Space exploration has always been a boundary of human imagination, pushing the boundaries of technology and expanding our understanding of the universe. NASA and many other organizations have already carried out remarkable missions of landing on the Moon and exploring Mars with spacecraft. These efforts have significantly contributed to our knowledge of space but still, the concept of interplanetary travel and colonization remains a grand ambition. Elon Musk has taken a bold step toward realizing this dream through his company SpaceX. Musk is working on a new idea of transportation that envisions human travel from one planet to another. Starship is the latest development in this journey, designed to transport humans and cargo to Mars, the Moon and beyond. Musk founded SpaceX in 2002 and from that date, it has already achieved several space milestones including the development of reusable rockets like the Falcon 9 and the first private spacecraft to deliver cargo to the International Space Station (ISS). These successes have paved the way for the development of the most powerful and advanced spacecraft ever built—Starship. SpaceX has launched several different versions of spacecraft before the development of Starship. The Dragon was the company’s first major spacecraft designed to transport cargo and crew to the ISS. With the development of Dragon 2, SpaceX solidified its position as a leader in the space industry as it was allowed for human spaceflight. With the development of Falco 9, a reusable rocket, the company marked a significant turning point in space exploration by drastically reducing the cost of launch. Starship is the result of all these earlier projects, which marked a major leap in terms of technology and scale. Unlike previous spacecraft, Starship is designed with interplanetary travel in mind, making it a key component of Musk’s vision for colonizing Mars. The most advanced spacecraft SpaceX has developed to date, the Starship is designed to carry up to 100 passengers or 100 tons of cargo to various destinations in space. The spacecraft is made of stainless steel and carbon fiber.  The use of stainless steel is a significant shift from the lightweight aluminum-lithium alloys used in many traditional spacecraft, as it provides a better balance of strength, temperature resistance and cost-effectiveness and it can withstand the extreme conditions of space travel. The Starship consists of two stages: Stage 1 and Stage 2. The lower part responsible for providing the necessary thrust to launch the spacecraft into orbit is Stage 1, which is also known as Super Heavy booster. It measures 71 meters in height with 9 meters in diameter and is powered by 33 Raptor engines, which generate a total thrust of around 17m pounds (7,700 tons). In the past, boosters were expendable; after launch, they would fall into the sea and be destroyed. However, the Super Heavy booster is designed for reusability. It can return to the launch pad after separating from the spacecraft, allowing for rapid turnaround times and significantly lowering the cost of space travel.  The upper part of the spacecraft responsible for carrying crew and cargo to their destination is Stage 2, which is the Starship itself. It is 50.3 meters tall with nine meters in diameter and has a payload capacity of 100 metric tons. It is equipped with six Raptor engines, which use liquid methane and liquid oxygen as propellants. This combination is chosen not only for its high performance but also because it can potentially be produced on Mars using the planet's natural resources. This capability is essential for long-term sustainability and the possibility of return missions. The Starship program has undergone several test flights to date. The first test flight was a suborbital ‘hop’ in which the spacecraft ascended a few kilometers before landing back on Earth. Subsequent Starship flights reached higher altitudes and performed more intricate maneuvers, ultimately culminating in Flight 5. Executed on 13 Oct 2024, Starship Flight 5 marked a significant advancement in SpaceX’s mission to create a fully reusable rocket system, demonstrating major upgrades from its predecessors, such as a redesigned heat shield and enhanced landing mechanisms. The mission involved launching the Starship upper stage toward space, followed by a controlled return of the Super Heavy booster to the launch site. The booster executed a precise landing using ‘chopstick’ arms on the launch tower after separating at an altitude of approximately 74 km, showcasing a novel recovery technique that aims to significantly reduce the time and costs associated with rocket reuse. Starship is designed to achieve re-flight of its rocket booster ultimately within an hour after liftoff. The booster returns within ~5 minutes, so the remaining time is reloading propellant and placing a ship on top of the booster.  SpaceX refined the design and improved the reliability of the spacecraft with the valuable data from each test. Starship's capabilities are not limited to Mars missions as it is intended for a variety of other roles, such as deploying satellites, transporting cargo to the Moon and even conducting intercontinental travel on Earth.   