Olympic committees of Bhutan and Japan signed MoU

The two Olympic committees of Bhutan and Japan will focus on developing relationships in the field of sports; support each other in developing organised sports, including aspects of sport equipment and infrastructure.

A memorandum of understanding was signed yesterday in Thimphu between the presidents of the committees, His Royal Highness Dasho Jigyel Ugyen Wangchuck and Tsunekazu Takeda. A press release from BOC stated that the MoU would mainly focus on developing amicable relationships in the field of sport, for the good health of both the countries, and maintain the principles of their mutual advantages, contributing to the preservation of peace and deepening of understanding between the two countries.

The agreement will encourage planned development of athletes and coach exchanges between the national sports federation of both countries for participation in bilateral and multilateral competitions and training. Both the committees will share international information on the Olympic movement and will support each other, the press release stated.

To give effect to the agreement, the parties will execute an annual protocol of exchange for each year. Each protocol will document intended activities to be undertaken during the forthcoming year.

HRH Dasho Jigyel Ugyen Wangchuck, at the signing, said Japan has always been helpful in Bhutan’s development and evolution into the 21st century. Tsunekazu Takeda said, “I hope this partnership agreement becomes a starting point for development of strong sports relationship between the two countries, as well as for the Olympic movement in both countries.”

He said Japan’s national training centre in Tokyo started operating in 2008, and comprises 14 different sport facilities. He encouraged Bhutanese athletes and coaches to visit the centre and have joint training with Japanese teams for judo and other sports like boxing. “It would be beneficial for Japanese athletes to take advantage of the high altitude of Bhutan for training in the highland with rich natural environment,” he said.

The president also said such opportunities and exchanges would improve the competitive level of athletes in the two countries.

Source: Kuenselonline

The Container: co-production between Bhutan and Australia

The Container, a co-production between Bhutan and Australia, and shot in Gaselo village, Wangduephodrang, is screening at the short film corner of the Cannes film festival.

Inspired by a true event that took place in the 1980s, the 15-minute movie, directed by Jamyang Dorji, was shot in less than two weeks, and is about a mother’s devotion to her child, as she travels great distances from her poor, remote community, to get some medicine from a small basic health unit for her very ill child.

In a cruel twist of fate, she learns that, even though the medicine is provided for free, she must have a container to hold the precious liquid. She does not have a bottle and cannot afford to buy one, and the search begins.

At one time, the mother played by Deki Yangzom, who acted in Travelers and Magicians, even tries to sell her dzee (antique jewelry) to get herself an empty bottle. Her desperate search reveals the emotional core of a mother, who is constantly worried about the safety of her child. It also reflects the trials and tribulations of parenthood.

The container symbolises protection from the uncertainties of life. Life itself is difficult to hold and, sometimes, simple things affect it in a big way.

In the end, it also renders a spiritual touch, as the mother finally gets hold of a vase (bumpa) from a lhakhang to hold the medicine. The movie is art-based, focused on a subject and targeted at a select audience. The movie was screened at the Cannes film festival yesterday at 12am.

The purpose of short movies is not to make money, but to convey one’s artistic message, according to Tashi Gyeltshen, a filmmaker, who also said that short filmmaking is almost non existent in the country.

A short-film festival, called the Beskop Tshechu, was organised last year among Bhutanese short filmmakers.

Source: Kuenselonline

Bhutan and the Maldives have signed an Air Services Agreement

Bhutan and the Maldives have signed an Air Services Agreement, paving the way for the two high-end tourist destinations to be connected by direct flights or flights transiting through other countries in the region.

The flight details and routes will be worked out between the airlines of the two countries, one a tourist hot spot on the roof of the world and the other an ultimate destination for those interested in sunbathing and deep sea diving.

The Maldives Minister for Transport and Communication, Mohamed Adil Saleem, and the Secretary for Information and Communications in Bhutan, Dasho Kinley Dorji, signed the agreement on May 8, 2011. They emphasised the fact that air connectivity was vital for tourism and broader economic development. High-end tourists could find the connection a very attractive possibility with the tourism industry viewing both countries as niche markets.

Bhutan, which saw about 40,000 tourists last year, is currently building three new domestic airports. The Maldives, which is constructing its third international airport, has achieved an escalation of tourist numbers to about 800,000 tourists a year and is still expanding.

