be leveraged to drive its business. It uses FLEXCUBE – the world’s largest selling banking software, also used by global banks like Citibank, Llyods etc.” In July 2005, Laxmi Bank was awarded the “Best Presented Accounts” by Institute of Chartered Accountants of Nepal (ICAN). “During the last 3 years, we have built a strong foundation and an excellent organizational culture, which will enable us to take full advantage of our first full-fledged branch in Kathmandu and bring about a sound business growth. Our focus on quality and long-term orientation will be the driving forces as we transform our company into a key player in Nepali banking sector.” says Suman Joshi, CEO. All commercial banks in Nepal now operate at national levels.
