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CPN-UML Chairman KP Sharma Oli has said that there should be a national consensus among major political parties on the fundamental issues of foreign policy and international relations.  

Speaking at a program organized by the Association of Former Nepali Ambassadors (AFNA) he said stability in the domestic polity is a prerequisite for the effective and smooth functioning of external relations.

The former prime minister further added that Nepal should present itself with a reliable and trustworthy policy and behavior while dealing with neighboring countries. The main opposition leader was of the view that Nepal should present all its issues in a frank and clear manner with neighboring countries. He said only an open and frank exchange of dialogue can bring about cordiality in bilateral relations.

 “If there was not internal political upheaval, the map row with India would have been already resolved,” said Oli who as a prime minister took the initiative to issue a new political map incorporating Kalapani, Lipulekh, and Limpiyadurha. In the bilateral talks with the Indian counterpart, I had presented all the issues in a free and frank manner, he said. 

The former Prime Minister Oli laid emphasis on the need of resolving problems by holding discussions if any problem surfaces in foreign relations. He shared, "Nepal should present itself with reliable and trustworthy policy and behavior before the neighboring countries. Dual characters should not be shown. We should not play any card on the issue of international relations."

The UML chair clarified that although any country may be small in population and geography, Nepal could hold discussions with all countries of the world without any hesitation as the sovereignty of each country is equal.

Oli further added that the government is not consulting with the main opposition party while taking vital decisions related to foreign policy. There is a tradition of soliciting the views of opposition parties before the prime minister's foreign visit but the current government has not reached out to us, he said. 

Lucky Sherpa, former Ambassador and general secretary of AFNA informed that their plan of holding a series of dialogues on foreign policy issues of Nepal.

“We plan to hold a series of dialogues with leaders of major political parties to forge a national consensus on key fundamental issues of foreign policy,” she said. She further added that matters related to foreign policy should not be politicized and there should be broader consultations and discussions before taking a decision on key foreign policy matters. 

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The Nepal Stock Exchange (NEPSE) gained 39. 93 points to close at 1,924.74 points on Tuesday.

Similarly, the sensitive index plunged by 8. 90 points to close at 375. 09 points.

Meanwhile, a total of 3,765,516 unit shares of 231 companies were traded for Rs 1. 25 billion.

In today’s market, all sub-indices saw green. Life Insurance topped the chart with 203. 18 points.

Meanwhile, Adhikhola Laghubitta Bittiya Sanstha Limited was the top gainer today, with its price surging by 9. 99 percent. NIC Asia Balanced Fund was the top loser as its price fell by 2. 93 percent.

At the end of the day, total market capitalisation stood at Rs 2.45 trillion.

The Airlines Operators’ Association of Nepal has decided to halt all the services from tomorrow.

The Association decided to suspend all the flights demanding withdrawal of irresponsible decisions made by the Ministry of Cultural, Tourism and Civil Aviation and Nepal Civil Aviation Authority.

Issuing a statement on Tuesday, the airlines operators said that they were forced to halt all the services after the government did not address their demands.

The Airlines Operators’ Association has been demanding that the government roll back all its decisions at the earliest.

The government has been saying that the planes and helicopters of the private sector cannot park in the Tribhuvan International Airport and also has been saying that there should be two pilots on a single-engine helicopter among others.

Saying that there are lack of technicians and various physical infrastructure has also not been developed properly in other airports, the airlines operators said that they have not option than to park the planes and helicopters in the Tribhuvan International Airport.

The flood situation in Assam deteriorated further on Monday with the death of 11 more persons, taking the death toll to 81, officials said, adding that around 48 lakh people have been affected in 32 of the state's 34 districts, Business Standard reported.

Even as the national and state agencies, including the National Disaster Response Force, are working round-the-clock in the relief and rescue operations, the Assamgovernment has asked the Army to be on stand-by mode to reach out to the affected people.

According to the officials of the AssamState Disaster Management Authority (ASDMA), the fresh deaths were reported from eight districts while seven persons are missing in five districts.

The officials said that since April this year, due to pre-monsoon and monsoon rain, 64 people including children and women were killed while 17 people died due to landslides.

An ASDMA bulletin on Monday night said that 47,72,140 people, including 10,43,382 children, have been affected by the floods.

In all, 810 relief camps and 615 relief distribution centres have been opened in all the affected areas. A total of 2,31,819 people are staying in the relief camps while over 1,13,485 hectares of crops have been damaged, according to Business Standard.

The water in five rivers -- Brahmaputra, Kopili, Beki, Pagladiya, Puthimari -- is flowing above the danger level at several places.

Assam Chief Minister Himanta Biswa Sarma tweeted: "Hon HM Amit Shah Ji called twice since morning to enquire about the flood situation in Assam. He informed that a team of officials shall soon be sent by the Ministry of Home Affairs to assess the damages caused by the natural calamity. Grateful to HM for his help."

Sarma on Monday held a video conference with the Deputy Commissioners to review the prevailing flood situation.

Considering the widespread damage caused by the floods, Sarma asked the DCs to use the services of NDRF and State Disaster Response Force personnel and if required the Army to reach out to the marooned people.

Meanwhile, senior Congress leader Debabrata Saikia in a letter to Prime minister Narendra Modi has sought special central assistance for flood-ravaged Assam, Business Standard reported.

