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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.

More than 100 people have been killed after an earthquake hit northwestern China while many people were asleep, Aljazeera reported.

The earthquake, measured at 6.2 according to state news agency Xinhua, struck at about midnight in Gansu Province near the border with Qinghai, causing significant damage, state media reported on Tuesday.

The tremor was felt as far away as Xi’an in northern Shaanxi province, about 570 kilometres (350 miles) from the epicentre.

Gansu provincial authorities told a press conference that as of 7.50am (23:50 GMT on Monday), 105 people had been confirmed dead, and 397 injured. More than 4,700 houses had been damaged, they added. Power and water supplies were disrupted in some villages, Xinhua said.

According to CCTV, at least 11 people were also killed in the city of Haidong in Qinghai. Haidong is situated close to the epicentre about 100km (60 miles) southwest of Gansu Province’s capital, Lanzhou.

People living close to the epicentre rushed out onto the street as they felt the earthquake. Some buildings collapsed.

“I live on the 16th floor and felt the tremors so strongly,” a man named Qin was quoted as saying in the state-run Global Times. “The moment of the earthquake was feeling like being tossed up after surging waves… I woke my family up and we rushed down all 16 floors in one breath.

Qin added that it was minus 12 degrees Celsius (10.4 Fahrenheit), and that while some of his neighbours had put on down jackets or wrapped themselves in blankets others were bare-chested, according to Aljazeera.

Rescue work was under way with Chinese President Xi Jinping calling for “all-out efforts” in the search and relief work. Nearly 1,500 firefighters were deployed with another 1,500 on stand-by, according to state media. More than 300 officers and soldiers were also mobilised for disaster relief.

Supplies including drinking water, blankets, stoves and instant noodles were also being sent to the affected area.

Footage on state television showed emergency vehicles driving along snow-lined highways, and rescue workers pictured shoulder-to-shoulder in the trucks.

The US Geological Survey reported the quake was a magnitude 5.9, while the European Mediterranean Seismological Centre (EMSC) said it was a magnitude 6.1.

The earthquake struck at a depth of 10km (6 miles) at 11:59 pm local time on Monday (15:59 GMT), according to the USGS, which initially reported the magnitude at 6.0. Multiple aftershocks were reported.

Gansu has a population of about 26 million people and includes part of the Gobi Desert.

Earthquakes are not uncommon in China.

In September 2022, a 6.6-magnitude quake hit Sichuan Province leaving almost 100 dead.

A 7.9-magnitude quake in Sichuan in 2008 left more than 87,000 people dead or missing, including 5,335 children who were in school at the time it happened.

At least 242,000 people were killed in 1976 after an earthquake struck Tangshan in the worst natural disaster in Chinese history.

Trade measures introduced by G20 economies have become more restrictive in recent months, according to the 30th WTO Trade Monitoring Report on G20 trade measures issued on 18 December. The report shows that between mid-May and mid-October 2023, G20 economies introduced more trade-restrictive than trade-facilitating measures on goods, although the value of traded merchandise covered by facilitating measures continued to exceed that covered by restrictions. Director-General Ngozi Okonjo-Iweala called on the G20 to show leadership and contribute to economic stability and growth by unwinding recent and longstanding restrictions on trade.

The report is set against a backdrop of continued slow growth in world trade. The WTO's latest forecast (5 October 2023) estimated merchandise trade volume growth of 0.8% in 2023 (down from the previous estimate of 1.7%) and 3.3% in 2024 (nearly unchanged from 3.2% previously). In the first half of 2023, the volume of world merchandise trade was down 0.5% year-on-year, as high inflation and rising interest rates weighed on trade and output in advanced economies, and as property market strains prevented a stronger post-pandemic recovery in China.

The Trade Monitoring Report indicates that although the trade coverage of import-facilitating measures still exceeded that of restrictive ones during the review period, this gap has narrowed considerably. During the review period, trade-facilitating measures were estimated at USD 318.8 billion (down from USD 691.9 billion in the last report, issued in July 2023) and trade-restrictive ones at USD 246 billion (up from USD 88 billion). 

For the first time since 2015, the monthly average of 9.8 new trade restrictions introduced by G20 economies during the review period outpaced that of trade-facilitating measures (8.8). In addition, the longstanding stockpile of G20 import restrictions in force showed no sign of any meaningful roll back of existing measures. By mid-October 2023, USD 2,287 billion worth of traded goods (representing 11.8% of G20 imports) were affected by import restrictions implemented by G20 economies since 2009. 

Export restrictions have become more prominent since 2020, with a series of measures introduced first in the context of COVID-19 and more recently of the war in Ukraine and the food security crisis. Although some of these export restrictions have been rolled back, as of mid-October 2023, 75 export restrictions on food, feed and fertilizers were still in place globally. 

The implementation of new COVID-19 trade-related measures by G20 economies decelerated further over the past five months, with the number of new COVID-19-related support measures falling sharply. As of mid-October 2023, 82.9% of G20 COVID-19 trade restrictions had been repealed, leaving 11 export restrictions in place. The trade coverage of the pandemic-related trade restrictions still in place was estimated at USD 15.1 billion (down from USD 16.2 billion).

The review period saw a significant increase in the introduction of new general economic support measures by G20 economies. These included environmental impact reduction programmes, renewable-energy production schemes, support for energy efficiency and decarbonization and for clean- and renewable-energy projects. Other measures included various support programmes for the agricultural sector, tourism, aviation and transport.

The report also shows that the succession of crises and the uncertain economic environment continue to weigh on international investment and in particular on foreign direct investment (FDI). This sustained weakness in FDI makes it more challenging to achieve the Sustainable Development Goals (SDGs). This concern is amplified by the SDG investment gap in developing countries, the deficit in investment needed to help developing economies achieve the SDG targets. This has alarmingly widened from USD 2.5 trillion to about USD 4 trillion per year, leading up to 2030, according to data by the Organisation for Economic Co-operation and Development (OECD).

The WTO trade monitoring reports have been prepared by the WTO Secretariat since 2009. G20 members are Argentina; Australia; Brazil; Canada; China; the European Union; France; Germany; India; Indonesia; Italy; Japan; the Republic of Korea; Mexico; the Russian Federation; Kingdom of Saudi Arabia; South Africa; Türkiye; the United Kingdom; and the United States.

The National Human Rights Commission has said that its serious attention has been drawn towards the Nepalis joining the Russian and Ukrainian army in an illegal way.

The human rights watchdog has urged the government of Nepal to protect the life of people by ending the situation of going to foreign countries for employment through illegal ways, reads a statement issued by the Commission on Sunday.

Joint Secretary Dr Tika Ram Pokharel, Joint Secretary at the Commission, said that the Commission's serious attention has been drawn towards the information received through various news agencies that the Nepalis, who have joined the Russian and Ukrainian army through illegal means, have died and injured during the ongoing war between Russia and Ukraine and still hundreds of Nepalis are serving in the Russian and Ukrainian army.

The Commission claimed that it is the duty of the government to rescue and protect the human rights of the Nepali citizens in any kind of situation.

The Commission has received information that some Nepalis serving in the Russian army have died, some injured are undergoing treatment in various hospitals, some have been held captives and hundreds are serving in the army of both the countries, according to the statement.

The Commission has urged the government to take initiatives to bring the Nepalis who want to return home through diplomatic channels and provide relief to the families of those killed and injured in the war.