As per Elon Musk, the cost of launching a rocket is around $60m. If the rocket is used only once, the entire capital investment is consumed in a single flight. However, if the rocket can be reused 1,000 times, the cost drops to just $60,000 per launch. This dramatically reduces the cost of spaceflight and can bring it closer to the cost of air travel in the near future. Starship is another important step forward in human space exploration because Mars colonization becomes more realistic with it. The payload of the spacecraft is rather generous and, in addition, it can be refueled in orbit, which makes it possible to deliver everything necessary for the construction of a Martian settlement. Musk envisions a city on Mars with a population of one million people by the 2050s. This ambitious goal involves sending thousands of Starships to the Red Planet, transporting equipment, habitats and settlers in phases. The potential benefits of interplanetary colonization extend beyond survival. Mars could serve as a hub for scientific research, resource mining and even a launch point for future missions to the outer solar system. The Moon, too, could be a valuable destination. NASA’s Artemis program, which aims to return humans to the Moon, may use Starship as a lunar lander to transport astronauts and cargo to the lunar surface. With Earth estimated to be about 4.5bn years old and potentially facing environmental challenges that could threaten its habitability, finding an alternative home for humanity is becoming increasingly important. SpaceX’s vision for Starship is not just about exploration but about ensuring the continuation of human civilization. Starship represents a monumental step forward in human spaceflight and interplanetary travel. Its advanced design, reusability and cost-effectiveness make it a game-changer in the space industry. SpaceX is advancing scientific knowledge and ensuring a future where humanity can thrive beyond Earth as it aims to establish a human presence on Mars and explore the Moon and other celestial bodies. As countries around the world look to space for new opportunities, the launch of NepaliSat-1 in 2019 stood as a symbolic moment, showcasing the country’s aspirations. Thus, considering Earth’s 4.5bn-year history and the potential environmental threats to its future, SpaceX’s Starship symbolizes a crucial step toward safeguarding the future of humanity beyond our planet.

Stato-dynamic progressivism, a term derived from the words ‘stato’ (state or stability) and ‘dynamic’ (force or movement), refers to a political and social theory that advocates for a progressive approach within the framework of institutional stability. Unlike traditional progressivism, which may prioritize rapid social change and reform, stato-dynamic progressivism seeks to balance progress with the preservation of order, institutions and systems of governance. This theory suggests that meaningful progress occurs when institutions evolve in response to societal needs while maintaining continuity with their foundational principles. Background The concept of stato-dynamic progressivism is rooted in the philosophical traditions of both conservative and progressive thoughts. It synthesizes aspects of classical conservatism—emphasizing the preservation of social institutions—and progressivism, which advocates for reforms to address inequality, injustice and social stagnation. This blend positions stato-dynamic progressivism as a centrist ideology, believing that reforms should be evolutionary rather than revolutionary. Historically, thinkers like Edmund Burke, often regarded as a father of modern conservatism, argued that change should be organic and incremental to prevent the destabilization of society. Stato-dynamic progressivism aligns with this view, but also acknowledges the need for continuous reform, drawing from the progressivism of John Stuart Mill, who advocated for the expansion of individual rights and social reforms through democratic means. Principles Stato-dynamic progressivism operates on several key principles: 1. Institutional stability and reform: Central to this ideology is the belief that institutions—political, economic and social—should be respected and maintained. However, stato-dynamic progressivists argue that these institutions must be adaptable and responsive to new challenges, including inequality, discrimination, and environmental degradation. For example, instead of dismantling established systems of governance, reforms are made within them to ensure they better serve the public. 2. Balanced change: Change is necessary for societal progress, but it must be balanced with the preservation of traditions and values. Stato-dynamic progressivism avoids the radicalism of rapid reform movements, fearing that such changes could lead to instability, backlash or unintended consequences. It favors a gradual approach, where changes are implemented in phases, allowing society to adjust and institutions to absorb new responsibilities. 3. Democratic participation: A fundamental tenet is the belief in democratic participation. Stato-dynamic progressivists emphasize the role of the public in guiding institutional reforms. Policies should emerge through democratic dialogue, ensuring that change is representative of the people's will and not imposed top-down by elites. 4. Pragmatism over ideology: Stato-dynamic progressivism is pragmatic in its approach to policy-making. Rather than being driven by ideological purity, it focuses on what works, often advocating for evidence-based policy decisions. This pragmatism makes it more flexible in dealing with complex issues like economic inequality, climate change and social justice, allowing for the adoption of policies from across the political spectrum if they can contribute to societal well-being. Application In today’s political environment, stato-dynamic progressivism may be seen as a middle path between populism and radical progressivism. It appeals to those who are dissatisfied with the rapid pace of change promoted by some progressive movements but are equally uncomfortable with reactionary or regressive policies that seek to halt or reverse progress. In the context of healthcare reform, for instance, a stato-dynamic progressivist might advocate for expanding access to healthcare through reforms within the existing system, such as expanding public healthcare options or reforming private insurance practices, rather than endorsing a complete overhaul to a