Nepse surges by 47. 44 points on Wednesday
The Nepal Stock Exchange (NEPSE) gained 47. 44 points to close at 1,981.48 points on Wednesday. Similarly, the sensitive index surged by 9. 19 points to close at 385. 36 points. A total of 4,618,516 unit shares of 227 companies were traded for Rs 1. 45 billion. In today’s market, all sub-indices saw green. Development Bank topped the chart with 160. 89 points. Meanwhile, Green Development Bank Limited was the top gainer today, with its price surging by 10. 00 percent. NIC Asia Flexi CAP Fund was the top loser as its price fell by 10. 00 percent. At the end of the day, total market capitalisation stood at Rs 2. 84 trillion.
Training on climate resilient begins
With an aim to minimize the impact of natural disasters and to strengthen climate resilient infrastructure at the local level, a two-day long training on climate resilient and sustainable urban infrastructure started today in Kathmandu. A total of 30 officials including municipal engineers and chiefs of the Departments of Environment from 15 municipalities of seven provinces participated in the training organized by Town Development Fund (TDF), under the European Union (EU) supported Municipal Finance and Capacity Building (MFCB) Program. Speaking at the inaugural event, stakeholders have called to introduce development interventions that mitigate and adapt climate change impacts at the local level. Observing that the cities of Nepal today face multiple challenges in making climate resilient urban infrastructures, Er. Krishna Prasad Sapkota, Executive Director of the TDF said, "Urban investment must be climate resilient, for which a paradigm shift is needed in our thinking, planning and execution of programs from local to federal levels." Strategies and action plans of urban infrastructures should focus on climate resilient, inclusive and green growth to counter unexpected disasters resulting from the climate change, Sapkota added. Mim Hamal, Senior Program Manager at the Delegation of the European Union to Nepal, said that climate change and climate finance issues are of great importance. Hoping that the training would be very useful for local governments to plan and execute climate change adaptation practices, Hamal added, "We should be mindful of the climate impact while investing in infrastructure development." Saroj Nepal, National Program Coordinator at the UN Capital Development Fund (UNCDF) stressed that the infrastructure asset management should be carried out being mindful of the climate change impacts. To this end, UNCDF has been supporting the initiatives targeted to urban investment and capacity building of municipalities, he added. Kapil Dev Gyawali, Program Coordinator at MFCB, said that the four-year long program that began in January 2019, has been providing technical assistance to enhance the capacity of municipalities and the TDF to nurture local economic development through blending financing. Surya Bahadur Karki, Chief of the Human Resources at the TDF, said that the two-day long training would enhance the capacities of municipal officials to design action plans for mitigating climate change impacts. The technical sessions that range from weather and climate, climate resilient infrastructure to disaster risk reduction and urban health, and resource efficiency are being facilitated by Climate Change Experts Dr. Ashok Kumar Pokharel and Dr. Ngamindra Dahal.
Gold price drops by Rs 700 per tola on Wednesday
The price of gold has dropped by Rs 700 per tola in the domestic market on Wednesday. According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow bullion is being traded at Rs 92, 800 per tola today. It was traded at Rs 93, 500 per tola on Tuesday. Meanwhile, tejabi gold is being traded at Rs 92, 300 per tola today. It was traded at Rs 93, 000 per tola yesterday. Similarly, the price of silver is being traded at Rs 1, 175 per tola.
Chinese Speaker Li visits Bhaktapur Durbar Square (In pictures)
Chairperson of the Standing Committee of the National People’s Congress of the People’s Republic of China Li Zhanshu visited Bhaktapur Durbar Square on Wednesday.
Bhaktapur Municipality Chief Sunil Prajapati welcomed the Chinese delegation led by Li.
During the visit, Chinese Speaker Li inquired about the pictures reflecting the art and culture of Bhaktapur.
On Tuesday, Li paid a courtesy call on Prime Minister Sher Bahadur Deuba.
He also held separate meetings with National Assembly Chairman Ganesh Timinsina, CPN-UML Chairman KP Sharma Oli and CPN (Maoist Center) Chairman Pushpa Kamal Dahal on Tuesday.
He will return home on Thursday.
Leading a 67-member delegation, leader Li arrived in Kathmandu on a four-day visit on Monday.
US envoy to Nepal Berry holds farewell meeting with Dahal
US Ambassador to Nepal Randy Berry held a farewell meeting with former Prime Minister and CPN (Maoist Center) Chairman Pushpa Kamal Dahal at the latter’s residence in Khumaltar on Wednesday. During the meeting, the duo discussed matters related to bilateral ties between the US and Nepal, Dahal’s Secretariat said. Meanwhile, Dahal congratulated Berry for his successful tenure. Dean Thompson has been recommended as the new US envoy to Nepal.
Twitter shareholders approve $44bn Musk deal
Twitter's shareholders have voted to approve a deal with Elon Musk to buy the company for $44bn (£38bn), BBC reported.
