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US President Donald Trump has signed an executive order that immediately doubles the tariffs on steel and aluminum imports to 50 percent. The UK, on the other hand, is still temporarily exempt, and its tariffs stay at 25 percent.

The exemption depends on a trade agreement between the UK and the US that was signed last month. The goal of the agreement is to get rid of all tariffs. The UK could have to pay the full 50 percent rate if the deal isn't done by July 9, according to BBC.

Officials in the UK say they are doing everything they can to make the agreement happen as soon as possible.

Aid centres in Gaza are closed after the Israeli military declared access roads “combat zones.” The Gaza Humanitarian Foundation cited “organisational updates” for the shutdown.

At least 27 Palestinians were killed near an aid point Tuesday. The Israel Defense Forces (IDF) said its troops fired on suspects who deviated from designated routes. Separately, an Israeli strike on a school shelter in Khan Younis killed 12. Independent verification remains difficult as international media are barred from Gaza, according to BBC.

The Nepal Stock Exchange (NEPSE) plunged by 6. 87 points to close at 2, 652. 06 points on Wednesday.

Similarly, the sensitive index dropped by 1. 50 points to close at 452. 41 points.

A total of 13,782,468-unit shares of 313 companies were traded for Rs 5. 16 billion.

Meanwhile, Om Megashree Pharmaceuticals Limited (OMPL) was the top gainer today with its price surging by 10. 00 percent. Likewise, Corporate Development Bank Limited (CORBL) was the top loser as its price fell by 6. 82 percent.

At the end of the day, the total market capitalization stood at Rs 4. 40 trillion.

The federal government has allocated approximately Rs 417bn in grants to provincial and local governments for the fiscal year 2025/26. Among the provinces, Karnali Province, which makes the least 4.19 percent contribution to the national GDP, has received the highest grant—Rs 16.04bn. 

This prioritization reflects the government’s continued focus on reducing regional disparities and promoting inclusive growth in underdeveloped areas.

With Karnali projected to grow at 4.74 percent in the current fiscal year, this substantial grant allocation aims to support that momentum. The province will get Rs 10.56bn in equalization grants, Rs 4.44bn in conditional grants, Rs 494.6m in special grants and Rs 539.7m in complementary grants in 2025/26. These funds are intended to improve infrastructure, expand public services and drive socio-economic development in the province, which has long faced challenges due to its remote location and limited economic base.

The equalization grants, which address fiscal imbalances between provinces, constitute the largest share—highlighting the government’s commitment to equitable resource distribution.

Koshi Province will receive Rs 14.5bn, including Rs 8.98bn in equalization and Rs 4.57bn in conditional grants, from the federal government in 2025/26. Likewise,  Bagmati Province, which includes the federal capital Kathmandu, will get Rs 13.81bn, while Madhesh Province is allocated Rs 12.73bn, Gandaki Province Rs 12.23bn, Lumbini Province Rs 14.01bn and Sudurpashchim Province Rs 14.2bn.

According to the Ministry of Finance’s intergovernmental fiscal transfer details, provinces will receive a total of Rs 97.56bn, including Rs 60.66bn in equalization grants—comprising Rs 15.16bn in minimum grants, Rs 43.06bn in formula-based grants, and Rs 2.42bn in performance-based grants. Conditional grants are Rs 241.8bn, with Rs 30.35bn allocated to provinces and Rs 211.45bn to local governments. An additional Rs 13.34bn in complementary grants will support targeted development efforts.

Locally, municipalities and rural municipalities will collectively receive Rs 320.26bn. Among metropolitan cities, Pokhara leads with Rs 3.64bn, followed by Kathmandu with Rs 2.34bn, which includes Rs 709.3m in equalization grants and Rs 1.63bn in conditional grants, but no special or complementary grants. Lalitpur will receive Rs 1.2bn, while Bharatpur, Birgunj, and Biratnagar are allocated Rs 2.36bn, Rs 1.37bn, and Rs 1.17bn, respectively.

Over 165,000 people have fled conflict in South Sudan in the past three months, the UNHCR reported. Intensified fighting, especially in Upper Nile state, has forced 100,000 to seek refuge in neighboring countries and displaced 65,000 internally.

Humanitarian access remains limited, halting aid and medical services amid a cholera outbreak. The approaching rainy season is expected to worsen conditions, according to UN News.

The UNHCR is seeking $36m to support affected populations and is urging an immediate end to hostilities. Over 2.3m South Sudanese remain refugees across the region.

The price of gold has increased by Rs 500 per tola in the domestic market on Wednesday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 193, 200 per tola today. It was traded at Rs 198, 800 per tola on Tuesday.

Similarly, the price of silver has increased by Rs 30 and is being traded at Rs 2, 075 per tola today.

Israeli jets struck military sites in Syria’s Quneitra and Daraa provinces overnight after a projectile was reportedly launched from Daraa toward the Israeli-occupied Golan Heights.

The Syrian Observatory for Human Rights reported attacks on the 175th Regiment base and surrounding areas. Syria blasted the strikes as a "blatant violation of sovereignty," denying responsibility and accusing "external actors" of provoking unrest, according to Reuters.

The incident comes at a time when tensions have risen, with at least 56 Israeli strikes in Syria this year targeting armed group infrastructure, heightening fears of broader conflict.

Prime Minister KP Sharma Oli has stressed the need of eradicating caste based discrimination and untouchability by fostering empathy and equality.

In his message of best wishes via social media on the occasion of the National Day for the Elimination of Caste Discrimination and Untouchability, Prime Minister Oli said that we should develop society in which persons are evaluated not by their caste, surname, or birth, but by their action, thought and contribution.

"Mothers do not give birth to castes, they give birth to newborn humans. Once a newborn baby starts to walk, society begins to ask about his/her caste and lineage. There is no caste above humanity. Everyone's blood is of the same color. Tears flow with the same pain for everyone. We need to create a society where we are evaluated not by caste, lineage, or birth, but by our actions, thoughts, and contributions," PM Oli stated in his message.