single-payer system. The goal is to improve the system progressively without dismantling what works. In the case of environmental policy, stato-dynamic progressivism might push for comprehensive climate action through the enhancement of regulatory frameworks and incentives for green technologies, rather than radical economic changes that could disrupt the livelihood of communities dependent on traditional industries. Criticisms Despite its appeal as a centrist ideology, stato-dynamic progressivism faces several criticisms. Critics from the left argue that it is too cautious, often failing to meet the urgency of crises like climate change, racial injustice or income inequality. The gradualist approach can seem inadequate in the face of problems that require immediate, large-scale action. From the right, critics may argue that even incremental reforms can erode the traditional values and institutions that they seek to protect, fearing a slippery slope toward more radical change. Moreover, the balance between stability and progress can be difficult to maintain. In periods of rapid technological, economic or cultural transformation, even incremental changes can create significant disruption. The risk, critics suggest, is that stato-dynamic progressivism could become too focused on institutional preservation at the expense of needed reforms, leading to stagnation. Conclusion Stato-dynamic progressivism represents a nuanced and balanced approach to societal reform. By emphasizing the need for change within the stability of existing institutions, it provides a framework for progress that avoids the risks of both radicalism and conservatism. While it may be criticized for its cautious approach, particularly in times of crisis, its focus on gradual, democratic and pragmatic reforms makes it a compelling vision for those seeking sustainable progress without the upheavals of radical social change.

We are celebrating the 44th World Food Day today. The slogan for this year is ‘Right to Food for a Better Life and Better Future’. Meanwhile, food security is becoming a critical global issue. Factors such as extensive wars in the Middle East, the conflict between Russia and Ukraine, internal strife, mass migrations, Covid-19, bird flu, other pandemics, and—most significantly—climate change are exacerbating food scarcity worldwide. Despite the Sustainable Development Goal (SDG) to end hunger by 2030, one in 11 people experienced hunger in 2023. This figure continues to rise, driven by internal conflict in Sudan, the ongoing war in the Middle East, farmer protests and wildfires in Europe, instability in South America, and political unrest in South Asia. Additionally, record-breaking temperature increases, extreme rainfall leading to landslides and floods, reduced rainfall frequency, and growing infestations of insects and pests are heightening the risk of food shortages. As a mountainous agricultural country heavily dependent on irrigation and affected by misguided policies, Nepal faces an even greater threat of food insecurity. In Nepal, all four food systems—agriculture, forestry, aquaculture, and fisheries—are under threat due to development-focused, productivity-centric plans and policies. The country’s increasing reliance on agricultural imports, coupled with extreme climate conditions, poses a significant risk to food security. Recently, record-breaking rainfall in Nepal caused substantial agricultural losses, with the government estimating a Rs 6bn loss in the sector. Floods devastated paddy crops during the harvest season, causing immense hardship for farmers. Paddy, which is highly vulnerable to climate extremes, continues to be promoted by the government over more resilient crops. Some of the biodiversity losses I encountered last year include the following: Case I: In a recent discussion with the Chepang community of Ichhyakamana Municipality, I discovered that the Chepangs are no longer consuming Canna (Canna discolor), commonly known as ful tarul. Canna used to be abundant in every Chepang village, and they regularly ate its rhizomes by either boiling them or making alcohol from them. These roots were once a staple food source for the Chepang people but have now been replaced by rice, which has become the primary food in every Chepang household. Case II: Last September, while in Kaushe, Sindhuli district, I fell ill with a fever and wanted to have millet soup. When I asked for finger millet flour, I was surprised to learn that millets had gone extinct in that area. The locals explained that they once cultivated millets, but with the introduction of proper irrigation, millet was replaced by paddy. Now, no one grows millets there. Case III: In my hometown of Molung, Okhaldhunga, we used to grow Niger (Guizotia abyssinica), locally called Jhuse til, as an intercrop with millets. However, over the last decade, Niger has vanished from the area. During the last Dashain, I visited several households in the village in search of Niger seeds but found none. After an extensive search, I finally obtained 1 kg of seeds from the nearest market in Rampur. These cases illustrate the decline of traditional crops and species due to faulty agricultural extension services and the increasing influence of private companies on the sector. Rather than promoting the comparative advantage of our geographic diversity, the government invests in chemical inputs and imports hybrid seeds, disrupting long-standing local production systems. As a result, production costs have risen, and many farmers are abandoning agriculture. In 2023, our imports decreased compared to the previous year, a statistic shared with pride by officials. However, the real reason for this reduction was the export restrictions imposed by other countries. Last year, India restricted rice exports, causing prices to spike, and the Nepali