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Nepal’s trade deficit soars to Rs 929 billion

Posted on by SAT News Desk

Kathmandu — Nepal has a total trade deficit of Rs 929.61 billion after the first eight months of the current fiscal year.

Stating that the trade deficit decreased 2.5 per cent compared to the same period of the last fiscal year, the Nepal Rastra Bank mentioned that the export-import ratio in the country decreased to 9.8 per cent in the review period.

In the review period, the country’s merchandise imports totaled Rs 1030.22 billion, according to the Current Macroeconomic and Financial Situation released by Nepal Rastra Bank on Thursday.

Destination-wise, imports from India and other countries decreased 2.8 percent and 22.9 per cent respectively while imports from China increased 33.7 per cent.

On the import side, imports from Bhairahawa Dry Port, Jaleshwor, Kanchanpur, Krishnanagar, Nepalgunj, Rasuwa and Tatopani Customs Offices increased, it said.

Likewise, merchandise imports from India against payment in convertible foreign currency amounted to Rs 98.29 billion. Such an amount was Rs 85.12 billion in the same period of the previous year.

“Imports of readymade garments, transport equipment, vehicle and other vehicle spare parts, aircraft spare parts, electrical equipment, textiles among others increased whereas imports of crude soybean oil, gold, petroleum products, crude palm oil, paddy among others decreased,” the NRB said.

Exports from Bhairahawa, Dry Port, Jaleswar, Kanchanpur, Krishnanagar, Mechi, Rasuwa and Tatopani increased whereas exports from all the other major customs points decreased during the period, according to the NRB.

(RSS)

Sri Lanka settles some 2 bln USD worth of foreign debt, interest payments

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COLOMBO — The government of Sri Lanka has settled more than 1.9 billion U.S. dollars in foreign debt and interest payments between President Ranil Wickremesinghe’s assumption of office and February 2024, said Rajith Keerthi Tennakoon, President’s Director General of Community Affairs.

In a statement issued on Friday, Tennakoon said that in the same period, the government has disbursed more than 1.3 billion dollars in multilateral loans and interest, with no outstanding arrears in loan installments or interest payments.

According to the Department of External Resources, payments totaling 760.1 million dollars have been made to the Asian Development Bank and 7 million dollars to the Asian Infrastructure Investment Bank, he said.

During this period, 571 million dollars worth of bilateral loans and interest have also been paid, Tennakoon said.

The Sri Lankan government is also actively engaged in restructuring business loans and interest totaling more than 4.4 billion dollars acquired at high-interest rates, Tennakoon said. (Xinhua)

Nepal’s Economic Outlook: Inflation Concerns Amid Growth Projections

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Kathmandu, April 3rd: Nepal’s economic landscape for Fiscal Year 2024 remains characterized by a delicate balance between inflationary pressures and growth prospects, according to the latest Nepal Development Update unveiled by the World Bank on Tuesday.

Inflation and Growth Projections: The report forecasts consumer price inflation to remain high at 6.7 percent in FY24, close to the central bank’s 6.5 percent ceiling. Factors contributing to this include the removal of VAT exemptions, India’s food export restrictions, and increased paddy minimum support prices. However, the inflation rate is expected to gradually decline to 6 percent in FY25 and 5.5 percent in FY26. This decline is attributed to global commodity price moderation, domestic price containment through monetary policy, and lower inflation in India, which may help mitigate imported inflation via the currency peg.

On the growth front, Nepal’s economy is projected to rebound from 1.9 percent in FY23 to a forecasted 3.3 percent in FY24, with further acceleration to 5 percent on average over FY25-26. This recovery is expected to be driven by easing monetary policy, productive use of private sector credit, and reforms to improve the business environment, which could attract more private investment.

Sectoral Analysis: The services sector is anticipated to be a key driver of growth, particularly accommodation and food services, benefiting from the rise in tourist arrivals and government policies supporting real estate loans. The industrial sector is also expected to grow, buoyed by significant expansions in electricity generation capacity. However, agricultural growth may slow down due to various factors, including outbreaks among livestock and a decrease in paddy production growth.