With Bhutan holding the chairmanship of SAARC, the agreement is also a step forward in one of SAARC’s goals, to connect all the capitals of the region.

Source: Kuenselonling

Divestment of the government’s holdings in Bank of Bhutan

The divestment of the government’s holdings in Bank of Bhutan, or increasing the bank’s share capital through a primary float, must take place by June 1, failing which a severe penalty will be imposed, the central bank announced yesterday.

“The timing is not negotiable,” the central bank’s deputy governor, Eden Dema, said.

The bank was levied a penalty of Nu 5,000 a day from November 8 last year to 8 April 2011, for failing to comply with the central bank’s deadline to issue the prospectus for divestment. “The penalty was imposed almost three and a half years, since the directive to divest was given,” Eden Dema said. The penalty accrued is Nu 750,000 which the bank wants waived, but the central bank has denied.

The central bank directed BoB to go public, based on the regulations for the establishment of commercial banks in March 2007.

But officials of Druk Holdings and Investments (DHI), which holds 80 percent of the bank, said it might not be possible to revalue the bank’s assets to determine its share price before June 1.

Although RMA also provided options on how to determine share prices, based on the banks audited account of December 2010, DHI’s executive director, Damber Singh Kharka, said the recent balance sheet of the bank does not reflect the current value of its assets like land and its investments on shares.

“Valuation of a company assets, which has been in the market for 43 years, may require a great deal of time,” he said. “The bank doesn’t have the capacity to come out with a proper valuation within June 1.” DHI had also considered requesting international consultants to assist with determining the share prices.

On the criticism it received on preempting the parliament with regards to divestment, Eden Dema said, if RMA had to wait for the Financial Services Bill to be passed in the parliament, it would also have to stop the operation of new banks, because it comes under the purview of the FSA.

On April 11 last year, the bank decided to go public on its own accord and offload 33 percent of its holdings and had sought RMA’s approval. However, the next month, DHI sent a letter to the central bank to reconsider the public float.

RMA has suggested that the bank could either make an offer for subscription or an offer for sale.

Offer for subscription would mean enlarging the share capital. The bank’s paid up capital could increase to Nu 533M, if Nu 133M worth of shares was floated to the public.

The offer for sale would require the shareholders DHI and State Bank of India to offload 25 percent of the holdings.

Eden Dema said the offer for subscription is better, since it benefits the company in the long run.

The central bank arrived at a share price of Nu 577 a share, according to figures available with RMA. The banks paid up capital at Nu 400M, its reserves at Nu 1.9B, retained earnings at Nu 883 and the total number of shares at 4M.

According to the procedures and timeframe for the divestment set by RMA, it will require the bank to prepare its prospectus by May 6, submit it before May 20 and publish the abridged prospectus by May 27.

Source: Kuenselonline

Dot Com beat BTCL in BCCB Twenty20 Championship

In a totally one-sided game, team Dot Com beat BTCL comfortably by six wickets, to emerge winners of the Twenty20 championship, the final of which was played yesterday in Thimphu.

Opting to bat first after winning the toss, BTCL were bundled out for 60 runs. BTCL had no answers for Dot Com’s opening fast bowler Lobzang Younten, as he went on to take three wickets, giving away just 11 runs.

On the other side, off spinner Susil Sharma picked up three wickets, giving away only three runs. Captain Jigme Singye and Nima picked up two wickets each.

BTCL’s opening batsman Tandin Wangchuk was the only batsman from the team to reach double figures (17 runs).

Dot Com took 14 overs to reach their target for the loss of four wickets. Subash remained not out at 21, while Dechen scored 10 runs. Phuntsho Wangdi was the pick of the bowlers with two wickets.

“We’re looking to make a tour to Kolkata and get our boys some tournament practice,” DK Chhetri, Dot Com enterprise and club owner, said after the emphatic win.

“We promised to support two students for further in-country studies in the next academic year and, at the same time, we’re looking to form a permanent club website and continue to support students financially for their academics as much as possible,” team manager and player, Ashish Chhetri, said.

Dot Com took home the winning amount of Nu 30,000; while runners-up BTCL won Nu 20,000.

Dot Com captain Jigme Singye won the man of the match award and a cash prize of Nu 3,000; while teammate Susil Sharma bagged the best batsman of the tournament award. Rigsum’s Sampath was awarded the best bowler of the tournament.

The tournament was organised by the Bhutan cricket board.

Source: Kuenselonline