Submit your Article

The Nepal Stock Exchange (NEPSE) gained 59. 54 points to close at 1,986.82 points on Wednesday.

Similarly, the sensitive index plunged by 12. 42 points to close at 381.37 points.

Meanwhile, a total of 5,787,126 unit shares of 225 companies were traded for Rs 2. 04 billion.

In today’s market, all sub-indices saw green. Life Insurance topped the chart with 170. 34 points.

Meanwhile, Nepal Finance Limited and Reliance Finance Limited were the top gainers today, with their price surging by 10 percent. Everest Bank Limited Con. Pref was the top loser as its price fell by 9. 99 percent.

At the end of the day, total market capitalisation stood at Rs 2. 83 trillion.

Prime Minister Sher Bahadur Deuba completed his one year in office on Wednesday.

On the occasion, the government made public the list of achievements it made in one year.

He was appointed the Prime Minister on July 13, 2021 by the mandamus order of the Supreme Court which overturned then KP Sharma Oli’s decision to dissolve the House.

The Prime Minister’s Secretariat has made public 42 achievements that have been accomplished by the Deuba government in his one year.

The government has become successful in ending political instability and misgovernance, in taking the country ahead in a democratic method, holding the local level elections on time and administering Covid-19 vaccines to all eligible citizens, the Secretariat said.

In the report released on the occasion of its 100-days, the government said that it adopted a foreign policy based on national interest to strengthen ties with all the countries and made an arrangement for the treatment of those injured in the various movements.

Similarly, the Secretariat said that the government has announced a monthly allowance of Rs 5, 000 to patients with kidney and spinal injuries and decided to provide a one-time payment of Rs 10,000 each for 500,000 poor house households.

Likewise, the government has endorsed the Millennium Challenge Corporation (MCC), decided to provide old age allowance under the social security program from the age of 68, started farmers' pension program, decided to provide 98 types of medicines free of cost to the people under the poverty line and increase salary of civil servants by 15 percent.

The government said that it decided to withdraw the State Partnership Program (SPP) and started selling electricity to India among others.

International Liaison Department head of the Chinese Communist Party Liu Jianchao paid a courtesy call on President Bidya Devi Bhandari on Wednesday.

The meeting was held at Sheetal Niwas in Kathmandu this afternoon, the Office of the President said.

Leading an eight-member delegation, Lui arrived in Nepal on Sunday.

He held separate meetings with Prime Minister Sher Bahadur Deuba and Foreign Minister Narayan Khadka on the same day.

The Chinese leader also held meetings with CPN (Maoist Centre) Chairman Pushpa Kamal Dahal, CPN-UML Chairman KP Sharma Oli and CPN (Unified Socialist) Chairman Madhav Nepal among others.

Nepal has set a record for the world’s highest altitude hotel.  

Everest Inn Private Limited located in a village near Gorak Shep Everest Base Camp in Solukhumbu district has become the world’s highest altitude hotel.

Located at an altitude of 5,180 meters, the hotel received an official certificate from ‘World Books Records’ London on Monday.

Minister for Culture, Tourism and Civil Aviation Jeevan Ram Shrestha and Chairman of Nepal Chapter Sagar Katuwal handed over the official certificate of ‘World Books Records’ to Managing Director of the hotel Pasang Tsering Sherpa amidst a program in the Capital.

On the occasion, Minister Shrestha said that it is a matter of happiness and pride for all Nepalis to have such a record by the hotel of Nepal.

He expressed his confidence that this kind of hotel would further contribute to promoting tourism in Nepal.

Saying that Covid-19 pandemic had affected tourism the most in Nepal, Shrestha said that the Ministry is holding consultations with the concerned authorities to revive this sector.

During the program, he said the Ministry would announce the agendas to revive the business of the tourism sector within a few days.

Nepal representative of ‘World Books Records’ Katuwal, said that this record has made Nepal’s name known to the world in a new way and congratulated the managing director of the hotel.

Managing Director Sherpa said that he brought the hotel into operation from 2004.

Sherpa said that he built the hotel with great efforts as it was a very challenging job to construct an eatery in that place.

Record holder director and mediaperson Phurba Sherpa, singer Nirnaya Shrestha, Milan Gurung and Ajay Adhikari Sushil among others were present in the program.

The Sri Lankan president, Gotabaya Rajapaksa, has fled to the Maldives on a military jet hours before he was due to resign on Wednesday, following days of extraordinary scenes including his presidential palace and office being taken over by anti-government protesters, The Guardian reported.