External Balances and Fiscal Policies: The current account balance is forecasted to return to surplus in FY24, driven by robust remittance growth and a narrowing trade deficit. However, the trade deficit is expected to narrow subsequently as remittances taper off and the trade deficit expands. Nepal’s fiscal deficit is poised to decrease significantly, stabilizing around 3 percent of GDP in the medium term, supported by increased revenue and enhanced execution of public investment.

Risks and Challenges: The report identifies both domestic and external risks to Nepal’s economic outlook. These include geopolitical uncertainty, growth slowdown in partner countries affecting remittances and tourism, persistent inflation expectations, lower domestic demand, natural disasters, and political changes, which continue to deter private investment.

Conclusion and Recommendations: The Nepal Development Update highlights the need to strengthen execution and efficiency of capital expenditure to boost economic growth, reduce dependence on imports tax revenue, ensure sound and consistent monetary policy, address increasing levels of non-performing loans, and strengthen Nepal’s international competitiveness for other sources of external earnings.

In summary, while Nepal’s economic indicators show signs of recovery and growth, challenges and risks persist, necessitating concerted efforts from policymakers and stakeholders to navigate through these uncertainties and sustain the momentum of economic development.

Opposition Rally Draws Thousands Amidst Controversial Arrest of New Delhi’s Chief Minister

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New Delhi : In a resounding display of solidarity, thousands of individuals gathered on Sunday to participate in a rally organized by an alliance of India’s opposition parties. The “Save Democracy” rally marked a significant show of support for New Delhi’s top elected official and opposition leader, Arvind Kejriwal, whose arrest on March 21st has sparked widespread controversy.

Arvind Kejriwal was apprehended by the federal Enforcement Directorate, alleging that his party and state ministers had accepted a staggering 1 billion rupees ($12 million) in bribes from liquor contractors nearly two years ago. Despite the grave allegations, the Aam Aadmi Party (AAP), or Common Man’s Party, vehemently denied any wrongdoing, affirming that Kejriwal would continue to serve as New Delhi’s chief minister until the court adjudicates on the matter.

“This battle is to safeguard the nation, democracy, constitution, future of the nation, youth, farmers, and women. This battle is for justice and truth,” declared Deepender Singh Hooda, a lawmaker of the opposition Congress party, addressing reporters at the rally. The sentiment echoed throughout the gathering, encapsulating the collective call for transparency and accountability in governance.

Kejriwal’s arrest reverberated as a significant setback for the opposition bloc, which stands as the primary challenger to Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP) in the upcoming elections scheduled to commence over a six-week period starting April 19th.

Critics of the arrest, predominantly opposition leaders, have decried it as an assault on democracy, condemning the BJP for allegedly weaponizing federal agencies to undermine political adversaries. The sequence of arrests and corruption investigations targeting key opposition figures has fueled accusations of authoritarian tactics by the ruling party.

In response, the BJP refuted allegations of partisan targeting, asserting that law enforcement agencies operate autonomously without political interference. The BJP’s stance aims to assuage concerns regarding the impartiality of the investigation, amidst escalating tensions between the ruling party and the opposition.

As the nation braces for a pivotal electoral contest, the rally serves as a poignant reminder of the enduring struggle for justice, integrity, and the preservation of democratic values, casting a spotlight on the intricate interplay between power, accountability, and the will of the people.

Tea Buyers Disrupting Trade Balance between Nepal and India

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Kathmandu — In a significant upheaval within the global tea market, Chinese tea buyers are wielding influence over the trade dynamics between Nepal and India, leading to repercussions for the renowned Darjeeling tea industry.

The conflict arises from the infiltration of counterfeit Darjeeling tea into the market, facilitated by the influx of cheaper Nepalese tea. The unique geographical features of Darjeeling and Nepal’s hilly terrain, along with similarities in climate and altitude, have made Nepalese tea an appealing substitute for the authentic Darjeeling tea, often dubbed the “champagne” of premium teas. There are some alternative branding of Nepalese tea such as “Tea from Mt. Everest, top of the world” are also bringing attention of the tea lovers around the world.

