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Holi, the festival of colors, began with the installation of a 'Chir' (bamboo pole) decorated with colorful strips of clothes at Hanumandhoka Durbar Square in Basantapur on Friday.

The ‘Chir’ was erected at 8: 33 am today. Erection of the pole in Basantapur marks the beginning of the festival which lasts for a week.

Holi will be celebrated in Kathmandu valley and hilly districts on March 14 and in Tarai on March 15.

 The ‘Chir’ will be erected in Patan and Bhaktapur also.

Following the completion of the Holi festival, people would collect the pieces of cloth from the Chir and keep it in their homes with a belief that it will bring good luck for them. 

The Chir will be dispersed in local Tundikhel.

Ukrainian President Volodymyr Zelenskiy said on Thursday that he would travel to Saudi Arabia on Monday for a meeting with Crown Prince Mohammed Bin Salman ahead of diplomatic-level talks later in the week with US officials, Hindustan Times reported.

“Next week, on Monday, my visit to Saudi Arabia is planned to meet the crown prince. After that, my team will remain in Saudi Arabia to work with our American partners. Ukraine is most interested in peace,” Zelenskiy said.

US President Donald Trump's special envoy, Steve Witkoff, said earlier on Thursday that a meeting with the Ukrainians was planned for next week in Saudi Arabia. He also said discussions were underway with Kyiv for a peace agreement framework and an initial ceasefire.

Witkoff said that Trump was pleased by Zelensky's letter after last Friday's disastrous meeting in the White House. “He felt that Zelensky's letter was a very positive first step. There was an apology. There was an acknowledgement that the United States has done so much for the country of Ukraine and a sense of gratitude,” he said, according to Hindustan Times.

US Secretary of State Marco Rubio and others are expected to depart for Riyadh on Tuesday to attend the meeting, which will include Andriy Yermak, a top aide to Ukrainian President Volodymyr Zelenski, Reuters reported.

Trump confirms Saudi visit

Donald Trump said he would visit the Kingdom probably over the next month and a half but did not mention a date.

“I'm going to Saudi Arabia. I said, I'll go if you pay a trillion dollars, $1 trillion to American companies, (spreading) the purchase over a four-year period, of a trillion dollars. They've agreed to do that, so I'm going to be going there,” Trump said, suggesting a major investment deal with Saudi Arabia.

A massive fire broke out at the RMB Plastic Packaging House in Bosigaun, Chandragiri Municipality-10, Kathmandu last night.

Pushpa Shrestha and Ramesh Podar owned the factory.

A large number of police personnel from Balaju Police Circle and Thankot Police Circle were deployed to douse the fire.

Spokesperson of District Police Range and Superintendent of Police (SP), Apil Raj Bohara, said the fire was brought under control with the help of police, the fire fighters and local people.

Police said that seven fire engines from Chandragiri Municipality, Lalitpur Metropolitan City, Bhaktapur Municipality, Budhanilkantha Municipality and others were used to extinguish the fire.

SP Bohara shared that the factory was completely destroyed in the fire.

The details of the loss caused by the fire are yet to be ascertained, police and stakeholders said.

At least three persons died when a speeding tipper hit a shelter home at Sankhu in the Capital early this morning.

The tipper (Ba 2 Ka 6580) hit the shelter home run by the Conflict Victims and Disable Society Organization at around 3:40 am in Salambutar, Shankharapur Municipality-6, Kathmandu. 

Spokesperson at the District Police Range and Superintendent of Police (SP) Apil Raj Bohara said that 10 people were sleeping in the room when the accident happened and three of them died.

It is said that 61 individuals were residing in the shelter home of the organization run by Yubraj Thapa.

Akash (21), Suman (21) and Harizan (45) died while receiving treatment at Nepal Medical College, Jorpati.

Police have impounded the vehicle and arrested its driver Sagar Majhi (25) of Sindhupalchowk for investigation.

The Nepal Stock Exchange (NEPSE) plunged by 2. 70 points to close at 2, 818.43 points on Thursday.

The sensitive index, however, by 1. 03 points to close at 470. 60 points.

A total of 19,041,514-unit shares of 310 companies were traded for Rs 10. 10 billion.

Meanwhile, Guardian Micro Life Insurance Limited (GMLI) and Bhugol Energy Development Company Limited (BEDC) were the top gainers today with their price surging by 10. 00 percent. Likewise, 10% Nabil Debenture 2082 (NBLD82) was the top loser as its price fell  by 10. 00 percent.

At the end of the day, the total market capitalization stood at Rs 4. 67 trillion.

The second edition of the Nepal Business Summit is set to take place in Kathmandu on April 20.

The event will be organized in collaboration with the Government of Nepal, the Ministry of Industry, Commerce, and Supplies.

An agreement regarding the organization of the summit was signed between the Nepal Chamber of Commerce (NCC) and the Nepal Business Institute (NBI).

This year's summit, organized under the theme of "Economy for a Sustainable and Resilient Future", will focus on the burning issues seen in the economic, banking, industrial/business, and high-potential sectors, and will involve intensive discussions, debates, and interactions between domestic and foreign academics/experts of the relevant subjects/sectors, emerging youth and women entrepreneurs.

The objective is to prepare a conclusion report containing useful suggestions of far-reaching importance obtained from the debate sessions and hand them over to the three-tier government for proper implementation, said Executive Chairperson of Nepal Business Institute and Coordinator of Summit Organizing Committee, Bishal Gaire.

President Nepal Chamber of Commerce, Kamlesh Agrawal, expressed his belief that the summit will create an environment to encourage and make the entire private sector dynamic by holding extensive discussion and interactions on problems seen in economic, banking, business, information technology and agriculture sectors.