government had to plead with India to ensure a steady supply. This situation highlights our vulnerability to food insecurity and underscores the urgent need for a transformation in our food systems. By definition, food system transformation involves the radical rethinking of the key outcomes of food systems. In Nepal’s context, this transformation can be achieved through the localization of food systems, returning to self-sustained production practices, and strategically leveraging the country’s geographic advantages. The Constitution of Nepal, 2015, guarantees the right to a local food system as a fundamental right. Based on this provision, the Right to Food and Food Sovereignty Act, 2018, and its accompanying regulations in 2023 were formulated. However, implementation has been weak. While the increasing share of remittances in the GDP has improved food security statistics, this improvement remains fragile and temporary. Masanobu Fukuoka, an activist, farmer, and agriculturist, asserts that food grown nearby is best for human beings, while food obtained through struggle tends to be the least beneficial. He also emphasizes that food and medicine are not separate entities but rather two sides of the same coin. Yet, in our discussions of food security, we often focus solely on food availability, neglecting important factors like food quality, cultural relevance, and consumption patterns. This oversight has contributed to a rise in non-communicable diseases such as cancer, diabetes, and high blood pressure. Recently, a report from BP Koirala Memorial Cancer Hospital in Chitwan highlighted a concerning trend: while the number of new patients decreased in 2023, the overall number of cancer patients increased. Similar patterns are being observed in other hospitals across Nepal, raising alarm. Despite the policy focus on food sovereignty, critical aspects of food security—accessibility, utilization, and stability—have often been overlooked in practice. This presents a major challenge for Nepal, requiring urgent attention and action. In the past, Nepal followed a self-sufficient family farming model, but policies and agricultural development strategies labeled it as ‘subsistence agriculture’. The concepts of modernization and productivity dominated policy papers and development agendas. Despite large government investments in subsidies, productivity did not increase significantly. The government introduced chemicals, fertilizers, and hybrid seeds, applying a one-size-fits-all approach to Nepal’s diverse agricultural regions. Although the government celebrated an increased seed replacement rate as an achievement, this came at the cost of losing rich biodiversity, adaptive indigenous knowledge, and local regenerative seeds. Today, we face a severe risk of food insecurity, a rise in non-communicable diseases, and heightened climate vulnerability. We are in a crisis, but it is not the end. There remains a generation of farmers who possess knowledge of self-sufficient production systems. In local areas, many farmers still preserve regenerative seed varieties, and in rural regions, traditional cropping practices, which are more climate-resilient, are still in use. In so-called ‘undeveloped’ areas, we see diversified local food consumption systems that can serve as a foundation for sustainable development. What we need now is to document this invaluable knowledge, conduct research to enhance the productivity of these practices, create proper plans, and invest in expanding sustainable agricultural methods. With systematic production planning, government-supported value addition technologies, and agro-tourism, we can harness the comparative advantages of a self-sustaining, chemical-free production system. Achieving this requires a unique food system transformation tailored to Nepal’s needs—one that prioritizes sustainability, resilience, and the preservation of indigenous agricultural knowledge. The author is an agroecology researcher at Forestaction Nepal

Lead poisoning is caused by exposure to high levels of lead. Lead is most commonly found in houses built before 1978. Symptoms of lead poisoning include headaches, cramps and hyperactivity. Lead poisoning can be diagnosed through a blood lead test. Treatment includes finding and removing the source of the lead to prevent further exposure. Lead can be found in all parts of our environment—the air, the soil, the water and even inside our homes. Much of our exposure comes from human activities, including the use of fossil fuels like past use of leaded gasoline, some types of industrial facilities and past use of lead-based paint in homes. We should wash fruits and vegetables before eating to clean off any lead dust that may have settled on the food and remove the outer leaves of leafy green vegetables. Lead poisoning happens when your child is affected by high levels of lead exposure. It is usually caused by eating or drinking (ingesting) lead, but touching or breathing in the toxic metal can also cause it. The detectable amount of lead is found in your child's blood. Lead-based paint and lead-contaminated dust are the most common sources of lead poisoning. Paint containing lead was not banned in the United States until 1978. Homes built before 1978 have a good chance of having lead-based paint, which can chip, peel or flake. Lead poisoning, also known as plumbism and saturnism, is a type of metal poisoning caused by lead in the body. There is no antidote for lead. Treatment of lead poisoning consists of removal from the source of exposure. Chelation therapy should be considered for treatment of severe symptoms or markedly elevated blood lead levels. Some effects Lead exposure can cause high blood pressure and brain, kidney and reproductive health issues in adults. Symptoms of lead poisoning include headaches, stomach cramps, constipation, muscle/joint