Recent data from the Nepalese Ministry of Commerce reveals a stark contrast in the pricing strategies of Chinese and Indian buyers. Chinese buyers are reportedly paying significantly higher prices for Nepalese tea leaves compared to their Indian counterparts. This stark disparity in pricing is altering the trade dynamics, with Chinese traders offering more lucrative deals to Nepalese growers.

Gaurab Luitel of the National Tea and Coffee Development Board in Nepal highlights the impact of these pricing variations, suggesting that Chinese buyers’ willingness to pay higher rates will reduce the flow of counterfeit Darjeeling tea into India.

However, while Chinese support offers a lifeline to Nepalese growers, it exacerbates the challenges faced by Darjeeling tea producers. The traditional method of processing Nepalese tea leaves in Indian facilities is undergoing a transformation, with Chinese involvement leading to the adoption of Chinese tea-making techniques.

Joydeep Phukan, secretary of the Tea Research Association in India, elucidates how the economic landscape has shifted, with Chinese investment bolstering Nepal’s tea industry while escalating production costs for Darjeeling producers.

The ramifications are evident in the dwindling production figures of Darjeeling tea estates, which have witnessed an 11% decline in output. Factors such as stringent labor laws and adverse effects of climate change have compounded the challenges faced by Indian tea estates, making them less competitive against their Nepalese counterparts.

Sparsh Agarwal of Selim Hill Tea Garden in Darjeeling underscores the cost disparity, estimating that production costs in Nepal are a fraction of those in India due to varying labor requirements. This cost imbalance has placed Darjeeling producers at a significant disadvantage in the fiercely competitive market, the Financial times Reprots.

The COVID-19 pandemic exacerbated the situation, with a worker strike in Darjeeling and China’s border closure intensifying competition between Nepalese and Indian tea farmers. In response, Indian sellers resorted to blending cheaper Nepalese tea with Darjeeling, further straining the already fragile Darjeeling tea industry.

Vivek Lochan, a tea seller, suggests that a considerable portion of Darjeeling tea sold today is, in fact, a blend of Nepalese and Darjeeling leaves, indicative of the challenges faced by authentic Darjeeling producers.

As the trade dynamics continue to evolve, the future of Darjeeling tea hangs in the balance, caught between the pressures of globalization, shifting economic landscapes, and consumer demand for authenticity in a market inundated with counterfeit products.

Climate Change Impacting Earth’s Rotation and Timekeeping

Posted on by SAT News Desk

London — A groundbreaking study published in the journal Nature reveals that climate change is not only altering the Earth’s environment but also affecting the planet’s rotation speed, potentially leading to significant implications for timekeeping.

Researchers have found that accelerated melting from Greenland and Antarctica, fueled by global warming, is redistributing mass and causing a slight slowdown in the Earth’s rotation. Despite this deceleration, the Earth continues to spin faster than in previous years, raising concerns among global timekeepers.

The Coordinated Universal Time (UTC), widely used worldwide to regulate clocks and time, relies on the Earth’s rotation rate. However, fluctuations in the planet’s liquid core have resulted in variations in the length of days and nights.

Since the 1970s, approximately 27 leap seconds have been added to the global clock to account for the Earth’s increasing rotation speed. However, the latest research suggests that ongoing ice melt due to climate change has partially offset this acceleration.

According to the study, ice sheets are losing mass at a rate five times faster than three decades ago. As a result, the need for a “negative leap second,” which would subtract a second from our clocks, is now projected to be postponed until 2029, challenging global timing infrastructure.

Duncan Agnew, the study’s author from the University of California, San Diego, expressed astonishment at the tangible impact of human-induced climate change on the Earth’s rotation. He emphasized the unprecedented nature of these changes, highlighting the need for adaptive measures in timekeeping systems.

