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The Nepal Stock Exchange (NEPSE) plunged by 46. 33 points to close at 2, 772. 10 points on Sunday.

Similarly, the sensitive index dropped by 7. 31 points to close at 463. 29 points.

A total of 22,726,283-unit shares of 315 companies were traded for Rs 10. 09 billion.

Meanwhile, Guardian Micro Life Insurance Limited (GMLI) and 9% ICFC Finance Limited Debenture 2088 (ICFCD88) were the top gainers today with their price surging by 10. 00 percent. Likewise, Upakar Laghubitta Bittiya Sanstha Limited (ULBSL) and Sindhu Bikash Bank Ltd (SINDU) were the top losers as their price fell by 10. 00 percent.

At the end of the day, the total market capitalization stood at Rs 4. 60 trillion.

China announced tariffs on over $2.6 billion worth of Canadian agricultural and food products on Saturday, retaliating against levies Ottawa introduced in October and opening a new front in a trade war largely driven by U.S. President Donald Trump's tariff threats, Reuters reported.

The levies, announced by the commerce ministry and scheduled to take effect on March 20, match the 100% and 25% import duties Canada slapped on China-made electric vehicles and steel and aluminium products just over four months ago.

By excluding canola, which is also known as rapeseed, and was one of Canada's top exports to the world's No.1 agricultural importer prior to China investigating it for anti-dumping last year, Beijing may be keeping the door open for trade talks.

But the tariffs also serve as a warning shot, analysts say, with the Trump administration having signalled it could ease 25% import levies the White House is threatening Canada and Mexico with if they apply the same extra 20% duty he has slapped on Chinese goods over fentanyl flows.

"Canada's measures seriously violate World Trade Organization rules, constitute a typical act of protectionism and are discriminatory measures that severely harm China's legitimate rights and interests," the commerce ministry said in a statement, according to Reuters.

China will apply a 100% tariff to just over $1 billion of Canadian rapeseed oil, oil cakes and pea imports, and a 25% duty on $1.6 billion worth of Canadian aquatic products and pork.

"The timing may serve as a warning shot," said Dan Wang, China director at Eurasia Group in Singapore. "By striking now, China reminds Canada of the cost of aligning too closely with American trade policy."

"China's delayed response (to Ottawa's October tariffs) likely reflects both capacity constraints and strategic signalling," she added. "The commerce ministry is stretched thin, juggling trade disputes with the U.S. and European Union."

"Canada, a lower priority, had to wait its turn."

The Canadian embassy in Beijing did not immediately respond to a Reuters request for comment.

Canadian Prime Minister Justin Trudeau said in August that Ottawa was imposing the levies to counter what he called China's intentional state-directed policy of over-capacity, following the lead of the United States and European Union, both of which have also applied import levies to Chinese-made EVs.

In response, China in September launched an anti-dumping investigation into Canadian canola imports. More than half of Canada's canola exports go to China and the trade was worth $3.7 billion in 2023, according to the Canola Council of Canada.

"The investigation on Canadian canola is still ongoing. That canola was not included in the list of tariffs this time might also be a gesture to leave room for negotiations," said Rosa Wang, an analyst with agricultural consultancy JCI.

Beijing could also be hoping that a change in government in Ottawa makes it more amenable. Canada's next national election must be held by October 20.

China is Canada's second-largest trading partner, trailing far behind the United States. Canada exported $47 billion worth of goods to the world's second-largest economy in 2024, according to Chinese customs data.

China is Canada's third-most important pork export market. It takes products for which Canada does not have easy alternate markets, said Cam Dahl, General Manager of the Manitoba Pork Council.

“The things we export to China, heads for example, are parts of the animal that don’t have easy other markets," he said. "We can’t take that container that’s going to China and just ship it to Mexico.”

China is Canada's number-two market for canola, said Chris Davison, president and CEO of the Canola Council of Canada, Reuters reported.

"The (tariff) levels that are being talked about here are prohibitive levels, for sure. ... The impacts will be felt across the industry," he said, adding that he would like to see financial support from the government.

Canadian government spokespersons did not immediately respond to requests for comment.

"To be honest I don’t understand why they are doing this one at all," said Even Pay, agriculture analyst at Trivium China.

"I expect Beijing will use the election and change of leader as an opportunity to reset relations as they did with Australia," she added.

