An International Monetary Fund (IMF) staff mission was in Kathmandu recently to conduct 2010 Article IV Consultations. The mission took note of declining remittances, decelerating GDP growth, interest rates and the risks in financial sectors. "The macroeconomic outlook is challenging. After expanding by 4.75 percent in 2008/09, real GDP growth is expected to decelerate to 3 percent in 2009/10", the IMF statement said. The mission also took issue with Nepal Rastra Bank's (NRB) liquidity management, the poor business climate, power shortages, weak governance and labour issues as hindrances to economic growth. Chief of mission Laura Papi explained, "Risks in the financial sector have been building up and need to be addressed urgently. Political stability and improved security are necessary conditions."

The mission also conducted discussions on a possible IMF-supported macroeconomic program, and suggested the authorities appoint a new NRB governor, pass the revised Banking and Financial Institutions Act, and focus on productive sectors to counter the slowdown of remittance growth.

New phones
Teletalk, the sole authorised distributor of Colours mobile phones now presents two new models in its Atom and Star range: G215 and G-200. The G215 model, with multimedia, touch, key pad, dual GSM SIM and up to 2 GB expandable memory is available at Rs5450. The G200 smartphone, with up to five hours talk time, 180 hours standby time, stereo FM, torch light, music player, speed dial, universal battery and memory expandable to 2GB costs only Rs2399. Both come with a one-year warranty.

Play on
The new Nokia X6, the flagship music device from Nokia, is available in Nepal for Rs36,150.The set, with a slick 3.2" finger touch interface and a 16:9 widescreen, is capable of playing up to 35 hours of music and storing up to 5,500 tracks. It also offers easy access to social networks like Facebook and Twitter. The entertainment experience is completed by three embedded games, Spore by EA, Asphalt4 and DJ Mix and a 5 megapixel camera.

Safe deposits
Ajay Shrestha has been appointed the Chief Executive Officer of the Bank of Kathmandu. He has been associated with the banking industry for more than two decades. Under its campaign 'Save for Future', the bank has introduced new deposit products - Laghu Bachat Khata and Laghu Muddati Khata - with the intention of encouraging saving habits. The first scheme requires a minimum Rs1000 balance and provides up to a 7% interest rate, the latter can be opened with a minimum of Rs10,000 with an interest rate of 9.5%. The Bank of Kathmandu has 33 branches, 6 extension counters and 37 ATM terminals.

Year old
Laxmi Intercontinental, the official partner of Hyundai Vehicles in Nepal, celebrated its first anniversary on 26th February 2010 at Soaltee Crown Plaza. The anniversary program was attended by around 2000 guests. Laxmi International's official website www.laxmihyundai.com was launched during the event, and its tie-up with the A division football team Manang Marshyangdi Club was announced.

e-ticketing
Yeti Airlines and Global Bank have agreed to allow customers of the latter purchase Yeti Airlines tickets online. The airline says the initiative has been launched to make optimum use of technological advances. Yeti has entered into similar agreements with Nepal Investment Bank and Everest Bank. Members of Yeti Airline's Sky Club can also open accounts with Global Bank with a zero balance and obtain discounts of 50 per cent on debit cards, free of cost internet banking services, and discounts on air tickets.