However, some skepticism surrounds the study’s findings, with experts cautioning the unpredictability of Earth’s behavior. Demetrios Matsakis, former chief scientist for time services at the US Naval Observatory, emphasized the uncertainty surrounding the necessity of a negative leap second in the near future.

Nevertheless, the study underscores the profound consequences of climate change on Earth’s fundamental processes. As human activities continue to drive global temperatures higher, the rapid melting of glaciers and ice sheets further exacerbates environmental disruptions, posing challenges not only to ecosystems but also to essential systems like timekeeping.

The implications of this research extend beyond scientific realms, urging global action to mitigate climate change and its cascading effects on the planet’s delicate balance.

British ballet dancer died in Nepal plane crash after pilot accidentally pulled wrong levers

Posted on by SAT News Desk

London — In a devastating turn of events, a plane crash in Nepal in 2023 has been attributed to a pilot’s fatal mistake, leading to the loss of 72 lives, including that of a talented ballet dancer, Ruan Crighton.

Mr. Crighton, a 34-year-old from Brentwood, Essex, was among the passengers on board the ATR-72 aircraft as it tragically crashed into a gorge during its journey from Kathmandu to Pokhara International Airport in the Himalayan foothills.

During the inquest held at HM Coroner’s Court for North London, it was revealed that one of the pilots mistakenly altered the propeller angle instead of adjusting the wing flaps. This error, known as “feathering,” led to the plane losing thrust, resulting in a sharp descent towards the ground.

Eyewitnesses recounted seeing the aircraft “banking sharply” and then “sinking rapidly” before the crash occurred. Despite efforts by rescue teams, the crash site revealed the devastating aftermath of the accident.

Ruan Crighton, described as an “exceptional person” by North London area coroner Tony Murphy, was a professional ballet dancer who had toured Europe before transitioning to a career in physiotherapy. He had been residing in Nepal with his French girlfriend while undertaking a placement at a spinal injury clinic in Kathmandu.

Tragically, the crash occurred just a day after Mr. Crighton’s birthday, as he embarked on what was supposed to be a “well-earned trip into the mountains.” His loss has deeply affected his family and friends, leaving behind a void that can never be filled.

The Yeti Airlines aircraft, carrying 68 passengers and four crew members, was on its third trip of the day when the accident took place. The pilots reportedly experienced a loss of control, leading to the catastrophic outcome witnessed at Pokhara International Airport.

As the inquest concluded, it was determined that Mr. Crighton suffered fatal blunt force injuries during the crash. The tragedy serves as a stark reminder of the fragility of life and the devastating consequences of human error in aviation.

Mr. Crighton’s memory lives on through the legacy of his remarkable talent and the lives he touched during his time on Earth. His family and friends mourn his loss, cherishing the memories of a cherished individual whose light continues to shine in their hearts.

Harnessing Nepal’s Protected Areas: A Blueprint for Sustainable Development and Biodiversity Conservation

Posted on by SAT News Desk

Kathmandu — Nepal, known for its breathtaking landscapes and rich biodiversity, has long been a magnet for nature enthusiasts and adventure seekers. However, the true potential of its protected areas remains untapped, representing both a challenge and an opportunity for the country’s economic development and biodiversity conservation efforts.

Nepal’s natural wealth, ranging from snow-capped mountains to lush sub-tropical forests, is managed within a network of 20 protected areas, covering approximately 23 percent of the country’s land area. Despite this extensive coverage, only four parks attract the majority of tourists, leaving vast opportunities for other protected areas to contribute significantly to the nation’s economy.

Recent studies highlight the immense economic impact of protected area tourism on local communities. For instance, in Chitwan National Park, every rupee invested by the government yields an estimated return of 7.6 rupees. Moreover, tourist expenditures generate substantial household income multipliers, benefiting both the tourism sector and non-tourism-related businesses. A rupee spent by visitors at Chitwan National Park, for instance, raises local household incomes by 1.78 rupees, reflecting the profound penetration of tourist spending into the local economy.

