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The Nepal Stock Exchange (NEPSE) plunged by 9. 54 points to close at 2,017.97 points on Wednesday.

Similarly, the sensitive index dropped by 2. 17 points to close at 358. 09 points.

A total of 8,490,722-unit shares of 315 companies were traded for Rs 3. 70 billion.

Meanwhile, Upakar Laghubitta Bittiya Sanstha Limited (ULBSL) and Unique Nepal Laghubitta Bittiya Sanstha Limited (UNLB) were the top gainers today with their price surging by 10. 00 percent.

Likewise, Gurans Laghubitta Bittiya Sanstha Limited (GLBSL) was the top loser with its price dropped by 10. 00 percent.

At the end of the day, the total market capitalization stood at Rs 3. 19 trillion.

The government’s policies and programs for the fiscal year 2024/25 will be endorsed by the Parliament on May 22.

It has been learnt that the discussions on the policies and programs will start from May 16 and will be endorsed on May 22.

As per the possible schedule, discussions on the policies and programs will be held on May 17, 19, 20 and 21.

Preparations are underway to present the document in the Parliament after holding discussions on May 22.

Before presenting the document, Prime Minister Pushpa Kamal Dahal will answer the questions raised in the discussions of policies and programs in zero hour and special time.

There is constitutional provision that the government has to bring the budget for fiscal year 2024/25 on May 28.

The Parliament Secretariat informed that a joint meeting will be held on that day.

Prime Minister Pushpa Kamal Dahal has said the government has a policy of promoting the culture of innovation and entrepreneurship, simplifying the investment process.

Inaugurating the 'Nepal-EU Business Forum' organized today on the occasion of the 50th anniversary of establishment of Nepal-EU diplomatic relations, Prime Minister Dahal shared that the government was committed to ensure openness for business.

"Nepal's policy of creating a strong economic structure increases international partnership and helps in economic expansion," he explained.

Stating that there was enthusiastic participation of more than 50 countries across the world in the recent investment summit held in Nepal, the PM said a message that the international community was excited to invest in Nepal was disseminated.

On the occasion, the Prime Minister underscored that Nepal was ready for further collaboration with EU-member countries in Nepal's effort of bringing in foreign investment, according to PM Dahal's Private Secretariat.

Stating that Nepal has the goal of graduating from the least developed country status until 2026 and of achieving the Sustainable Development Goals by 2030, the Prime Minister pointed out the need of adequate investment and transfer of the required technology by the foreign partners to fulfill these goals.

He shared on the occasion that the government has recently initiated the 'automated route' for foreign direct investment up to Rs 500 million and expressed the belief that with this initiation will enter the managerial capacity and capital in Nepal.

"We have approved some applications for investment received via the automated route. We have been trying to strengthen our initiatives through international partners. This will bring not only capital but also the technical and managerial expertise in Nepal," he said.

Making it clear that the Government of Nepal has given priority to the environmental sustainability and the green economy that is practicable, Prime Minister Dahal said the government is consistently carrying out works on the promotion of renewable energy projects, sustainable agriculture practices and attainment of environmental goals.

"Our development activities are in harmony with the national interest and the global environmental objectives. Nepal is always committed to the Paris Agreement and we have been actively including climate actions in our development plans and programs," he added.

The Prime Minister reiterated that Nepal is committed to reach the zero-carbon emission milestone by 2045 despite the resource and capacity gap, and the constant challenges invited by the climate change.

The Department of Hydrology and Meteorology has said there is a possibility of heavy rainfall across the country during the monsoon season.

According to the Department of Hydrology and Meteorology, Kaski, Syangja, Lamjung, and southern parts of Manang and Mustang are likely to receive heavy rains this year. Likewise, heavy rains have been forecast for the eastern and northern regions of Gulmi, and the western and northern regions of Gorkha. Similarly, Saptari, major parts of Siraha, southern regions of Dhansuha, Sarlahi, and Mahottari, the western region of Sunsari, and the southern region of Udayapur are also likely to receive heavy rainfall this monsoon.

Last year, Nepal received below-average rainfall due to the El Niño conditions in the Pacific Ocean during the monsoon season.

Officials of the department say Darchula, Baitadi, and Bajhang, western regions of Bajura and Humla, the northern region of Doti, and northwestern regions of Dadeldhura will receive average rainfall this year. Likewise, in central and eastern Nepal, Ramechhap, Sindhuli, Okhaldhunga, Khotang, Bhojpur, Dhankuta, and Udayapur are expected to get average rainfall. The eastern region of Kavre, the western region of Taplejung and Tehrathum, the southern region of Sankhuwasabha, Solukhumbu, and Dolakha, the eastern region of Sarlahi, and the northern regions of Mahottari, Dhanusa, Siraha, and Sunsari are also likely to receive average rainfall.

