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1. Preheat oven to 350 degrees F. Grease bottom and 1/2 inch up sides of an 8x4x2-inch loaf pan; set aside. In a large bowl, stir together flour, sugar, baking powder, and salt. Make a well in center of flour mixture; set aside.
2. In a medium bowl, beat egg with a fork; stir in milk and oil. Add egg mixture all at once to flour mixture. Stir just until moistened (batter should be lumpy). Fold in 1 cup of the chocolate pieces and the 1 cup cashews.
3. Spoon batter into prepared pan; spread evenly. Bake for 50 to 55 minutes or until a wooden toothpick inserted near the center comes out clean.
4. Cool in pan on a wire rack for 10 minutes. Remove from pan. Cool completely on wire rack. Wrap and store overnight.
5. Before serving, in a small saucepan, combine remaining 1/3 cup chocolate pieces and the shortening. Heat and stir over low heat until melted and smooth. Drizzle chocolate mixture over loaf. If desired, sprinkle additional coarsely chopped cashews or hazelnuts on top. Let stand until chocolate is set. Makes 1 loaf (14 servings).