China in 2020 introduced a series of tariffs, bans and other restrictions on key Australian exports, including barley, wine, beef, coal, lobster and timber in retaliation to Canberra calling for a COVID origins probe.

Beijing did not begin lifting the bans until 2023, one year after Australian Prime Minister Anthony Albanese ousted Scott Morrison, who had called for the inquiry.

Tara Air has suspended its regular flights from Surkhet to Mugu, Humla and Jumla. The private airlines operator said it had to suspend flights to the three mountainous districts of Karnali due to losses incurred in every flight.

The Minister for Industry, Tourism, Forests and Environment of Karnali Province government, Suresh Adhikari, had inaugurated the flights on December 4, 2024. The Himali Travels and Tours had been managing the flights to the three districts through Tara Air.

The travel and tour company said it has not got support from the Karnali Province Government and had been incurring losses in every flight to these districts.

Min Bahadur Rawal of Himali Travels and Tours said that although the work has been started as per the agreement to operate regular flights twice a week in three districts, the air service had to be closed due to lack of necessary support.

Meanwhile, private airline Yeti has completed its Surkhet-Kathmandu test flight on Saturday. The Yeti Airlines said a test flight was also conducted to Dhangadhi on Saturday.

Yeti Airline's 9N-AMN ATR-72 aircraft successfully conducted the test flight, airline spokesperson Sudarshan Bartaula said.

Home Minister Ramesh Lekhak has said that the National Disaster Risk Reduction and Management Authority has been handed over to the province government.

Addressing the Provincial Emergency Warehouse Handover Program in Birendranagar, Surkhet today, he said the right under the policy, directive and responsibility of the National Disaster Risk Reduction and Management Authority (NDRRMA) has been delegated to the province.

According to him, now there is no need for the province to ask the NDRRMA for its permission at the time of disaster and the province government will itself manage the disaster management works.

"The government has managed emergency warehouses in all the seven provinces attaching high priority to disaster risk reduction. We will make arrangements for constructing such emergency depots at the local level also as the local government is closest to the people," the Home Minister said.

He added that the NDRRMA as well as the National Council presided over by the Prime Minister and the Executive Committee, coordinated by the Home Minister, have been carrying out works becoming sensitive to disaster risk reduction. 

According to the Home Minister, reconstruction and rehabilitation works have been intensified based on the details of structures damaged by the earthquakes that struck on various dates last year in Doti, Bajhang, Bajura and Jajarkot.

Home Minister Lekhak handed over the Provincial Emergency Warehouse at Itram, Birendranagar Municipality-7 in Surkhet to Karnali Province Chief Minister Yamlal Kandel, in writing.

Chief Minister Kandel said that not only the warehouse facility, the federal government should also be ready to hand over the related entity and the rights associated with it to the province.

Stating that it took seven years for handing over the emergency warehouse to the province government, he urged the federal government to also manage the required budget for operating the warehouse.

NDRRMA Executive Chief Bhishma Kumar Bhusal said that the responsibility of mobilizing humanitarian goods had been given to the Home Ministry before this, but the disaster management rights have been now decentralized in the context of the NDRRM Act determining the rights of all the three tiers of the government.

The price of gold has increased by Rs 100 per tola in the domestic market on Sunday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 170, 300 per tola today. It was traded at Rs 170, 200 per tola on Friday.

The price of silver, however, has dropped by Rs 5 and is being traded at Rs 1, 985 per tola today.

US President Donald Trump on Friday renewed his criticism of Ukraine’s approach to his diplomatic push to end the war, saying that it has been “easier” to deal with Moscow, while claiming that his Russian counterpart Vladimir Putin wants to get the war “stopped and settled”, The Indian Express reported.

“I’m finding it more difficult, frankly, to deal with Ukraine, and they don’t have the cards,” he said addressing reporters at the Oval Office.

Trump has been stressing for weeks that Ukraine’s position in the conflict is weak and dependent on US support.

The US president underscored his earlier statement threatening Russia with sanctions and tariffs for bombing Ukraine, saying that he is “trying to help” Kyiv.

“Ukraine has to get on the ball and get a job done,” he said, according to The Indian  Express.

Trump also warned Russia, saying it(Russia) “is bombing the hell out of Ukraine” – and that he’s told them they “can’t do that”.