pain, trouble sleeping, fatigue, irritability and loss of sex drive. Certain candy ingredients such as chili powder and tamarind may be a source of lead exposure. Lead can get into the candy when drying, storing and grinding the ingredients is done improperly. Ink from plastic or paper candy wrappers may also contain lead that leaches or seeps into the imported candy. It damages the brain and nervous system and slows growth and development. It also affects learning and behavior problems as well as hearing and speech problems. Lead is soft and malleable, and also has a relatively low melting point. When freshly cut, lead is a shiny gray with a hint of blue. It tarnishes to a dull gray color when exposed to air. Management and treatment Is lead poisoning curable? The effects of lead poisoning aren’t reversible. But you can reduce blood lead levels and prevent further exposure by finding and removing the sources of lead from your child’s home or environment. If your child’s blood lead levels are very high, your child’s healthcare provider may treat them with a medication called a chelating agent. This medicine binds the lead in your child’s blood and makes it easier for their body to get rid of it. Your child’s healthcare provider may also recommend whole-bowel irrigation. With this procedure, your child’s healthcare provider gives your child a special solution called polyethylene glycol by mouth or through a stomach tube to wash out the contents of your child’s stomach and intestines. Bowel irrigation is aimed at preventing further lead absorption if there are lead paint chips identified on an X-ray of your child’s belly.  Prevention Ways to reduce your child’s risk of lead poisoning Lead poisoning is preventable. Talk to your child’s healthcare provider about ways you can prevent lead poisoning. Some ways you can help prevent lead poisoning include: Make sure your child eats healthy foods that are high in iron, calcium and vitamin C, which help protect against lead poisoning If you live in a house or apartment built before 1978, talk to your state or local health department about having your home’s paint and dust tested for lead If you rent your home, talk to your landlord about peeling and flaking paint. Call the health department if the paint isn’t safely repaired Wash your child’s hands, bottles, pacifiers and toys frequently Always wash your hands before eating Always wipe your feet before entering the house, and leave your shoes at the door Wipe floors and other surfaces with a damp mop or cloth regularly If you have lead pipes, stagnant water or hot water can leach lead into your tap water. Let your faucet run cold water for one minute before using it for drinking, cooking or making baby formula Don’t try to remove lead-based paint yourself Avoid any home remedies that contain lead Key facts Exposure to lead can affect multiple body systems and is particularly harmful to young children and women of child-bearing age Lead in the body is distributed to the brain, liver, kidney and bones. It is stored in the teeth and bones, where it can accumulate over time. Human exposure is usually assessed through the measurement of lead in blood Lead in bone is released into blood during pregnancy and becomes a source of exposure to the developing fetus There is no level of exposure to lead that is known to be without harmful effects Lead exposure is preventable

Financial statements represent an aggregate total of the company’s business information during a certain time period.  This information can be evaluated on the basis of historical, current and projected performance. Financial statement analysis is a common technique that allows business owners to review their company’s operational performance. Business owners will need to create financial statements from their company business transactions before conducting a financial statement analysis. Financial statement analysis compares ratios and trends calculated from data found on financial statements. Financial ratios allow you to compare your business’ performance to industry averages or to specific competitors. These comparisons help identify financial strengths and weaknesses. Financial statement analysis involves examining a company’s financial statements to make informed decisions. External parties utilize this process to assess the general well-being of a company, evaluate its financial performance and determine its business worth. Internally, stakeholders use it as a means of monitoring and managing the organization’s finances. Financial ratios are dominant tools to help summarize financial statements and the financial health of a company. Stanley Block and Geoffrey Hart explain in the ‘Foundations of Financial Management’ that financial ratios are classified into four types of financial measurements: profitability,  asset utilization, liquidity, and debt utilization. Profitability ratios assess the profit generated from various financial sources. These include the profit margin, return on assets and return on equity. To determine any of these ratios, divide net income by sales, total assets or stockholders’ equity, respectively. Asset utilization ratios evaluate how effectively a company manages its assets. These ratios include receivables turnover, average collection period, inventory turnover, fixed asset turnover and the total asset turnover. With the exception of the average collection period, each of these ratios is calculated by dividing sales by the asset category specified in the ratio’s name. Liquidity ratios assess the amount of assets that can be quickly converted into cash. These ratios are commonly used alongside cash flow statements to evaluate a company’s capacity to meet its obligations to creditors. The primary liquidity ratios are the current ratio and the quick ratio, which are calculated by dividing