"Apart from areas expected to get heavy or average rainfall, some regions are likely to get slightly above-average precipitation. Although rainfall will be higher than average, both maximum and minimum temperatures are projected to be above average," meteorologist Sudarshan Humagain, speaking at a program in Kathmandu. "We, however, lack the technology and expertise for quantitative forecasts."

Nepal has been making monsoon rainfall projections based on the World Meteorological Organization's global and regional climate information production system patterns since 2020, the department's own monsoon rainfall forecast model, and the outlook of the South Asian Climate Outlook Forum.

According to Humagain, there is a 35-65% probability of both maximum and minimum temperatures being above average in most parts of the country this year. The maximum temperature is likely to be average in the western region of Karnali, the central region of Gandaki, and the northeastern region of Koshi Province. Similarly, the minimum temperature is expected to be average in some parts of the far-western region, Gandaki Province and Bagmati Province.

Nepal receives around 80% of its total rainfall during the monsoon season. Nepal's total annual precipitation is around 1,600 mm.

Meteorologists say that since the world is facing the impacts of climate change, extreme weather events cannot be ruled out in Nepal as well. They say there is a risk of such incidents in Nepal as abnormal rainfall, floods, and inundation occurred this year in places like Dubai and Afghanistan.

There is also a high risk of floods and landslides this year due to massive wildfires during the dry season. Since the water consumption capacity of the land decreases because of wildfires, the chances of floods and landslides are high, they added.

Prime Minister Pushpa Kamal Dahal and Speaker Devraj Ghimire held a meeting on Wednesday.

Speaker Ghimire had reached the Prime Minister’s residence in Baluwatar to discuss the issue of House deadlock.

The Speaker’s press advisor Shekhar Adhikari said that Speaker Ghimire has taken the issue of not being able to endorse a motion of expressing gratitude to President Ram Chandra Pauel for presenting the government’s policies and programs due to the obstruction of the Nepali Congress in a serious way.

He said that the government should take initiatives to make the Parliament effective.

Speaker Ghimire said that it would be shameful if the budget gets affected due to the lack of consensus among the political parties.

“The House business has been affected due to lack of agreement among the political parties. This is not good,” he said, adding, “Hope, there will not be a constitutional crisis.”

In response, Prime Minister Dahal said that the government is committed to resolve the problems of cooperatives, saying that the issue will be sorted out soon after holding a discussion with the ruling and opposition parties.

The main opposition Nepali Congress has been obstructing the Parliament demanding formation of a parliamentary committee to investigate fraud charges against Deputy Prime Minister and Home Minister Rabi Lamichhane.

Deputy Prime Minister and Minister for Foreign Affairs Narayan Kaji Shrestha said that Nepal and India being close neighbors have built a longstanding history of mutual friendship and cooperation.

The salient features of Nepal-India ties include geographical proximity; religious, cultural and linguistic relations; economic engagement and intensely flourished people-to-people relations, the minister noted.

In his closing remarks at the third series of lectures launched by the Ministry of Foreign Affairs in honor of former Ambassador and former Foreign Secretary Prof Yadunath Khanal on Tuesday evening, he said Nepal-India relations are nurtured by nature, bound by cultural affinity, comprehensive, multi-dimensional and incomparable.

"But there are some bilateral issues historically left behind that need to be resolved through dialogue and diplomatic channels based on historical facts and in accordance with the spirit of good neighborhood", he said.

The third series was focused on Nepal-India relations featuring Prof C Rajmohan, former Director of the Academy of South Asian Studies, as the keynote speaker.

This will pave the way for taking Nepal-India relations to a new height, for which the Government of Nepal is committed, DPM Shrestha said, reiterating that the bilateral relations are based on sovereign equality, peaceful coexistence, goodwill, mutual trust and understanding.

Minister Shrestha said the exchange of high-level visits has helped strengthen the relations and enhance partnership in many fields.

Sharing that a consultative mechanism has been established to facilitate cooperation in various areas of bilateral relations, he said such mechanisms have helped enhance mutual cooperation and partnership.

There is wider scope for cooperation in various areas of mutual benefits, he said that partnership in the energy sector is important. "Proper utilization of Nepal’s immense potential of hydropower generation can transform the development landscape of our region into clean energy", he said.

"Cross-border connectivity is being expanded to facilitate trade and transit. We need to further expand and improve this network", Minister Shrestha said, adding that both countries should find ways to make mutual trade profitable.

Stating that the multinational companies operating in Nepal have withdrawn their money from their investments, he said Nepal has become an attractive destination for investment.

There is a lot of scope for cooperation between Nepal and India in the field of information technology, the Foreign Minister stressed the need to expand bilateral cooperation in the field of education, science and technology.

Stating that Nepal's development and economic prosperity would also serve the interests of its neighbors, he said a peaceful neighborhood was Nepal's desire. 