The economic benefits extend beyond income generation to employment creation. National park tourism is estimated to generate over 4,000 full-time equivalent jobs around Chitwan National Park alone, equivalent to 2.8 percent of the working-age population in the area. These jobs not only directly support tourism activities but also stimulate additional employment opportunities through supply chain linkages.

However, alongside the economic benefits, there are challenges that must be addressed. Human-wildlife interactions, particularly crop losses due to animal incursions around protected areas like Chitwan, pose significant challenges to local livelihoods. According to surveys, such interactions result in annual income losses of around NPR 333 million (US$2.92 million) to households and the local economy. Effective management strategies, including compensation schemes, are essential to mitigate these losses and ensure the continued support of local communities for conservation efforts.

As Nepal grapples with unprecedented biodiversity losses and seeks to recover from the economic setbacks inflicted by the COVID-19 pandemic, the role of protected areas in promoting sustainable development and biodiversity conservation has never been more critical. By harnessing the economic potential of its protected areas through sustainable and inclusive tourism, Nepal can achieve dual objectives: fostering economic growth and safeguarding its rich natural heritage for future generations.

The findings underscore the imperative for the Government of Nepal to prioritize sustainable and inclusive tourism initiatives in its protected areas. By doing so, Nepal can unlock new pathways for economic development, promote biodiversity conservation, and ensure the well-being of local communities dependent on these invaluable natural resources.

For further information, please refer to the study titled “Economic Impacts of Protected Area Tourism on Local Communities in Nepal.“

Bilateral Committee Meeting Addresses Pension Demands of Ex-Gurkhas

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London — In a significant development aimed at addressing the longstanding demands of ex-Gurkhas, the fourth meeting of the bilateral committee was convened today at the Ministry of Defense in Britain. Led by the Honorable Minister of State for Defense Andrew on behalf of the UK Government, and Dr. Gyan Chandra Acharya, Nepalese Ambassador to the UK, representing the Government of Nepal, the meeting delved into crucial discussions concerning pension parity.
The agenda of the meeting primarily centered around a detailed examination of pension-related issues, a key demand put forth by the Gurkhas. Both sides reviewed the outcomes of previous bilateral committee meetings and engaged in technical-level discussions to chart a path forward.


During the deliberations, the British government presented various arguments and evidence to substantiate the Gurkhas’ demand for equal pension rights. Drawing upon the historical ties between Nepal and Britain, Ambassador Acharya emphasized the need for a comprehensive, long-term solution to address the remaining demands of the Gurkhas, particularly on pension matters.


Representatives from Nepal reiterated the government’s high priority focus on addressing the concerns of the Gurkhas. The Deputy Prime Minister underscored Nepal’s commitment to finding a generous resolution, echoing the sentiments expressed by Foreign Minister Narayankaji Shrestha.


On behalf of the Gurkhas, Major Mr. Juda Bahadur Gurung, Tikendra Dal Dewann, Krishna Bahadur Rai, Dharma Bahadur Tamang & Gyanraj Rai presented compelling arguments, supported by relevant examples, regarding the pension issue.
Minister of State for Defense Andrew Murison acknowledged the invaluable contributions of the Gurkhas to the British Army and expressed readiness to explore reasonable solutions to the matter. He proposed further discussions in the subsequent meeting to deliberate on potential avenues for resolution.
The meeting saw the participation of key stakeholders, including Mr. Roshan Khanal, Deputy Chief of Mission of the Nepali Embassy, and Mr. Anup Shah, Military Attaché, alongside representatives from the British Ministry of Defense and its subordinate officers.


As discussions continue, both sides remain committed to finding an equitable and lasting solution to address the grievances of the ex-Gurkhas, underscoring the importance of the bilateral relationship between Nepal and Britain.

Indian Court Extends Delhi Chief Minister Arvind Kejriwal’s Custody Amid Graft Allegations

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New Delhi — In a recent development in the ongoing graft case, an Indian court has extended the custody of Delhi Chief Minister Arvind Kejriwal until April 1. The decision was made on Thursday, March 28, amidst a backdrop of controversy surrounding corruption allegations linked to the capital’s liquor policy.

