Trump U-turns on tariffs but keeps trade war heat on China
U.S. President Donald Trump's stunning decision to pause the hefty duties he had just imposed on dozens of countries sent battered global stock markets surging on Thursday even as he ratcheted up a trade war with the world's No. 2 economy China, Reuters reported.
Trump's turnabout on Wednesday, which came less than 24 hours after steep new tariffs kicked in on most trading partners, followed the most intense episode of financial market volatility since the early days of the COVID-19 pandemic.
The upheaval erased trillions of dollars from stock markets and led to an unsettling surge in U.S. government bond yields that appeared to catch Trump's attention.
"I thought that people were jumping a little bit out of line, they were getting yippy, you know," Trump told reporters after the announcement, referring to jitters sportpeople sometimes get.
U.S. stock indexes shot higher on the news, with the benchmark S&P 500 (.SPX), opens new tab index closing 9.5% higher. Bond yields came off earlier highs and the dollar rebounded against safe-haven currencies, according to Reuters.
The relief spread through Asian markets as they opened on Thursday with Japan's Nikkei index (.N225), opens new tab surging 8% while European futures also pointed to a sharp rebound. Even Chinese stocks rose, propped up by hopes of state support, although its yuan currency fell to the lowest level since the global financial crisis.
Nepal’s Ambassador to Belgium Lamsal presents credentials
Ambassador of Nepal to the Kingdom of Belgium Sewa Lamsal presented her Letters of Credence to King Philippe of Belgium.
At a special ceremony organized at the Royal Palace in Brussels on Wednesday, Ambassador Lamsal presented her Letters of Credence.
After presenting the Letters of Credence, Ambassador Lamsal paid a courtesy call on King Philippe and conveyed greetings and best wishes from President Ram Chandra Paudel to King Philippe for his personal good health and happiness and for the continued progress and prosperity of the friendly people of Belgium, reads a press release issued by Embassy of Nepal in Brussels.
On the occasion, Ambassador Lamsal emphasized on the need to further strengthen collaboration between the two countries in the areas of trade, tourism, investment, education, culture and people to people relations, among others.
Similarly, King Philippe congratulated Ambassador Lamsal on her appointment as an Ambassador of Nepal to Belgium and wished for her success in further strengthening the existing bilateral ties between the two countries, reads the statement.
Recalling the memory of his private visit to Nepal in 1998 as a Crown Prince, he expressed hope that the friendship between Belgium and Nepal will further prosper during Ambassador Lamsal's tenure.
Kathmandu Valley witnessing light rainfall
The Kathmandu Valley has now been witnessing light rainfall. Meteorologist Devid Dhakal said that light rainfall would take place the whole day today in the Kathmandu Valley.
The haze that had covered the Kathmandu Valley and most of the parts of the country would also be fizzling out gradually.
According to the Meteorological Forecasting Division, there is a possibility of light to moderate rainfall along with thunder and lightning at some places of the hilly region of Koshi, Madhes, Bagmati, Gandaki and Lumbini Provinces today.
Similarly, light rainfall and snowfall has been forecast at some places of high-hilly and mountain regions of the country.
Partly to generally cloudy weather is likely at mountain regions of Bagmati Province while there is a possibility of light snowfall at some places, according to the Division.
The sky in the hilly region would remain generally cloudy as well as light to moderate rainfall along with thunder and lightning is likely to take place at some places.
Likewise, partly to generally cloudy weather as well as light to moderate rainfall with thunder and lightning has been predicted at one or two places in Tarai region.
Tonight, the weather of the mountain region of Koshi, Madhes, Bagmati, Gandaki and Lumbini Provinces will be partly to generally cloudy and there is a possibility of light snowfall at some places.
The Division has forecast light to moderate rain with thunder and lightning at one or two places in hilly region while light to moderate rainfall coupled with lightning, thunder and storm at one or two places in Tarai region.
PM Oli urges businesspersons to invest confidently
Prime Minister KP Sharma Oli has urged the businesspersons to invest confidently, while sharing that there is political stability in the country. The stable politics has paved the way for economic development.
Addressing the inaugural function of the 74th annual general assembly of Nepal Chamber of Commerce on Wednesday, PM Oli said the industrialists could forward constructive and creative schemes with use of science and technology to augment investment.
PM Oli reminded that artificial intelligence (AI) could be utilized for production and productivity rather than for spreading misleading information and defaming people and institutions. "We are in need of increasing foreign investment and joint ventures. You should convince the foreigners to invest in potential areas," he said, adding that the investment is essential not only for businesspersons but for the entire country.
According to him, the Chamber had hailed the ordinance the government brought for economic development. He praised the Chambers' stand of favouring the cause for good.
Moreover, the PM said the country needs good governance and development, but corruption is creeping surreptitiously. Corruption control warrants all sides' cooperation, he stressed.
