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China has said that it is ready to work with the new government in Kathmandu to advance the China-Nepal Strategic partnership of cooperation featuring ever-lasting friendship for development and prosperity, and to deliver more benefits to the people of the two countries.

On March 8, four parties– CPN(Maoist), CPN-UML, Rastriya Swatantra Party and Janata Samajbadi Party- formed a new left government. Speaking in a regular press briefing at the Ministry of Foreign Affairs Spokesperson Mao Ning said: China noted that Nepal has formed a new government coalition and reshuffled the cabinet recently. We sincerely hope that relevant parties of Nepal will work together in solidarity, advance the work related to the formation of the new government in a smooth manner, and realize political stability, economic growth and improvement of people’s livelihood.”

She further said that  as a friendly neighbor and cooperation partner, China highly values its relations with Nepal. We would like to work with the new government to uphold the Five Principles of Peaceful Coexistence, deepen our traditional friendship, and strengthen practical cooperation. China has become the first country to make an official comment about the formation of a new alliance in Kathmandu. For the long time, China is motivating Nepal’s communist parties to form an alliance and government. China prefers a communist government in Kathmandu in order to fulfill its interests.  

When the South Korean film “Parasite” made history by winning four Academy Awards, including the award for the Best Picture, people started wondering if they have been missing out on some good foreign films that would undeniably enrich their cinematic experience.

Why was “Parasite” an achievement?

Bong Joon Ho, the director of  “Parasite” drew further attention to this matter by cleverly stating: “Once you overcome the one-inch-tall barrier of subtitles, you will be introduced to so many more amazing films.”

The general consensus is that people have an aversion to subtitles because they draw the attention to the wrong part of the screen and are generally distracting and take away from the visual storytelling and experience. Therein lies that barrier.

But the issue goes even deeper. One could argue that the concept of subtitles couldn’t possibly be associated with politics. This would be wrong. The underlying issues such as racism, omnipresent prejudice and cultural differences are key aspects that fuel the general public’s dislike towards foreign films and, by default, subtitles. Despite winning numerous accolades, “Parasite” still struggled to make a complete breakthrough and earn recognition among the English-speaking audience. People argued that they enjoy watching a movie, not reading it. Some even wondered why the director chose an all Korean cast and why the director did the film in Korean instead of English.

It wasn’t until “Parasite” won the Academy Award for the Best Picture, when people had no choice but to give it the recognition it deserved. It can be concluded that, in order to get recognition in the entertainment business, a movie should be made in English.

Foreign films vs Hollywood

Foreign films often have smaller budgets than their Hollywood counterparts; therefore, the quality of production, costumes, special effects, marketing, etc. is not as mega costly as it’s often the case with Hollywood movies. The former simply can’t compete with the latter—production wise. But that is not to say that great budget equals great quality.

Certainly there are expectations the audience has from Hollywood productions and when a foreign movie falls short of the same expectations, the audience often generalizes the quality of all foreign cinemas. Some foreign movies are far superior and engaging than their Hollywood counterparts, but they are rarely watched due to the preconceived bias that foreign cinemas are bad. Such an attitude perpetuates prejudice towards foreign films, categorizing them as sub-par or low quality and therein lies an even greater barrier.

In fact, foreign films show and teach us obscure aspects of life and culture, making up for budget shortcomings in an innovative and creative way. Therefore, one could argue that the role of subtitles is necessary and a vital part of cinematic experience, enhancing understanding, not only of a language but of culture as well. That is why, for the people who don’t speak the language, subtitles don’t represent a barrier, but a tool, a form of aid that allows them to understand the dialogue and actually get a chance to fully experience the film.

The issue with subtitles

The mechanism of subtitles is a complex one. It requires the accuracy of a translation that successfully and effortlessly shifts from source language to target language, without losing or omitting the original idea and, as such, are crucial in delivering the nuances and hidden, as well as obvious, meanings that a director wishes to convey to foreign audience.

What role can the subtitles play?

Subtitles are crucial in the success of a movie, because badly translated or inaccurate subtitles limit and hamper the message a movie is trying to deliver. To further illustrate the importance of subtitles, we can have as an example of the persons who are deaf or hard-of hearing. For them, subtitles are a tool that removes whatever limitations they may have and that may hinder their enjoyment and are of vital significance in making movie content accessible and inclusive.

On a more technical note, subtitles also serve as visual cues that allow a viewer to focus on what’s being said, if we take into account background noise, a variety of accents and voice levels or even ambient dialogue, without missing visual information. They are a physical manifestation of auditory information, which constitutes a rather important part of a film. Furthermore, subtitles aid in learning language and improve reading abilities, which is often an underrated effect. 

Are subtitles necessary?