Similarly, Nepal Business Institute (NBI) Executive Chairperson and Summit Organizing Committee Coordinator Bishal Gaire said that the summit will be a starting point for sustainable and broad-based economic development by encouraging domestic investment and attracting foreign investment through sustainable banking development, industrialization, agriculture, tourism, hydropower, forest products, technology, upgrading of small and medium enterprises, self-entrepreneurship and startup businesses, venture capital, and incubation, among other sectors.

The summit will be attended by more than 500 people, including high-ranking political and administrative officials of the federal government, provincial chief ministers, heads of local bodies, domestic and foreign experts, economists, banking experts, representatives of donor agencies, leaders of leading private sector organizations, chairmen/directors and high-ranking officials of banks and financial institutions, industrialists and businessmen, emerging youth and women, youth and women working in innovative sectors, youth involved in IT and digital technology, human resources returned from foreign employment, and higher education students.

The investment limit for banks and financial institutions licensed to transact convertible foreign currency has been increased, boosting their income and profits. Banks can now invest up to 20 percent of their primary capital in proprietary derivatives transactions, including both the purchase and sale of outstanding amounts. Previously, the limit was 15 percent. Nepal Rastra Bank’s Department of Foreign Exchange Management amended the Unified Circular, raising the limit by five percent.

Licensed ‘A’ category banks must manage their convertible foreign currency investments and mitigate exchange rate risks while ensuring transactions do not involve speculation. Total foreign exchange reserves are held by Nepal Rastra Bank and commercial banks. Increasing foreign exchange investment in banks will enhance their income and profitability, says Ramu Poudel, spokesperson for Nepal Rastra Bank. “Foreign exchange flows into banks, and they are now allowed to invest up to 20 percent of their primary capital. This increase from the previous 15 percent cap will help banks generate higher income and profits,” Poudel told ApEx.

With this change, the central bank will no longer need to absorb excess foreign exchange from the market. The total foreign exchange remains the same, but the portion previously held by Nepal Rastra Bank will now be available to commercial banks. Additionally, banks cannot hold open positions in derivatives transactions; all positions must be squared up. The exposure of such transactions must be reported in convertible foreign exchange, and proprietary transactions cannot exceed a three-month period. If foreign exchange outflows occur while reconciling net accounts, the central bank must be informed as per existing regulations.

This provision also governs foreign exchange balances and derivative instruments that banks and financial institutions can maintain in agency banks abroad. Licensed ‘A’ category banks and national-level ‘B’ institutions may engage in derivatives transactions within the foreign exchange market, following policy criteria set by their boards of directors. They are also permitted to invest convertible foreign exchange balances in their foreign agency banks.

China has warned the US it is ready to fight "any type" of war after hitting back against President Donald Trump's mounting trade tariffs, BBC reported.

The world's top two economies have edged closer to a trade war after Trump slapped more tariffs on all Chinese goods. China quickly retaliated, imposing 10-15% tariffs on US farm products.

"If war is what the US wants, be it a tariff war, a trade war or any other type of war, we're ready to fight till the end," China's embassy said on X, reposting a line from a government statement on Tuesday.

It is some of the strongest rhetoric so far from China since Trump became president and comes as leaders gathered in Beijing for the annual National People's Congress.

On Wednesday, China's Premier Li Qiang announced that China would again boost its defence spending by 7.2% this year and warned that "changes unseen in a century were unfolding across the world at a faster pace." This increase was expected and matches the figure announced last year.

Leaders in Beijing are trying to send a message to people in China that they are confident the country's economy can grow, even with the threat of a trade war.

China has been keen to portray an image of being a stable, peaceful country in contrast to the US, which Beijing accuses of being embroiled in wars in the Middle East and Ukraine, according to BBC.

China may also hope to capitalize on Trump's actions relating to US allies such as Canada and Mexico, which have also been hit by tariffs, and will not want to ramp up the rhetoric too far to scare off potential new global partners.

The Premier's speech in Beijing on Wednesday emphasised that China would continue to open up and hoped to attract more foreign investment.

China has, in the past, emphasized that it is ready to go to war. Last October, President Xi called for troops to strengthen their preparedness for war as they held military drills around the self-governing island of Taiwan. But there is a difference between military preparedness and a readiness to go to war.

The Chinese embassy in Washington's post quoted a foreign ministry statement in English from the previous day, which also accused the US of blaming China for the influx of the drug fentanyl

"The fentanyl issue is a flimsy excuse to raise US tariffs on Chinese imports," the foreign ministry spokesperson said.

"Intimidation does not scare us. Bullying does not work on us. Pressuring, coercion or threats are not the right way of dealing with China," he added.

The US-China relationship is always one of the most contentious in the world. This post on X has been widely shared and could be used by the China hawks in Trump's cabinet as evidence that Beijing is Washington's biggest foreign policy and economic threat, BBC reported.

Officials in Beijing had been hopeful that US–China relations under Trump could get off to a more cordial start after he invited Xi to his inauguration. Trump also said the two leaders had "a great phone call" just a few days before he entered the White House.

There were reports that the two leaders were due to have another call last month. That did not happen.

Xi had already been battling persistently low consumption, a property crisis and unemployment.

China has pledged to pump billions of dollars into its ailing economy and its leaders unveiled the plan as thousands of delegates attend the National People's Congress, a rubber-stamp parliament, which passes decisions already made behind closed doors.

China has the world's second-largest military budget at $245bn but it is far smaller than that of the US. Beijing spends 1.6% of GDP on its military, far less than the US or Russia, according to the Stockholm International Peace Research Institute.

However, analysts believe China downplays how much it spends on defence.