Lumbini posts profits

KATHMANDU: Lumbini Bank Ltd posted a net profit of Rs 295 million during the first six months of the current fiscal year 2007-08, states a press release. The bank’s non-performing loans (NPL) have been reduced to 14.94 per cent from 20.94 per cent during the period. It recovered Rs 236 million bad loans. Lumbini Bank shortly plans to issue for a 3:1 rights shares to its shareholders. — HNS

Lekhak in UAE meet

KATHMANDU: Minister for Labour and Transport Management Ramesh Lekhak on Monday called on Minister of Labour of the UAE, Dr Ali Abdullah Al Kaabi on the sidelines of the ongoing Ministerial Consultation on Overseas Employment and Contractual Labour for Countries of origin and Destination in Asia. During the meeting, they discussed on setting up of a Labour office of the UAE in Kathmandu and constitution of the Joint Committee to follow the implementation of the MoU signed between two countries in July 2007. Lekhak also met Minister of labour of Baharain, Dr Majeed Bin Mullsen Ali Alawi, who agreed in principle to conclude a labour agreement with Nepal. He also met under secretary of Labour of Kuwait, Mohamed Ali Alkandary of Kuwait and raised the case of Dolma Sherpa who has been convicted by a court of law in Kuwait on the charge of murder. — RSS

Using force lambasted

DHANKUTA: Chamber of Commerce and Industry, Dhankuta Chapter has accused CPN (Maoist) of collecting donations from industrialists of Dhankuta violating the peace accord. “A responsible party like CPN (Maoist) has violated the spirit of comprehensive peace accord signed between the government and CPN (Maoist) and continued their donation drive and imposing tax,” stated a press release issued by Chamber. — RSS

Revenue collection up

BHADRAPUR: The Inland revenue Office, Bhadrapur revenue collection exceeded its target during the first half of the current fiscal year. According to the office, it collected Rs 119.29 million, well above the target of Rs 106.87 million. The collection is also by Rs 58,000 more than same period last year. Office chief Kali Prasad Pokhrel said the office collected Rs 58.39 million as income tax, Rs 63.67 million as VAT and Rs 5.02 million as excise duty. The office looks after four districts of the Mechi zone. — RSS

12m jobs created

BEIJING: China’s stunning economic growth created 12 million new jobs in 2007 — more than the population of Greece and easily exceeding a government target. The increase helped shave urban unemployment to four per cent, down by 0.1 percentage point, but employment pressures remain as 10 million more people enter the workforce in the world’s most populous nation annually. — AFP