It’s always useful to be reminded that movies are not limited or exclusive to Hollywood. Keeping an open mind is necessary in every aspect of life and having an open mind makes a foreign movie more enjoyable. This exposes a person to a myriad of different styles of cinematography and talented directors and actors. It is inspiring as it is useful.

Pleasing everybody all the time is not possible but we must strive to understand one another, without jumping to conclusions and relying on prejudice when we are met with something that is unfamiliar. When “Parasite” won the Academy Award for the Best Picture, it broke the barriers and erased the boundaries imposed on motion pictures. It made the audience strive to understand the foreign culture. It truly made history. The cinema won that night, and cinema is not exclusive to a country, language or culture.

There are a lot of gifted filmmakers in so many countries, presenting us with outstanding films. It would be a waste to miss out on those amazing films just because they come with subtitles.

Subtitles have the ability to transcend, by means of making a part of a culture that is embodied in a visual storytelling accessible to everyone, therefore broadening the experience, which certainly demonstrates the resonance and power of that “one-inch-tall barrier.”

The writer is a Nepali subtitle translator and runs a Nepali translation company, Wordinvent

A combination of economic forces, shifting demographics, and technological developments is causing a significant upheaval in the banking sector in developing nations. Traditional paradigms are being upended by these movements, which also present exciting fresh opportunities for financial inclusion and economic expansion. Some key trends are briefed below:

Banks are now able to safely exchange consumer data with third-party financial service providers, thanks to open banking Application Program Interfaces (APIs). As a result, new financial services and solutions that are customized to meet particular needs are emerging within the financial ecosystem, encouraging cooperation and innovation. With so many different financial requirements unmet, emerging nations stand to benefit greatly from this trend.

In developing nations without official identity paperwork, traditional KYC (Know Your Customer) practices can pose a barrier to financial inclusion. Technologies for biometric authentication, such as iris and fingerprint scanning, present a viable remedy. These technologies can be leveraged to offer secure and trustworthy identification by utilizing mobile phones and local infrastructure, giving previously excluded groups access to financial services.

Due to a number of factors, including high operation costs and geographic limitations, traditional brick-and-mortar banks are finding it difficult to reach significant portions of the unbanked population in developing nations. But the advent of mobile banking and fintech is altering the landscape. Millions of people are now using mobile money platforms (esewa, mobile wallets, etc) which provide basic financial services such as credit, savings and payments via mobile phones. In rural areas, this "branchless banking" has a particularly positive effect, empowering people and small companies, which were historically excluded from the financial system.

Developing nations are placing increasing importance on sustainable banking practices. Banks are moving beyond traditional profit-focused models, now integrating environmental, social and governance (ESG) factors into their strategies. This reflects a recognition that responsible finance is crucial for long-term economic success and tackling global challenges like climate change and inequality.

As the information technology and communication technology penetration increases, cybersecurity threats also rise rapidly. Developing nations generally lack the strong infrastructure and knowledge necessary to effectively combat cybercrime. Building a safe digital financial ecosystem requires cooperation with regulators and significant investments from banks and fintech firms in security measures.

Many people in developing nations lack credit history, which is a prerequisite for many traditional credit scoring methodologies. The creation of new credit scoring models is made possible by the rise of alternative data sources, such as utility bills and usage habits of mobile phones. For the underbanked and unbanked communities, these models can more precisely evaluate creditworthiness, making loans and other financial products more accessible.

The technological prowess of big tech firms (e.g. Apple with Apple Pay, Google with Google Pay, etc.) is fueling a significant transformation in the financial services sector. This transformation opens doors for innovation but also raises concerns such as data privacy, increased regulatory complexity, competition for traditional banks, etc. Balancing innovation with fair competition and fostering a diverse financial ecosystem are crucial challenges for policymakers.

The Banking Landscape in Developing Countries: Financial inclusion, economic expansion, and social development have enormous potential thanks to the changes reshaping the banking sector in these nations. Governments, authorities, banks, fintech firms, and civil society must work together to navigate these developments, though. In developing nations, the financial sector can adapt to meet the needs of all, creating a more sustainable and inclusive future. 

This can be achieved by tackling issues like cybersecurity, encouraging responsible innovation, and maintaining fair competition. In addition with advancement in artificial intelligence(AI) which empowers banks to unlock hidden insights, predict risks and personalize services, propelling them into a future of smarter finance and happier customers and from fraud detection to streamlined operations, AI automates tasks, frees up human expertise and fuels efficiency, driving cost savings and a competitive edge in the banking landscape. For the industry, it is crucial for unlocking a promising future.