Kejriwal, a prominent opposition leader, was arrested by India’s financial crime-fighting agency last week in connection with corruption accusations related to Delhi’s liquor policy. He was remanded into custody until Thursday, with the extension aligning his detainment with looming general elections scheduled to commence on April 19.

The case has sparked a political firestorm, with Kejriwal’s Aam Aadmi Party (AAP) vehemently denouncing the charges as fabricated and politically motivated. Conversely, Prime Minister Narendra Modi’s government and the Bharatiya Janata Party (BJP) maintain that law enforcement agencies are acting independently, refuting claims of political interference.

Notably, all key AAP figures had been previously incarcerated in relation to the case before Kejriwal’s arrest, underscoring the intensity of the legal battle.

Outside the court, Kejriwal, 55, condemned his arrest as a “political conspiracy” and vowed that the public would respond. Inside the courtroom, he accused the Enforcement Directorate (ED) of aiming to dismantle AAP.

Legal proceedings revealed tensions, with ED lawyers asserting that Kejriwal was deliberately uncooperative and necessitated further interrogation, requesting an additional seven days of custody.

Kejriwal’s arrest has triggered demonstrations in the national capital and neighboring Punjab, also governed by AAP. Protesters, including AAP supporters and workers, have been detained during marches and distribution of leaflets demanding Kejriwal’s release.

The situation escalated further with the announcement of a joint rally by the ‘INDIA’ alliance, comprising over two dozen political parties including AAP, scheduled for Sunday in the capital to protest against the arrest.

Internationally, the case has garnered attention, with the U.S. and Germany advocating for a fair and impartial trial. This prompted New Delhi to assert the independence of its judiciary and caution against interference in internal affairs.

As the legal battle ensues, India braces for heightened political tension in the lead-up to the crucial general elections.

Nepalese Artist Anurag Kunwar Shines in London Premiere Show

Posted on by SAT News Desk

Sanjay Kandel, London — Nepalese artist Anurag Kunwar, known for his versatile skills as an actor, producer, and positive influence in the Nepalese community, recently made waves with the London premiere show of the movie “Ek Bagwat Ra Ek Geeta.” The event, organized by the International Nepalese Artist Society UK, aimed to promote Nepalese culture, language, and cinema on a global platform.

Anurag Kunwar’s illustrious career includes lead roles in acclaimed movies such as “Hriday Bhari,” “Chhaka Panja 3,” “Chhaka Panja 4,” “Shatru Gate,” “A Mero Hajur 2,” “Rato Ghar,” “Woda Number 6,” “My Promise Facebook,” “Mero Love Story,” “K Yo Maya Ho,” “Farkera Herda,” and “Dal Bhat Tarkari.” His ability to portray characters with depth and charisma has garnered him a dedicated fanbase worldwide.

Notably, Anurag Kunwar has also excelled in negative roles, showcasing his versatility as an actor. His convincing portrayal of antagonistic characters has earned him praise from critics and audiences alike, further cementing his position as a multifaceted talent in the Nepalese movie industry.

The London premiere show of “Ek Bagwat Ra Ek Geeta” marked a significant milestone in Anurag Kunwar’s career, highlighting his growing popularity beyond Nepal’s borders. The International Nepalese Artist Society UK, dedicated to promoting Nepalese art and culture on an international stage, honored Anurag Kunwar during the event for his contributions to the industry and his positive impact on the community.

Anurag Kunwar’s reputation as a positive and helpful individual precedes him, with his dedication to promoting Nepali culture and fostering a sense of unity among Nepalese communities around the world. His involvement in projects that celebrate his heritage and showcase the rich tapestry of Nepalese storytelling has endeared him to fans and industry insiders alike.

