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Dean at Institute of Engineering, Prof Dr Sushil Bahadur Bajracharya has been appointed as the Vice Chancellor of Tribhuvan University. The post of Vice Chancellor was lying vacant at TU for some weeks.  

Prime Minister and Chancellor Balendra Shah took a decision to this effect on Thursday. 

Prof Bajracharya is assigned the role of Vice Chancellor to handle day to day affairs, while continuing to serve as the Dean. 

He, however, will be discharging the duty of Dean as well.

Upon the bestowal of responsibility, Prof Bajrachaya assumed office at Vice Chancellor's Office, Kirtipur on Thursday itself. 

Dr Dipak Aryal, then Vice Chancellor at TU, had tendered resignation on the eve of issuance of a special ordinance to dismiss the public officials appointed by the previous government.

Finance Minister Dr Swarnim Wagle responded to queries raised in regard to the government's policies and program for the fiscal year 2083/84 in today's meeting of the National Assembly. 

Following deliberations over the policies and programs, Minister Wagle expressed the government's commitment to advancing the economy built in the past, inclusive development, and overall social development. 

Finance Minister Wagle said that the upcoming budget would be presented based on the 100-point governance reform actions and inputs received at the House on policies and programs. 

The agenda includes presenting amendments to the policies and programs for decision and passing the policies and programs today itself.

China’s Xi Jinping warned President Donald Trump on Thursday that their two countries could clash over Taiwan if the issue was not handled properly, an unusually harsh admonition that stood in contrast to the American leader’s praise for his counterpart, Associated Press reported. 

The exchange at a highly anticipated summit in Beijing underscored just how far apart Trump and Xi remain on thorny issues, including the war in Iran, trade disputes and Washington’s relations with Taiwan, which is self-ruled but which China claims as part of its territory. 

It also suggested that Trump’s three-day visit to China is likely to be longer on pageantry and symbolism than substantive political or economic breakthroughs.

The Nepal Stock Exchange (NEPSE) plunged by 10. 07 points to close at 2, 730. 17 points on Thursday. 

Similarly, the sensitive index dropped by 0. 34   points to close at 467. 20  points.

A total of 7,958,752-unit shares of 337 companies were traded for Rs 1. 55 billion.

Meanwhile, Union Hydropower Limited (UNHPL) was the top gainer today with its price surging by 11. 25  percent.

Likewise,  Asian Hydropower Limited (AHL) was the top loser as their price fell by 9. 89  percent.

At the end of the day, the total market capitalization stood at Rs 4. 65 trillion.

The World Bank (WB) has said that it will provide the possible assistance to Nepal for educational development.

Country Director of the World Bank, David Sislen, conveyed this during a meeting with Minister for Education, Science and Technology, Sasmit Pokhrel, at the Ministry of Education today.

On the occasion, discussions were held between them on improving the education sector, expanding infrastructure, and promoting a technology-friendly education system. 

The World Bank has expressed a particular interest in further investment and collaboration in school and educational infrastructure development.

The Ministry has stated that discussions were held also on making partnerships more effective to expand access to long-term reforms and quality education.

Minister Pokharel, while providing information about the government's priorities, stated that the development of educational infrastructure, strengthening of 'foundation learning', and the expansion of 'digitisation' and technology in education have been promoted as the government's main 'agenda'.

The arrest of Nepal Investment Mega Bank (NIMB) Chief Executive Officer Jyoti Prakash Pandey has triggered a debate over a fundamental question in Nepal’s financial system: when a company collapses and the government steps in, who has the first right over pledged assets: the state or the lending bank?

The dispute emerged after the Central Investigation Bureau (CIB) of Nepal Police arrested Pandey on Tuesday on allegations that NIMB illegally auctioned assets pledged by Smart Telecom with the intention of depriving the government of its claim. The bank, however, has insisted that it merely exercised its legal right to recover loans backed by collateral.