In a dramatic turn of events, Prime Minister Pushpa Kamal Dahal has ditched his key coalition partner, Nepali Congress, to form a new alliance with the main opposition, CPN-UML. According to Maoist leaders, though the breakdown in the alliance seems sudden, there was a series of misunderstandings with the NC that led to the decision.

One of the primary reasons, they say, is the recently held Mahasamiti meeting of the NC where the party’s general secretary, Gagan Kumar Thapa, and scores of other leaders passed a proposal stating that the NC will not forge any pre-poll alliance. It was a clear reference to the potential partnership with the Maoist party, whose political ideology is diametrically opposite with that of the NC. Similarly, a political document presented by NC Vice-president Purna Bahadur Khadka at the Mahasamiti meeting had portrayed the Maoist insurgency in a negative light which miffed PM Dahal. 

One senior Maoist leader said considering the constant friction encountered with the Nepali Congress, Prime Minister Dahal reached the conclusion that the alliance cannot sustain for long and started working to revive the alliance with the UML. Besides the UML, Rastriya Swatantra Party and Janata Samajbadi Party have also agreed to enter the new alliance.     

The senior Maoist leader said that Prime Minister Dahal was in favor of continuing the Maoist-NC coalition as long as the NC was willing to forge an electoral alliance in the next general elections. While NC President Sher Bahadur Deuba seemed somewhat lenient regarding the Maoist’s condition, the NC second-rung leaders were averse to joining forces with the Maoist party ahead of the next elections.

Inside the Maoists too, many leaders were raising their voice for reviving the left alliance. 

NC leader and Foreign Minister Narayan Prakash Saud said while there were some disagreements with the Maoists, including the decision taken by the Mahasamiti meeting and the issue of Cabinet reshuffle, the NC had not anticipated that Prime Minister Dahal would go on to dissolve the coalition.

Another bone of contention between the Maoist party and NC was picking the National Assembly (NA) chairperson candidate. When the elections for 19 NA seats were held in January, the two parties had agreed to field NC’s Krishna Prasad Sitaula as one of their common candidates from Koshi province. The plan was to make Sitaula an NA member and then field him again as the NA chairperson candidate to replace the incumbent Ganesh Prasad Timilsina of the UML, whose term ends this month.    

Sitaula was elected to the NA with the Maoists backing, but the candidates from the Maoist party did not win the election. Dahal’s party later concluded that the NC did not vote for the Maoist candidates. Shortly after the NA election results, Maoist leaders including Barsha Man Pun publicly announced that the party would review its alliance with the NC. The Mahasamiti meeting of the NC further reinforced the Maoist suspicion that the alliance was unfruitful.

In the government, meanwhile, there was a continuous tussle between Prime Minister Dahal and the ministers from the Congress party, particularly Finance Minister Prakash Sharan Mahat. For a long time, Dahal had been complaining that Mahat was bypassing him while taking key decisions. The prime minister was unhappy with Mahat as he failed to make any progress to recover the faltering economy of the country. Prime Minister Dahal wanted to replace Mahat, but Deuba was against it. Dahal was also not pleased with the way the NC was pressing him not to investigate the corruption cases where senior Congress leaders and businessmen were reportedly involved. 

While taking the decision to change the current coalition, Prime Minister Dahal has his own personal reasons. As the government was becoming unpopular for its failure to improve service delivery, tame corruption and bring the failing economy back on track, Dahal wanted to divert people’s attention by shifting the blame on an incompatible alliance. Also, with a new coalition in place, he buys himself some time and the reason to renew his vows of delivering good governance and progress.  

Since the first day in power, Prime Minister Dahal’s top priority was settling the transitional justice process. To this end, he has been continually seeking international support including the United Nations. Most importantly, he needed the support of the main opposition, UML, which was not forthcoming. It was obvious that the UML would support Dahal’s plan to conclude the transitional justice process only if he was willing to sever ties with the Congress.  With the UML’s support, Dahal wants to conclude the transitional justice process according to his own terms, although it is still not an easy task.

As the main opposition, the UML too was continuously working to break the Maoist-NC alliance. Although the UML leaders publicly said that the party was set on the mission of emerging as the majority party through the next general elections, the party had also set its sight on breaking the ruling alliance and coming back to power. Due to the NC-Maoist alliance, the UML was powerless both at the center and provinces.  Initially, the UML had even tried to forge an alliance with the NC and keep the Maoists and CPN (Unified Socialist) out of the equation, but the NC was not ready to entertain the idea. 

It is uncertain how long the latest coalition will last. But Dahal’s tenure is likely to be prolonged. According to leaders, Dahal and Oli will lead the government for an equal period. The two leaders have agreed to take this coalition until the next elections. But given Dahal’s track record, his propensity and history of flip-flopping between the UML and NC, one could argue that there could be more topsy-turvy political events before we reach the election season in 2027.