Prof Rajmohan said Nepal and India have similar global challenges and both the countries are facing them. Stating that small countries have been affected by the power struggle between the powerful nations, he stressed the need for the political leadership to find a solution to it carefully.

Noting that Kathmandu and New Delhi should learn from Beijing, he said China has improved relations with Russia and the USA as per the need. Although Beijing's relations with Washington now are straining, relations with Moscow are strong, he said.

Foreign Secretary Sewa Lamsal informed that the lecture series has been organized to enhance thematic knowledge, discuss with the scholars about the existing foreign policy and practices of the country.

Khanal had served the nation as foreign secretary for two terms and ambassador to China, India and the United States. The Ministry of Foreign Affairs has started this lecture series in the honor of the country's renowned diplomat Prof Khanal.

The Korean government is set to provide assistance of USD 9.8 million for the creation of green jobs in Pokhara.

The MoU for the project 'Green Job Creation through Recycling and Up-cycling Project in Pokhara Metropolitan City (PMC)' was signed by Ambassador of Korea to Nepal, Taeyoung Park and Finance Secretary, Madhu Kumar Marasini at a programme organized at the Ministry of Finance on Tuesday.

The Korean Government through the Korea International Cooperation Agency (KOICA) will spend the assistance amount for this project. The project will be implemented by UNDP in Pokhara in close collaboration with the Ministry of Federal Affairs and General Administration (MoFAGA) and Pokhara Metropolitan City.

The primary objective of this project is to create sustainable recycling and up-cycling enterprises to foster green economic practices.

One of the core components of this project is to establish a Green Venture Zone (GVZ), which is one of the state-of-the-art centers for understanding re-cycle, up-cycle, innovation and startups. The GVZ will showcase final products crafted from recycled and u-cycled materials, featuring exhibition halls hosting national and international events revolving around environmental themes.

Secretary Marasini expressed gratitude to the Korean Government for the partnership which will enhance the friendly relation between the two countries.

Also speaking on the occasion, Ambassador Park highlighted opportunities of this initiative to enable unemployed individuals with enhanced skills, establish green ventures, and contribute to the economic growth of the country.

He further emphasized that the project shall create the next level of understanding among community people on managing waste properly.

The ceremony also commemorated the 50 years of diplomatic ties between Nepal and Korea.

Expressing the similarities between the two countries, Ambassador Park stated that Nepal is a priority country for development cooperation and he assured to further strengthen the cooperation and friendly ties between the two countries. 

The Korean government has been supporting Nepal through KOICA in various areas of health, vocational training, rural development and IT since 1991. By 2023, the total amount of KOICA's support surpassed two hundred million US Dollars.

Press Council Nepal stressed that journalistic code of conduct must be fully followed while publishing or broadcasting the journalistic contents.

Journalists said that the Press Council should actively make aware about the code of conduct at a time when there is an increase in the number of fake news on digital platforms.

Speaking at a program organized by the Press Council in Doleshwor, Bhaktapur on Tuesday, all the participants expressed their collective commitment to abide by the journalistic code of conduct while publishing or broadcasting the journalistic contents.

In the program organized by the Press Council Nepal and coordinated by the Federation of Nepali Journalists on challenges of journalism including YouTube and online media and questions on code of conduct in Bhaktapur, editors of various media outlets, journalists and media persons expressed their commitment to follow the code of conduct.

Council Chairman Bal Krishna Basnet said that journalists are not allowed to make mistakes in the name of publishing the news.

“Journalists are not allowed to make mistakes. Human errors should be corrected immediately. The Council has been regulating and monitoring the contents regularly,” Chairman Basnet said.

Saying that the print media should also go online in recent times, he said it is necessary to use the digital media platforms and the media must follow the code of conduct.

Emphasizing that the government should conduct a media literacy campaign across the country, Council Chairman Basnet said, “It is necessary that the state should conduct a media literacy campaign throughout the country. The state should allocate the budget for the same. The Press Council has been conducting a media literacy campaign across the country with limited budget. The state should also extend support to the campaign. The provincial and local government should also support such type of campaign”

On the occasion, Rastriya Samachar Samiti (RSS) Chairman Dharmendra Jha said that the Council has been regulating new media including YouTube in an organized manner. He further said that other agencies should also facilitate this work.

“Now, the media has been digitalized. It does not mean that the future of print media is at a threatened stage. The print media is still in a wait-and-a-see situation,” he said.

Also speaking in the program, Federation of Nepali Journalists Chairman Bipul Pokharel said that the print media are also being digitized.

“Now, it is necessary to think in a different way. It is necessary that the print media should also be digitized. Now, the distribution system of papers should also be made through technology,” he said.

Journalist Ujjwal Acharya said that the media outlets should find an alternative to advertisements as the source of income.