The Nepal Telecommunications Authority (NTA) revoked Smart Telecom’s licence in April 2023 after it failed to pay renewal fees and other dues reportedly amounting to nearly Rs 20 billion. Before its collapse, Smart Telecom had borrowed around Rs 5.2 billion from a consortium led by NIMB and including Prime Commercial Bank. The financing was extended through letters of credit, overdrafts, and various long- and short-term loans. Smart Telecom had pledged its network infrastructure, machinery, and telecommunications equipment as collateral for the loans.

According to the bank, it initiated recovery proceedings when the company defaulted on repayments. In September last year, the bank published a public notice announcing the auction of Smart Telecom’s pledged assets. Ncell Axiata eventually won the auction with a bid of Rs 4.6 billion.

The bank has argued that the auction was conducted fully within the framework of Nepal’s banking and secured transaction laws. NIMB has primarily relied on Section 57 of the Banks and Financial Institutions Act (BAFIA), 2017, which allows banks to auction collateral if borrowers fail to repay loans or violate loan agreements. The provision grants banks broad powers to recover principal and interest “notwithstanding anything contained in the prevailing Nepal law.”

It has also cited the Secured Transactions Act, 2006, under which the collateral had already been registered with the Secured Transactions Registry Office years before Smart Telecom’s licence cancellation. Section 28 of the Act gives priority to security interests according to the order of registration, while Section 46 authorizes secured creditors to sell or dispose of collateral in case of default.

NTA officials say the authority was still conducting valuation and liability assessments when the bank auctioned the equipment. According to the regulator, the sale occurred without coordination or approval from the authority, even though the company was already under regulatory management.

From the bank’s perspective, however, the issue is straightforward: the loans were backed by legally registered collateral, the borrower defaulted, repeated notices were issued, and the pledged assets were auctioned in accordance with banking laws.

Financial sector experts say this principle is central to the functioning of the banking system itself. Unlike ordinary businesses, banks primarily operate using public deposits. The money they lend does not belong to promoters or executives alone; it belongs largely to depositors. As a result, recovering bad loans is not merely a commercial decision but also part of a bank’s  responsibility.

They say if banks are unable to enforce collateral rights, financial institutions would become more reluctant to lend to large infrastructure or corporate projects if the enforceability of collateral becomes uncertain after government intervention or regulatory action. Further, they say weakening banks’ recovery rights could ultimately threaten depositors’ money parked in banks and increase systemic financial risks.

Past Supreme Court verdicts have also set a precedent that a second charge cannot be created if the bank has first charge on the security. The apex court issued the verdicts in cases filed against different banks by government agencies like the Land Revenue Office and Revenue Investigation Department. 

The case is therefore likely to become a landmark test of how the government balances two competing priorities: protecting public revenue and safeguarding public deposits held in banks.

Whatever the court eventually decides, the outcome could shape future lending to highly regulated sectors such as telecommunications, aviation, hydropower, and infrastructure, where large corporate borrowing often depends heavily on the legal certainty of collateral recovery.

At least 89 people were killed after powerful thunderstorms, accompanied by lightning and strong winds, swept across Uttar Pradesh on Wednesday, causing widespread destruction across several districts, according to an official state damage report, The Times of India reported. 

The worst-hit districts included Prayagraj, where 21 people lost their lives, Sant Ravidas Nagar with 14 deaths, Fatehpur with 11 deaths, and Mirzapur with 10 fatalities. 

Several other districts, including Unnao, Badaun, Bareilly and Pratapgarh, also reported casualties as storms uprooted trees, damaged houses and triggered wall collapses.

The Cannes Film Festival revved up the glamour on Wednesday night with a buzzy red carpet for the midnight screening of ​the original "The Fast and the Furious" with star Vin Diesel, Reuters reported. 

Diesel, wearing ‌a black jacket with a racecar design "Fast Forever" - the next sequel in the series set for 2028 - in sequins on the back, went up and down the line ​of shouting fans who had gathered for hours at the ​carpet to pose for selfies.

He was joined on the carpet by ⁠Jordana Brewster and Michelle Rodriguez, who shot to fame with the ​2001 film about street racing that launched a franchise for Universal Pictures and ​spawned nine sequels and a spin-off, "Hobbs & Shaw."

To date, the franchise has made over $7 billion at the global box office, according to Reuters.