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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.

The price of gold has increased by Rs 300 per tola in the domestic market on Thursday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 170, 900 per tola today. It was traded at Rs 170, 400 per tola on Wednesday.

Similarly, the price of silver has increased by Rs 35 and is being traded at Rs 1, 985 per tola today.

Nepal Rastra Bank (NRB) has shortlisted six audit forms for Extensive Asset Quality Review (Loan Portfolio Review) of 10 commercial banks of the country. The shortlisted companies include audit firms from Sri Lanka, India, Bangladesh and Nepal. 

According to a notice from the NRB, Deloitte Partners from Sri Lanka, Howladar Yunus & Co from Bangladesh, and KPMG Assurance & Consulting Services and MSKA & Associates from India have been shortlisted for the loan portfolio review of 10 Nepali commercial banks. Proposals from three venture entities have also been shortlisted. They include Subedi & Associates of Nepal, and Mehra Goel & Co and JKSS & Associates of India; and BK Agrawal of Nepal and SR Batliboi & Associates. 

Subedi & Associates is the lead partner in the joint venture of three firms. 

The NRB is selecting an international audit firm for loan quality review as per a condition set by the International Monetary Fund (IMF) while approving the Extended Credit Facility (ECF) for Nepal. Expressing concerns over the quality of loans disbursed by major banks, the potential risks associated with non-performing assets (NPAs) and the overall impact on the country’s financial stability, the IMF had set assessment of loan quality of major Nepali banks as a condition for its support.  

This is the second time that the NRB initiated the process of procuring the service of international audit firms for the loan portfolio review of 10 major banks. In March last year, NRB invited proposals from foreign audit consultancies. Out of five firms shortlisted at that time, only KPMG India was selected for the financial proposal round. But after KPMG submitted a proposal with costs exceeding the estimated budget, NRB canceled the entire process.

The assessment was supposed to begin by April 2024 and be completed by Dec 2024, with a corrective action plan to be implemented from Feb 2025 based on the findings. 

After the IMF expressed concern over the delay, the NRB reissued the call for proposals in December. The central bank has also revised the qualification criteria for the selection process. The minimum score required for qualification of the proposal has been reduced from 70 to 60. The evaluation criteria include 50 percent for qualifications, 40 percent for experience and 10 percent for capability.

Ten commercial banks with highest credit disbursement as of the last fiscal year (mid-July) will have their loan portfolio assessed by the selected audit firm. They include Global IME, Nabil Bank, Nepal Investment Mega Bank, Kumari Bank, NIC Asia Bank, Laxmi Sunrise Bank, Rastriya Banijya Bank, Himalayan Bank, Prabhu Bank Agricultural Development Bank.

These banks had disbursed a total of Rs 2,896bn in loans as of mid-July last year.

The government has given approval to the Finance Ministry to form the Recommendation Committee for the appointment of a new Governor of the Nepal Rastra Bank.

A Cabinet meeting held in Baluwatar on Wednesday evening had given approval to the Finance Ministry to take the process ahead for the appointment of a new Governor.

The tenure of Nepal Rastra Bank Governor Maha Prasad Adhikari is ending on April 7.

The government had appointed Adhikari as the Governor for five years on April 6, 2020.

KP Oli was the Prime Minister and Dr Yuvaraj Khatiwada was the finance minister when Adhikari was appointed as the Governor.

Governor Adhikari is hoping to become Governor again. However, according to a source, the Governor will be from the Nepali Congress.

Currently, there is a coalition government of Nepali Congress and CPN-UML.