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The Election Commission (EC) is holding National Assembly polls on January 25 to fill 19 seats that are becoming vacant on March 4. The EC has published the final list of candidates contesting the election. However, the major parties, mainly the Nepali Congress and CPN (Maoist Center), have faced a backlash from their cadres and people alike over the selection of candidates. 

The upper house serves as an eclectic council of experts and scholars that advises the House of Representatives. It plays an important role in making the lower house and the government accountable. However, the selection of candidates by major parties tells a different story. Leaders, who were rejected by voters in the House of Representatives (HoR) elections multiple times, have been granted tickets. Such practice undermines the spirit of the upper house as the dominance of same old defeated faces in parliament discourages youth leaders within major parties. There is deep dissatisfaction over the selection of candidates within the NC. Moreover, parties have violated the principle of inclusion in candidate selection. The Nepali Congress, for example, doesn’t have a single candidate representing the Madhes region.

Not only the Nepali Congress, the Maoist Center and CPN-UML have, in the past, appointed leaders who lost House of Representatives elections to the upper house. Since its formation in 2018, only a few experts have been sent to the upper house. This has tarnished the status and glory of the upper house. Contrary to its intended role as the conscience keeper of parliament, the National Assembly has failed to function independently due to excessive influence of government and political parties.

The top leaders of major parties, however, appear unaffected by the backlash over candidate selection. The major parties need to to take this matter seriously, as the diminishing trust of the people toward parliamentary bodies poses a threat to democracy as a whole. At a time when some people are criticizing the 2015 Constitution and democracy, unpopular decisions by major parties will further erode public trust in the current system. Therefore, parties must address this issue seriously and work toward restoring the reputation of parliament.

The price of gold has dropped by Rs 100 per tola in the domestic market on Wednesday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow metal is being traded at Rs 118, 500 per tola today. It was traded at Rs 118, 600 per tola.

Meanwhile, tejabi gold is being traded at Rs 117, 950 per tola. It was traded at Rs 118, 050 per tola.

Similarly, the price of silver has dropped by Rs 5 and is being traded at Rs 1,410 per tola today.

The Nepal Stock Exchange (NEPSE) gained 20. 62 points to close at 2,080. 12 points on Tuesday.

Similarly, the sensitive index surged by 5. 64 points to close at 382. 92 points.

A total of 17,949,562-unit shares of 309 companies were traded for Rs 6. 11 billion.

Meanwhile, Karnali Development Bank Limited (KRBL), Sindhu Bikash Bank Ltd (SINDU), Kalika Laghubitta Bittiya Sanstha Ltd (KMCDB), Saptakoshi Development Bank Ltd (SAPDBL) and Upper Syange Hydropower Limited (USHL)​​​​​​​ were the top gainers today, with their price surging by 10. 00 percent.

Likewise, Dhaulagiri Laghubitta Bittiya Sanstha Limited (DLBS)​​​​​​​was the top loser as its price fell by 8. 19 percent.

At the end of the day, total market capitalization stood at Rs 1. 12 trillion.

Nepal and India on Thursday signed a landmark agreement on bilateral energy cooperation, allowing seamless export of Nepal’s energy to the Indian market. As per the agreement, India will purchase up to 10,000 MW electricity in the next 10 years. 

The agreement is a game-changer for Nepal’s hydropower projects because it has ensured market access for Nepal’s electricity. Earlier, international investors were reluctant to invest in Nepal’s hydropower sector due to skepticism regarding market access. 

Similarly, India, Nepal and Bangladesh are working to sign a trilateral energy cooperation which paves the way for Nepal to sell electricity in Bangladesh. The energy-hungry South Asian country is struggling to fulfill its electricity demand. It has reached out to neighboring countries including Nepal with the proposition of importing electricity. 

The agreement makes way for the Indian as well as international investors to invest in Nepal’s hydropower sector. Still, there are concerns over the electricity produced by the Chinese companies. India has refused to purchase electricity produced by Chinese companies or from projects with Chinese components.

The government needs to create a conducive environment for hydropower companies to speed up the construction of projects. 

Hydropower investors often complain of local governments and residents obstructing work at project sites under various pretexts and demands. The federal government should take immediate measures to resolve the problems facing private companies. 

There is a long-list of demands from private investors which should be resolved without any delay. Hydropower is one of the biggest assets of Nepal. The government and its concerned agencies should be serious about dealing with bureaucratic and other hurdles that have been crippling this sector. 

At the same time, India should seriously consider the issues that Nepal has been raising concerning the electricity trade between the two countries.

Former national cricket team captain Sandeep Lamichhane has been found guilty of raping a minor.

A single bench of Kathmandu District Court judge Shishir Raj Dhakal issued the verdict on Friday following the hearings that started on Sunday.

A 17-year-old girl registered a rape complaint against Lamichhane at the Metropolitan Police Circle, Gaushala.

The girl in her complaint said that the Nepal’s leg spinner had raped her in various places of Kathmandu and Bhaktapur.

The next hearing will determine the jail sentence for Lamichhane.

Minister for Foreign Affairs Narayan Prakash Saud recently disclosed that over 200 Nepalis are serving in the Russian Army. Russia is recruiting Nepali nationals to increase its military strength in its war with Ukraine without sharing any official information with the Nepali government.

On the basis of complaints from concerned families, Minister Saud revealed that around 100 Nepalis remain unaccounted for, and several others are injured. The government has written to Moscow, requesting assistance in ascertaining the number of Nepalis involved in the war, stopping the recruitment of Nepalis in its military, and facilitating the repatriation of the deceased.

Although the two countries have a cordial relationship, Moscow is yet to respond to these urgent requests. Given the gravity of the situation, the Ministry of Foreign Affairs must intensify diplomatic efforts to ensure the well-being and safe return of Nepali citizens in Russia. If bilateral efforts prove insufficient, Nepal should consider seeking the support of influential nations such as China, India and the United States for the repatriation of Nepalis there. Nepal can approach the European Union and the US for the release of Nepali citizens taken hostage in Ukraine. The government, however, has yet to reach out to these countries for assistance.

While Russia expresses a desire for continued engagement with Kathmandu, its failure to respond to Nepal’s legitimate concerns regarding the welfare of its citizens abroad is disconcerting. Moscow must recognize the urgency of the situation and respond as soon as possible. 

The Nepal Stock Exchange (NEPSE) plunged by 17. 23 points to close at 2,070.84 points on Wednesday.

Similarly, the sensitive index dropped by 4. 25 points to close at 387. 07 points.

A total of 14 ,337,738-unit shares of 307 companies were traded for Rs 5. 24 billion.

Meanwhile, Nepal Insurance Co. Ltd., Infinity Laghubitta Bittiya Sanstha Limited (ILBS), Manakamana Engineering Hydropower Limited (MEHL) and Chirkhwa Hydropower Limited (CKHL)were the top gainers today with their price surging by 10. 00 percent.

Likewise, BPW Laghubitta Bittiya Sanstha Limited (BPW)the top losers as their price fell by 10. 00 percent.

At the end of the day, the total market capitalization stood at Rs 3. 21 trillion.

The price of gold has increased by Rs 600 per tola in the domestic market on Tuesday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 120, 500 per tola today. It was traded at Rs 119, 900 per tola on Monday.

Meanwhile, tejabi gold is being traded at Rs 119,900 per tola. It was traded at Rs 119, 350 per tola.

Similarly, the silver is being traded at Rs 1, 485 per tola.