Following his departure, the prime minister’s office said a state of emergency had been declared as protesters continued to try to storm government offices.

The airforce confirmed that Rajapaksa, his wife and two security guards boarded a military aircraft in the early hours of Wednesday morning, after he invoked executive powers to enable his escape.

“Under the provisions of the constitution and on a request by the government, the Sri Lanka air force provided a plane early today to fly the president, his wife and two security officials to the Maldives,” a statement said.

On their arrival in the Maldives capital of Malé at 3am, they were greeted at the airport by the president, Mohammad Nasheed, and his wife. At the time of his departure on Wednesday morning, the president still had not submitted a letter of resignation.

Protesters, activists and lawyers have called for the president to be prosecuted, along with various Rajapaksa family members, over alleged corruption and human rights abuses.

However, while he is still president, Rajapaksa enjoys immunity from arrest. It is believed that Rajapaksa will not officially resign until he reaches his final destination of the United Arab Emirates, which has long been a haven for disgraced leaders.

As news of his departure to the Maldives broke on Wednesday morning, protests broke out across the city of Colombo as people demanded he step down immediately, according to the Guardian.

There was a heavy security presence outside the office of the prime minister, Ranil Wickremesinghe, and teargas and water cannon were deployed by police as the crowds gathered to demand the prime minister also step down.

Rajapaksa’s escape to the Maldives followed a dramatic 24 hours in which he unsuccessfully tried various means of leaving the country. He was blocked from boarding a commercial flight to Dubai on Monday night after airport staff refused to stamp his passport in the VIP area of the airport. India also refused to give permission for a military airport transporting him to land on its soil.

The president’s younger brother Basil Rajapaksa, who served as finance minister, was also prevented from boarding a flight to Dubai en route to the US where he is a dual citizen. Basil was also reported to have left the country on Tuesday night.

Gotabaya Rajapaksa, who was elected in 2019, has been resisting calls for his resignation for months, as Sri Lanka has sunk deeper and deeper into a financial crisis for which he is widely blamed.

Rajapaksa and five family members who held senior government posts stand accused of widespread corruption and economic mismanagement which left the country without any foreign currency to import food, fuel and medicines, and pushed inflation to record levels. According to the UN, the island of 22 million people is facing a humanitarian crisis, The Guardian reported.

Several Chinese cities broke new records for high temperatures on Tuesday (Jul 12) as scorching heat and contrasting relentless rains wreaked havoc, with local forecasters expecting the weather extremes to linger for days, Reuters reported.

Red alerts, the highest in a three-tier warning system, were dispersed throughout the country on Tuesday and cities took measures to protect citizens from the scorching heat, which broke records for the month of July in parts of eastern Jiangsu province and the neighbouring city of Shanghai.

Temperatures in the city of Yixing in Jiangsu rose as high as 41.3 degrees Celsius on Tuesday, a new historic peak, the China Meteorological Administration said on Wednesday.

The hashtag #Heatstroke was trending on social media with 2.45 million views on the Weibo social platform of discussions ranging from people being admitted to hospital and the detrimental effects of long-term heat exposure.

"This year's weather is really hot and abnormal, it has been more than 30 degrees Celsius for two months!", wrote a Weibo user.

Experts blame global climate change for the unusual weather.

On Tuesday, maximum temperatures soared to 37-39 degrees Celsius in parts of Sichuan, Jiangsu, Zhejiang, Fujian, Jiangxi, Hubei and Anhui provinces, and the cities of Chongqing and Shanghai.

In particular, the cities of Luzhou and Yibin in Sichuan and Zhaotong in Yunnan, as well as Shaoxing, Ningbo, Jiaxing and Huzhou in Zhejiang, and Changzhou and Wuxi in Jiangsu, hit temperatures around 40 to 42 degrees Celsius, according to Reuters.

Meanwhile, heavy rain battered parts of Gansu, Shaanxi, Shanxi, Shandong, Hebei, Liaoning, Jilin, Heilongjiang provinces and the Inner Mongolia region.

Forecasters expect the intense heat and rain to continue over the next several days.

Eight-time European champions Germany defeated Spain to secure top spot in Group B and avoid a Euro 2022 quarter-final tie with hosts England, BBC reported.

Germany were gifted an early goal when Spanish goalkeeper Sandra Panos' clearance fell straight to Klara Buhl and she scored with a low strike.

Lucia Garcia had a chance to level, but could only shoot into the side netting.