current assets and quick assets, respectively, by current liabilities. Like asset utilization ratios, debt-utilization ratios measure how efficiently a company uses its debt. These ratios are debt to total assets, times interest earned and fixed charge coverage. Debt to total assets is calculated as it is stated, while the others are a little different—income before interest and taxes divided by interest and income before fixed charges and taxes divided by fixed charges. Trend analysis Trend analysis allows for the comparison of a company’s performance over specific time periods. For instance, managers can assess changes in their profit margin over five years. A thorough analysis should also incorporate industry benchmarks for a more comprehensive evaluation. Financial analysis is an important part of business management. Business owners often review financial information to ensure their business is generating enough capital to pay for expenses and provide the owner with a profit. While different types of financial analysis exist in the business environment, financial statement analysis is a common management tool. Financial statement analysis usually involves a personal review by the business owner. Financial statement analysis usually includes quantitative and qualitative reviews by business owners. A quantitative review includes the use of various financial ratios. These ratios measure the company’s ability to meet short-term financial obligations, profitability of goods or services sold to consumers, use of financial assets to generate income and other information. The qualitative review uses personal judgment or inferences when making decisions based on the information. Financial ratios provide a limited analysis of the company’s financial statements. These ratios calculate numerical indicators or percentage values based on the financial information contained in the statements. However, these indicators mean very little if not compared to competing business or industry standards. Business owners may find it difficult to compare their information with another company, which has similar business operations or financial obligations. Business owners using qualitative analysis on financial statements may be limiting their reviews to the final output of financial information. While financial statements usually indicate how much profit the company has generated during a certain accounting period, financial statements typically do not provide enough information about the efficiency of business operations. Small businesses often can turn a profit even though too much money was spent on generating this income. Business owners with a limited knowledge of accounting or financial analysis may be unable to properly analyze their operations. Business owners also may create financial statements that do not accurately reflect the company’s financial situation. Analyzing financial statements with incorrect information can misrepresent the owner’s understanding and decision-making process. Incorrect financial statements also misrepresent the company’s historical financial information, creating a difficult process for measuring business trends. Qualified finance and professional accountants assist small businesses with setting up and analyzing financial statements. These professionals can also prepare business tax returns and help prevent major financial errors in recording and reporting business financial data. Additionally, business owners may seek their advice when making business decisions. Business owners can employ two utilizations of financial statement analysis: quantitative and qualitative. Quantitative analysis involves using formulas or ratios to break down financial statements into indicators, which serve as benchmarks for comparing the company's performance to industry standards. Qualitative analysis relies on personal judgment or inferences to evaluate financial statement information. Both types of analysis help business owners make informed decisions about their operations. Quantitative analysis features different financial ratios for analyzing financial statement information. Ratios include liquidity, asset turnover, financial leverage and profitability. Liquidity ratios indicate how well the business can meet short-term financial obligations. Asset turnover ratios provide information on the company’s ability to use assets when generating sales. Financial leverage ratios determine the long-term solvency of the business. Profitability ratios help business owners calculate the amount of profit from consumer goods or services. Businesses perform qualitative analysis by examining multiple financial statements simultaneously, a process known as horizontal or trend analysis. In this approach, business owners compile a document that includes the financial statement for the current month along with those from several previous months. By reviewing individual accounts or line items, they can identify trends in areas such as sales, cost of goods sold or expenses, helping to uncover insights into company operations. A computerized accounting system is valuable for financial statement analysis, with many affordable accounting software options available. These programs can be customized to capture a company’s financial data based on pre-set instructions. Additionally, computerized systems help minimize calculation errors that business owners might make when reviewing financial statements. Misconceptions Financial statement analysis is not always the best management tool for measuring a company’s performance. Although financial statement analysis may indicate positive performance indicators, other issues may exist in the company. Business owners also should review production output, employee productivity and other internal business functions to avoid a myopic business decision-making process.