The parliamentary committee directed the government to bring the Federal Education Act at the earliest.

The Education and Health Committee of the House of Representatives on Tuesday directed the Ministry of Education, Science and Technology to bring the act as soon as possible.

Saying that the education sector has been facing problems due to lack of the act, Committee President Jayapuri Gharti directed the government to bring the act promptly.

The Indian Embassy in Kathmandu organized a program on the occasion of International Yoga Day on Tuesday.

Prime Minister Sher Bahadur Deuba and Minister for Communication and Information Technology Gyandendra Bahadur Karki among others took part in the program. 

As per the decision of the United Nations General Assembly in 2014, the International Yoga Day has been observed on June 21 since 2015.

Nepal had supported India’s proposal to declare the International Yoga Day at the 69th General Assembly of the United Nations. 

The permanent member states of the United Nations including the European Union also extended their support after Nepal supported the proposal. 

The US central bank has announced its biggest rate hike in nearly 30 years as it ramps up its battle to bring soaring consumer prices under control, BBC reported. 

It lifted the rate the Federal Reserve charges banks to borrow by three quarters of a percentage point.

The consequences will be felt in nearly every corner of the economy - in the US and abroad.

Here are five ways the rate rise in the US will affect you.

More expensive mortgages and other loans

The immediate impact is in the US, where people will face higher borrowing costs for mortgages, credit cards, student loans and other debt.

The average rate on the popular 30-year fixed home loan has already surged to nearly 6% - its highest level since 2008. For the person buying a median-priced home in the US, that means monthly payments have gone up by about $600 since the start of the year. 

"I wish I had started looking earlier," says Delores Robinson, a retired educator from Ohio, who bought a new apartment this month.

Ms Robinson says she was relieved to lock in a relatively low rate, though it was higher than it was when she started her search. But for some buyers, the rising rates will push purchases out of reach, according to BBC.

The National Association of Realtors expects home sales in the US to fall 9% this year.

That drop might feel painful to people prevented from purchasing, but it is also expected to cool price growth to 5% in 2022, after double digit gains in recent years.

If that happens, it will help bring down inflation, a sign the Fed's moves are working.

Smaller pensions and more expensive Uber rides

When rates lift off, it tends to prompt a dramatic reshuffling of investments. And with general economic concerns rising, those moves have been especially pronounced.

For those with money in the stock market, like people with 401k retirement accounts, that has meant seeing a sharp slide in the value of their investments. 

The S&P 500 has sunk more than 20% since the start of January - a milestone known as a bear market - while the Nasdaq has shed nearly a third of its value.

Risky assets, like cryptocurrencies, have seen their prices drop too, which stock exchanges outside the US have also been hit, BBC reported.

Investment firms are also pulling back from riskier ventures, demanding profitability from companies like Uber that have been operating at a loss for years.

That means people are likely to face higher prices for things like taxi rides and deliveries - or see such firms fold, as was the case for a number of start-ups that emerged in New York promising 15-minute groceries.

"In times of uncertainty, investors look for safety," Uber boss Dara Khosrowshahi wrote in a letter to staff last month about the steps the firm would take to try to boost its bottom line, including slowing hiring. "It's clear that the market is experiencing a seismic shift and we need to react accordingly." 

Job market slowdown and recession risk

As demand cools, it is putting an end to the booming post-pandemic labour market, which has seen companies competing fiercely for workers, allowing new hires to command higher pay and other perks and encouraging many to switch jobs for better.

Property giants Redfin and Compass this week announced plans to reduce their staffs by hundreds this week, citing the downturn and higher rates. 

A slew of big companies like Uber, including Amazon, Walmart, Tesla and Spotify, have also announced plans to slow or halt hiring.

The head of the US central bank, Jerome Powell, has said he is hopeful the economy will avoid mass job losses, noting that the US labour market remains very tight - with nearly double the openings to people hunting for positions, according to BBC.

But the economy was already facing challenges as inflation raises costs for companies and cuts into people's spending power.

Growth already contracted in the first three months of the year. And while that was attributed to a quirk in international trade data, other indicators, like retail sales, have begun to darken. 

As higher rates collide with a weakening economy, analysts say the bank risks bringing on a sustained slowdown, also known as a recession.

Stronger dollar

The US dollar has risen 10% this year, as the Fed's moves prompting investors to shift money to America in pursuit of higher returns, boosting demand for its currency.

For Americans planning trips to places like the UK, where the value of a pound sank below $1.20 this week - its lowest since the pandemic - it's a silver lining.

But elsewhere, the rise of the US currency means more expensive imports of commodities like energy and food, which often trade in dollars. That adds to economic strains, especially if a government holds a lot of debt in dollars.

Emerging markets tend to be the markets that really do stand to suffer the most," says Fiona Cincotta, market analyst at City Index.

Higher rates abroad

Those dynamics mean the US is not hiking in a vacuum.

Dozens of other countries have also announced rate rises in recent months, including the Bank of England, Switzerland. Australia and Canada.

Many are fighting their own battles with inflation. But they are also taking cues from what's happening in the world's largest economy, BBC reported.

In countries like Kuwait and Saudi Arabia, where currencies are tied to the dollar, the impact of US rate rises is almost immediate, with banks hiking in lockstep, as they try to contain an outflow of funds to the US.

As those moves start to be felt on the ground, the economic story in the US will continue to be closely watched.