Alexandra Popp, who only returned to action in March after 10 months out with a knee injury, headed in a second.

The Wolfsburg striker had missed both Euro 2013 and Euro 2017 with ankle injuries, but claimed her second goal at these Euros after scoring as a substitute in the 4-0 win over Denmark on Friday.

Pre-tournament favourites Spain play the Danes on Saturday and the winners will finish second and face England in the last eight, while the losers will be eliminated on the head-to-head rule, which is used if teams finish level on points, according to BBC.

If the game ends in a draw, Spain will finish second thanks to a better overall goal difference.

England, aiming to win the tournament for the first time, recorded the biggest victory in the competition's history with an 8-0 thrashing of Norway on Monday to finish top of Group A.

Twitter sued Tesla CEO Elon Musk on Tuesday, trying to force him to complete his $44 billion takeover of the social media company by accusing him of “outlandish” and “bad faith” actions that have caused the platform irreparable harm and “wreaked havoc” on its stock price, Associated Press reported.

Back in April, Musk pledged to pay $54.20 a share for Twitter, which agreed to those terms after reversing its initial opposition to the deal. But the two sides have been bracing for a legal fight since the billionaire said Friday that he was backing away from his agreement to buy the company.

Twitter’s lawsuit opens with a sharply-worded accusation: “Musk refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests.”

“Having mounted a public spectacle to put Twitter in play, and having proposed and then signed a seller-friendly merger agreement, Musk apparently believes that he — unlike every other party subject to Delaware contract law — is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away,” the suit stated.

Twitter filed its lawsuit in the Delaware Court of Chancery, which frequently handles business disputes among the many corporations, including Twitter, that are incorporated there.

As part of the April deal, Musk and Twitter had agreed to pay each other a $1 billion breakup fee if either was responsible for the deal falling through. The company could have pushed Musk to pay the hefty fee but is going farther than that, trying to force him to complete the full $44 billion purchase approved by the company’s board.

“Oh the irony lol,” Musk tweeted after Twitter filed the lawsuit, without explanation.

The arguments and evidence laid out by Twitter are compelling and likely to get a receptive ear in the Delaware court, which doesn’t look kindly on sophisticated buyers with highly-paid legal advisers backing off of deals, said Brian Quinn, a law professor at Boston College.

“They make a very strong argument that this is just buyer’s remorse,” Quinn said. “You have to eat your mistakes in the Delaware Chancery Court. That’s going to work very favorably for Twitter.”

Musk alleged Friday that Twitter has failed to provide enough information about the number of fake accounts on its service. Twitter said last month that it was making available to Musk a ″fire hose” of raw data on hundreds of millions of daily tweets, according to Associated Press.

The company has said for years in regulatory filings that it believes about 5% of the accounts on the platform are fake. Musk is also alleging that Twitter broke the acquisition agreement when it fired two top managers and laid off a third of its talent-acquisition team.

Twitter’s suit repeatedly emphasizes Musk’s contemplation of starting a Twitter competitor -- an alternative option he sometimes aired publicly and sometimes privately to Twitter’s executives and board members. While the company has said it cooperated in providing the data he requested on fake “spam bot” accounts, the lawsuit suggests Twitter was concerned that disclosing too much “highly sensitive information” could expose the company to competitive harm if shared.

The biggest surprise for Quinn was how much evidence Twitter has -- for instance, communications with Musk about whether to retain or lay off employees, as well as the billionaire’s own public tweets -- to reject his arguments for backing out.

“They are marshaling many of Musk’s own tweets to hoist him on his own petard,” he said.

In a joint press release announcing the acquisition deal, Musk pledged to “unlock” the social media company’s potential by loosening restrictions on speech and rooting out fake accounts. Among his most attention-grabbing promises was to let former President Donald Trump back onto the platform. Musk argued that Twitter’s ban of Trump following the Jan. 6, 2021 insurrection at the US Capitol was “morally bad” and “foolish in the extreme.”

But his confidence didn’t last long. Tesla’s stock — Musk’s primary source of wealth — plummeted amid a broader stock market selloff in May, and Musk soon seemed less enthusiastic about owning Twitter.

“For Musk, the best case is he pays the $1 billion breakup fee but that appears very unlikely,” said Wedbush Securities analyst Daniel Ives. “The irony is that Twitter as a fiduciary is clearly looking to enforce a deal that Musk doesn’t want to get done. It’s like buying a house you don’t want.”