Nepal and Armenia established diplomatic relations on 26 March 1993, shortly after Armenia gained independence from the Soviet Union in 1991. Since the establishment of diplomatic ties, relations between the two landlocked countries have progressed slowly, and there is hardly any literature available on their bilateral relations. Therefore, this article aims to explore potential areas of collaboration between the two nations. Historical context Despite the late start, Nepal recognized the importance of engaging with emerging republics like Armenia as part of its broader foreign policy to diversify partnerships beyond South Asia. Similarly, Armenia, positioned at the crossroads of Eastern Europe and Western Asia, has aimed to expand its diplomatic presence by establishing connections with countries in Asia, including Nepal. Historically, both nations have preserved distinct political and cultural identities while contending with foreign domination. Armenia endured invasions by powerful empires, including the Ottoman, Persian, and Russian empires. Similarly, Nepal maintained its independence throughout the colonial era, despite British imperial interests in South Asia. Nepal stands out for its unique blend of Hindu and Buddhist traditions, while Armenia is renowned for being the first nation to adopt Christianity as a state religion in 301 AD. These shared experiences of resisting external pressures, preserving independence, and navigating rich religious and cultural heritages have fostered mutual respect between the two nations. Diplomatic ties In order to facilitate diplomatic exchanges, Nepal’s embassy in Moscow often represents its interests in Armenia, while Armenia’s diplomatic mission in New Delhi oversees its relations with Nepal. In recent years, Nepal and Armenia have shown greater interest in strengthening their diplomatic ties, particularly through high-level visits and participation in international forums. In Dec 2023, Narayan Prakash Saud, Minister for Foreign Affairs, visited Armenia to attend the Ministerial Meeting of the Landlocked Developing Countries. In May 2024, the National Assembly of Armenia hosted a delegation of the National Assembly of Nepal, where discussion took place about forming a Parliamentary Friendship Group to foster deeper collaboration and enhance people-to-people relations. During the visit, a Memorandum of Understanding was signed between the Chamber of Commerce and Industry of Yerevan and Nepal Chamber of Commerce. The Armenian side also expressed interest in investing in Nepal’s agriculture and tourism sectors. Additionally, in Sept 2024, Armenia hosted three participants from Nepal for its inaugural edition of the Yerevan Dialogue, organized by the Ministry of Foreign Affairs. Nepal and Armenia, positioned between powerful neighbors, share common economic and strategic concerns. Both nations actively engage in multilateral platforms like the United Nations, where they advocate for global peace, sustainable development and climate action. As small, landlocked countries, they have frequently aligned on key global issues, championing multilateralism and the interests of developing nations. The two nations have also supported each other’s efforts for international recognition and collaboration. Armenia has consistently backed Nepal’s UN initiatives, particularly in climate change, human rights and peacekeeping. In turn, Nepal has shown solidarity with Armenia on matters of regional stability in the South Caucasus, often maintaining a neutral position on conflicts such as the Nagorno-Karabakh issue. Cooperation Both Nepal and Armenia are small economies, with $41bn and $20bn respectively. Nepal’s GDP is heavily reliant on agriculture, remittances and tourism, while Armenia’s economy is increasingly driven by technology, agriculture and mining.  Tourism presents a viable area for collaboration. Both Nepal and Armenia are renowned for their rich cultural heritage and natural landscapes, attracting tourists from around the world. Nepal, home to the majestic Himalayas such as Sagarmatha and iconic cultural landmarks such as Lumbini and Pashupatinath, can promote itself to Armenian tourists seeking spiritual and adventure tourism experiences. Armenia’s ancient monasteries, historical landmarks and scenic landscapes offer unique travel opportunities for Nepali visitors. The exchange of goods, although limited at present, could also see growth. According to the Ministry of Foreign Affairs of Armenia, Nepal exported goods and services worth $32,100 in 2021. There is almost non-existent export from Armenia to Nepal. However, there is huge potential for bilateral trade because Armenia has a growing tech sector, producing electronics, software, wines and processed food; while Nepal offers handicrafts, textiles and agricultural products such as tea, coffee and spices. The two countries can explore avenues for promoting trade in these areas, including the development of trade agreements and participation in international expos to showcase each other’s products. Both Nepal and Armenia face difficulties in accessing global markets, which necessitates the creation of innovative economic strategies and regional partnerships. Collaborative efforts to improve infrastructure and logistics, as well as lessons from Armenia’s growing tech industry, could benefit Nepal as it seeks to modernize its economy. Exchanges Cultural exchange between Nepal and Armenia, though limited, holds great potential for building stronger people-to-people ties. Both countries boast rich cultural