On a different note, he reminded the government formed by the two large parties was for change and the coalition would continue even after the next election.
PM Oli thanked the Chamber of Commerce for assisting the government in the issues relating to policy formulation.
Different industrialists and businesspersons were given awards by the PM at the program.
The PM also released a book published by the Chamber of Commerce.
Indian Agriculture Minister Chauhan calls on PM Oli
Indian Minister for Agriculture and Farmers' Welfare Shivraj Singh Chauhan paid a courtesy call on Prime Minister KP Sharma Oli on Wednesday.
Minister Chauhan, who is currently in Nepal to attend a meeting of agriculture ministers of Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), called on PM Oli at the latter's official residence, Baluwatar.
Referring to dimensions of the traditional relations between Nepal and India, Minister Chauhan stressed the need for bilateral cooperation to augment the modernization of agriculture, food security and economic development.
The bilateral agreements and joint working mechanism should be forwarded and for which he was ready to work in a dynamic manner with equal concern on pressing issues.
He argued that the recent meeting between Nepali Prime Minister Oli and the Indian Prime Minister Narendra Modi in Bangkok, Thailand, was an opportunity to create a promising future for the two countries.
On the occasion, PM Oli expressed the view that the two neighbours should move forward together for economic development, including modernization of the agricultural sector.
The Indian Agriculture Minister reminded that the meeting with the Indian counterpart in Thailand created an atmosphere of trust to move ahead together for economic development. Oli stressed the need to embrace the changing global environment and unite for national, regional and international interests.
PM'S Chief Advisor Bishnu Prasad Rimal and Indian Ambassador to Nepal Naveen Srivastava were also present in the meeting.
Country will not experience load shedding, assures Energy Minister Khadka
Minister for Energy, Water Resources and irrigation Deepak Khadka has said that there would be no load shedding in the country.
Inaugurating the 78-megawatt Sanjenkhola Hydropower Project constructed in Rasuwa today, Minister Khadka argued that the people would not face the problem of power outage.
He shared that the government was committed to provide power supply round the clock in every household and industry. The Energy Minister directed the Nepal Electricity Authority to carry out activities for the development of the hydropower sector in order to prevent load shedding.
Minister Khadka expressed the belief that the NEA would take a new height in coming days as it has got accomplished engineer Hitendra Dev Shakya as its leader.
He made it clear that the government has been carrying out activities in order to export power to various countries including India and Bangladesh forwarding reservoir –based projects with priority in coming days.
He urged the private sector and donor agencies to invest in the hydropower sector with confidence as an agreement was signed to export 10,000 megawatt power to India.
Saying the NEA is capable of ending load shedding, NEA Managing Director Shakya urged not to run behind the rumor. He expressed commitment to take the NEA to a new height resolving the existing problems as the NEA has full support from the Ministry.
Charge d' Affaires of the Chinese Embassy, Wang Xin, said the progress made by Nepal in the hydropower sector is very hopeful, adding Nepal would get continued support from China in this sector.
The project, constructed at Amachhodingo Rural Municipality-5 at the investment of Rs 22 billion, is officially connected to the national transmission line from today. Sinohydro Bureau-11 of China had constructed the project.
Sudurpashim government announces Rs five million aid for fire survivors in Achham
The Sudurpaschim government has decided to provide Rs 5 million to the fire survivors in Achham.
A meeting of the Province Disaster Risk Reduction and Management Authority held at Dhangadhi today took a decision to this effect.
Chief Minister Kamal Bahadur Shah said in the initial phase, the affected families and business community will be provided monetary assistance by preparing guidelines towards that end.
The fire took place at Jayagadh Bazar of Bannigadhi Jayagadh Rural Municipality in Achham last night destroyed 10 mud houses, 15 huts, two cemented houses and a hall, according to Achham's Chief District Officer Anand Saru.
Among these structures, 11 were used for business purposes.
The explosion of a gas cylinder at an IME Center owned by local Pushpa Raj Sharma caused the fire in the evening.
It was taken under control at 1:30 am today with the help of police and locals.
The preliminary estimations of the losses amount to Rs 75.4 million.
Iran says it is ready for nuclear deal if US stops military threats
Iran is ready to engage with the US at talks on Saturday over its nuclear programme "with a view to seal a deal", its Foreign Minister Abbas Araghchi has said, BBC reported.
But US President Donald Trump must first agree there can be no "military option", Araghchi said, and added that Iran would "never accept coercion".
He also insisted the negotiations in Oman would be indirect, contradicting Trump's surprise announcement on Monday that they would be "direct talks".
Trump, who pulled the US out of a 2015 nuclear deal between Iran and world powers during his first term, warned that Iran would be in "great danger" if talks were not successful, according to BBC.