The decision was made in a short conference call with investors from the company's San Francisco headquarters.
It means Twitter will now try to force Elon Musk to buy the company in the courts.
The meeting followed explosive testimony from Twitter's former head of security Peiter Zatko in front of the US Senate.
In April, Twitter agreed to sell the company to the world's richest person, Elon Musk.
However, the deal soured after Mr Musk alleged he was misled by Twitter about the number of spam and bot accounts on the platform.
Twitter is currently valued at $32bn, considerably below the $44bn offer from Mr Musk.
Today's vote could have spelled the end of Twitter's legal pursuit, but shareholders have now given the company the green light to pursue Mr Musk in court.
The two are set to meet in front of a Delaware state court in October. During the hearing a judge will decide whether or not Mr Musk has to buy the company, according to BBC.
Just before the shareholder decision, Twitter whistle-blower Pieter Zatko was in Washington testifying before the Senate Judiciary Committee about alleged security flaws.
He told US lawmakers the firm was "misleading the public" about how secure the platform is.
The firm's former head of security on to say that Twitter was "a decade behind" security standards. Twitter says Mr Zatko was fired from his job, and that the claims are inaccurate.
Mr Zatko has previously supported Elon Musk's claim that the platform has more spam and fake accounts than it has admitted - though he didn't elaborate on this on Tuesday.
Last week, a judge said that Mr Musk's lawyers would be allowed to use the Twitter whistle-blower's testimony in court.
It largely focussed on national security issues - and is not officially connected with Mr Musk's attempt to pull out of the deal to buy Twitter, BBC reported.
Nepal, India discuss boundary dispute
The foreign secretaries of India and Nepal have discussed the boundary dispute along with other outstanding bilateral issues. Nepal Foreign Secretary Bharat Raj Paudyal and his Indian counterpart Vinay Mohan Kwatra held a meeting in New Delhi on September 13. They discussed multiple areas of cooperation between Nepal and India covering trade, transit, connectivity, infrastructure, power sector, irrigation and inundation, agriculture, investment, development cooperation, health sector competition, culture, and people-to-people relations, among others, says Nepal’s Ministry of Foreign Affairs. On the boundary issues, the statement says, “They also discussed the boundary matters. In this regard, they exchanged views on completing the boundary works in remaining segments through established bilateral mechanisms.” The Foreign Secretary-level mechanism is mandated to look after the border issues. They expressed satisfaction with the progress made in different areas including the power sector, construction of transmission lines, railway connectivity, construction of ICPs, motorable bridges, and other important infrastructures. They also discussed the early conclusion of the Transit Treaty including its Protocol and the Memorandum to the Protocol and expediting the review of the treaty of the trade. Matters related to fertilizers supply, and waiver of export restrictions in wheat, sugar, paddy, and rice were discussed as well.
Xi and Putin to discuss Ukraine war at meeting - Kremlin
China's leader Xi Jinping and Russia's Vladimir Putin will discuss the war in Ukraine and other "international and regional topics" at their meeting later this week, the Kremlin says, BBC reported.
The two will meet in Uzbekistan at a summit that will show an "alternative" to the Western world, the Kremlin said.
Mr Xi is making his first trip overseas since the beginning of the pandemic.
He is seeking a historic third term while Mr Putin's relations with the West are at rock bottom over Ukraine.
Mr Xi is beginning his three-day trip in Kazakhstan on Wednesday. He will then meet Mr Putin on Thursday at the Shanghai Cooperation Organisation (SCO) Summit in Samarkand, which will run from 15-16 September.
Mr Putin will also meet other leaders including those of India, Pakistan, Turkey and Iran - but his meeting with China's leader "is of particular importance," said Kremlin foreign policy spokesman Yuri Ushakov.
China and Russia have long sought to position the SCO, founded in 2001 with four ex-Soviet Central Asian nations, as an alternative to Western multilateral groups.
Mr Xi last left China in January 2020 to visit Myanmar - just days before the first lockdown came into effect in Wuhan. He has remained in China since then, leaving the mainland only once in July this year to visit Hong Kong.
Mr Putin is also making a rare foray abroad. His meeting with Turkish and Iranian leaders in Tehran in July was only his second foreign trip since Russian troops invaded Ukraine.
This is the two leaders' second meeting this year - they last met at Winter Olympics in Beijing in February.
China is not part of the international sanctions against Russia and trade between the two countries has continued to grow. Indian and Chinese imports of Russian oil have soared since the Ukraine invasion.
China too has seen its relations with the West and especially the US sour in recent months following tensions over self-ruled Taiwan. China claims the island as part of its territory.
Last month, Beijing staged a five-day military blockade around the island in response to US House Speaker Nancy Pelosi's visit.
China watchers say Mr Xi's decision to leave China after more than two years, despite significant domestic challenges - crippling lockdowns and a faltering economy - show his confidence in his leadership, BBC reported.
Analysts expect him to be re-elected for an unprecedented third term at the upcoming Chinese Communist Party Congress in October.