heritages that could be further promoted through academic partnerships, artistic collaborations, and tourism initiatives. Nepal’s cultural diplomacy, driven by its Hindu and Buddhist traditions, can resonate with Armenia’s deeply rooted Christian heritage. Joint cultural festivals, academic conferences and exchanges between scholars of history, religion and culture could pave the way for a deeper understanding of each other’s traditions. Education is another key area where Nepal and Armenia can collaborate. Both countries have growing youth populations that can benefit from academic exchanges and scholarships. Armenian universities, particularly those specializing in technology and sciences, can attract Nepali students, while Nepal’s universities can offer programs related to Himalayan studies, Buddhism and development studies that may appeal to Armenian students. Armenia has become an increasingly popular destination for students seeking affordable, high-quality medical education. Armenian universities, like Yerevan State Medical University (YSMU), offer medical programs that are recognized by international medical bodies such as the World Health Organization (WHO). Nepali students can benefit from such opportunities.  Furthermore, Armenia’s Armenian General Benevolent Union (AGBU) operates globally, including in Asia, and can serve as a platform for cultural and educational partnerships between the two nations. The AGBU has historically played a role in fostering Armenian diaspora communities and cultural preservation, and its outreach could be extended to promote Armenia-Nepal ties. Challenges Despite the potential for cooperation, several challenges impede the deepening of Nepal-Armenia relations. First and foremost, the geographical distance between the two countries, coupled with the absence of direct transport links, lack of e-visa facilities for Nepali nationals, and absence of their embassies in each other’s capital poses logistical difficulties for trade, tourism, and diplomacy. Without direct air connectivity, the costs of travel and trade remain high, limiting the frequency of exchanges. Additionally, the lack of a formal trade agreement between Nepal and Armenia has hindered the growth of economic relations. Both can benefit from exploring the potential for bilateral trade agreements or investment treaties that can facilitate easier access to each other’s markets. Nepal has abundant potential for hydropower development, while Armenia is focusing on developing solar and wind energy. Both countries can collaborate in renewable energy sectors by sharing expertise and technologies to promote energy sustainability.  Both Nepal and Armenia are known for their trekking routes. Nepal is famous for the Annapurna and Everest Base Camp treks, while Armenia offers scenic hikes such as the Transcaucasian Trail and Mount Aragats. Both countries stand to benefit by promoting each other’s tourism sector that will enhance people-to-people relations which will open new avenues of collaborations.  Another challenge is the limited awareness and understanding between the people of Nepal and Armenia. Cultural and educational exchanges, while promising, are still in their infancy, and greater efforts are needed to foster grassroots-level connections. Both governments need to invest in cultural diplomacy and encourage private sector involvement in promoting tourism and trade. Prospects  The future of Nepal-Armenia relations holds promise as both countries recognize the benefits of collaboration in a globalized world. Nepal can learn from Armenia’s technological advancements, while Armenia can benefit from Nepal’s experiences in sustainable tourism and renewable energy development. Armenia’s experience in digital transformation and e-governance can be shared with Nepal, which is working on improving its digital services for government and citizens. Knowledge-sharing workshops and collaborations on digital literacy and smart governance initiatives can be mutually beneficial. The development of institutional frameworks for trade, tourism and academic exchange is essential to unlocking the potential of this partnership. Furthermore, greater cooperation in multilateral platforms, particularly on issues such as climate change, sustainable development and peacebuilding, will strengthen their diplomatic ties. Both Nepal and Armenia, as small landlocked nations, share similar concerns about connectivity, environmental sustainability and the challenges of globalization, offering opportunities for collaboration in international forums. Nepal is one of the largest contributors to UN peacekeeping missions, while Armenia also participates in peacekeeping operations. Both countries can collaborate in the training and exchange of peacekeepers, sharing expertise in maintaining global peace and security. Both Armenia and Nepal, as members of the Non-Aligned Movement (NAM), can collaborate on multilateral platforms such as NAM and the United Nations to advocate for the interests of small, landlocked nations and promote peaceful resolutions to global conflicts. Nepal and Armenia are at an early stage of their bilateral relationship and the foundations are being laid for a deeper partnership. By overcoming challenges related to geography, trade and connectivity, both nations can enhance their cooperation in the areas of diplomacy, economics, culture and education, contributing to their mutual prosperity in the years to come. The author is a research director at Nepal Institute for International Cooperation and Engagement