“I think he’s doing what anyone else would do – he’s hitting them harder than he’s been hitting them, and anyone in that position would be doing right now,” Trump said, describing Russian attacks.

“And I think probably anybody in that position would be doing that right now. He wants to get it ended. And I think Ukraine wants to get it ended, but I don’t see – it’s crazy. They’re taking tremendous punishment. I don’t quite get it.”

This comes hour after Trump announced ‘considering sanctions’ on Russia after bombardment of Ukraine.

In a post on Truth Social, Donald Trump appeared to criticise Russia’s latest bombardment.

He posted: “Based on the fact that Russia is absolutely ‘pounding’ Ukraine on the battlefield right now, I am strongly considering large scale Banking Sanctions, Sanctions, and Tariffs on Russia until a Cease Fire and FINAL SETTLEMENT AGREEMENT ON PEACE IS REACHED.

Trump’s vague threat was in contrast to the punitive steps he has already taken against Ukraine, including an end to US military supplies announced earlier this week and the intelligence shutdown.

North Korea unveiled for the first time a nuclear-powered submarine under construction, a weapons system that can pose a major security threat to South Korea and the U.S, Associated Press reported.

The state media agency on Saturday released photos showing what it called “a nuclear-powered strategic guided missile submarine,” as it reported leader Kim Jong Un’s visits to major shipyards where warships are built.

The Korean Central News Agency, or KCNA, didn’t provide details on the submarine, but said that Kim was briefed on its construction.

The naval vessel appears to be a 6,000-ton-class or 7,000-ton-class one which can carry about 10 missiles, said Moon Keun-sik, a South Korean submarine expert who teaches at Seoul’s Hanyang University. He said that the use of the term “the strategic guided missiles” meant it would carry nuclear-capable weapons.

“It would be absolutely threatening to us and the U.S.,” Moon said.

U.S. National Security Council spokesman Brian Hughes said that “we’re aware of these claims and do not have additional information to provide at this time.

“The U.S. is committed to the complete denuclearization of North Korea,” Hughes said, according to Associated Press.

A nuclear-powered submarine was among a long wish list of sophisticated weaponry that Kim vowed to introduce during a major political conference in 2021 to cope with what he called escalating U.S.-led military threats. Other weapons were solid-fueled intercontinental ballistic missiles, hypersonic weapons, spy satellites and multi-warhead missiles. North Korea has since performed a run of testing activities to acquire them.

North Korea obtaining a greater ability to fire missiles from underwater is a worrying development, because it’s difficult for its rivals to detect such launches in advance.

Questions about how North Korea, a heavily sanctioned and impoverished country, could get resources and technology to build nuclear-powered submarines have surfaced.

Moon, the submarine expert, said that North Korea may have received Russian technological assistance to build a nuclear reactor to be used in the submarine in return for supplying conventional weapons and troops to support Russia’s war efforts against Ukraine.

He also said that North Korea could launch the submarine in one or two years to test its capability before its actual deployment.

North Korea has an estimated 70-90 diesel-powered submarines in one of the world’s largest fleets. However, they are mostly aging ones capable of launching only torpedoes and mines, not missiles, Associated Press reported.

In 2023, North Korea said that it had launched what it called its first “ tactical nuclear attack submarine,” but foreign experts doubted the North’s announcement and speculated that it was likely a diesel-powered submarine disclosed in 2019. Moon said that there has been no confirmation that it has been deployed.

North Korea has conducted a slew of underwater-launched ballistic missile tests since 2016, but all launches were made from the same 2,000-ton-class submarine which has a single launch tube. Many experts call it a test platform, rather than an operational submarine in active service

Farmers are happy with the snowfall that has taken place in the upper region of the district. Snowfall has been occurring from the district headquarters Chame to Upper Manang.

Farmer Yangdung Gurung said that snowfall will help the crops. The farmers rely on snow for farming and hence face problems when there is no snowfall on time. When snowfall falls late, irrigation cannot be done properly, he said. The cold causes the water in the rivers, streams, and lakes to freeze, causing problems in irrigation.

Since the water freezes at the source it is difficult to use other irrigation options.

Farmer Serap Bista said that the delayed snowfall will help in apple cultivation, vegetable and food crops production.

Meanwhile, tourist arrival has increased after the occurrence of the snow in the mountains.