As Anurag Kunwar continues to make strides in the Nepalese movie industry, his London premiere show serves as a testament to his commitment to excellence and his ability to transcend cultural boundaries through his work. With a diverse filmography and a growing international presence, Anurag Kunwar remains a respected figure in the Nepalese entertainment landscape, inspiring audiences with his talent and positive demeanor.

British Investors Set to Attend Investment Conference in Kathmandu

Posted on by SAT News Desk

Kathmandu – A delegation of high-level investors from the United Kingdom is gearing up to participate in an upcoming investment conference scheduled to be held in Kathmandu in May. This significant development was conveyed by British Ambassador to Nepal, Rob Fenn, during a meeting with Finance Minister Barshman Pun “Ananta” on Thursday.

Ambassador Fenn commended Nepal for fostering a welcoming environment for foreign investment and expressed the enthusiasm of British investors to explore opportunities in the country. He highlighted the importance of clarifying policies, particularly regarding the double taxation system, to the international community to facilitate smoother investment processes.

Furthermore, Ambassador Fenn disclosed ongoing discussions and coordination efforts with diplomatic counterparts in Kathmandu to ensure the success of the investment conference. “A high-level team of British investors is coming to the investment conference,” he stated, underscoring the active involvement of the British Embassy in facilitating the event’s success.

Minister Pun, acknowledging the longstanding partnership between Nepal and the UK, expressed gratitude for the support extended by the British government. He reiterated Nepal’s commitment to welcoming foreign investment and assured that concerns raised by international investors, including those related to taxation, would be addressed. Minister Pun highlighted ongoing legislative reforms aimed at creating a conducive environment for foreign investment and expressed optimism about increased UK investment in Nepal.

Additionally, Ambassador Fenn provided updates on the cooperation announced by Andrew Mitchell, the British Minister for Development and Africa, during his visit to Nepal in February. Mitchell pledged a grant of 66.6 billion Nepali rupees (approximately 400 million pounds) to Nepal for initiatives focusing on climate change mitigation, economic transformation, and enhancing access to quality healthcare and education services.

The collaborative efforts between Nepal and the UK aim to generate employment opportunities, promote sustainable development, and enhance the well-being of marginalized communities.

With preparations underway for the investment conference and ongoing initiatives to strengthen bilateral cooperation, both Nepal and the UK anticipate mutually beneficial outcomes that will contribute to economic growth and prosperity.

Nepal Department of Tourism Begins Issuing climbing Permits to Mt Everest for the season

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KATHMANDU, March 26 – The Department of Tourism of Nepal has commenced the issuance of permits for climbers embarking on expeditions to conquer Mt Everest, the world’s tallest peak, starting today. This marks the beginning of the spring mountaineering season in Nepal, attracting adventurers from across the globe to test their limits amidst the majestic Himalayan landscape.

With the official announcement, mountaineering enthusiasts can now obtain permits to pursue their aspirations of summiting iconic peaks in the Himalayas. According to the Department, the issuance of mountaineering permits covers a range of peaks, offering diverse challenges and experiences for climbers.

Among the permits granted, four climbers have secured permission to undertake the exhilarating journey to conquer Mt Ama Dablam, renowned for its striking pyramid-shaped peak and technical climbing routes. Additionally, five climbers have been granted permits for Himlung, one for Jugal, and an impressive 24 permits for the formidable Mt Annapurna, known for its treacherous terrain and demanding ascent.

In line with modern advancements, the Department has introduced online booking arrangements, streamlining the permit application process for mountaineers eager to embark on their Himalayan adventure. This digital initiative not only enhances convenience but also ensures efficient management of mountaineering activities, aligning with Nepal’s commitment to promoting responsible and sustainable tourism practices in the region.

As climbers prepare to embark on their expeditions, safety remains paramount, with authorities emphasizing the importance of adhering to established guidelines and protocols to mitigate risks and ensure a successful and rewarding mountaineering experience.

The commencement of permit issuance heralds the onset of the spring mountaineering season, a time when the Himalayas come alive with the spirit of adventure and exploration. With Nepal’s awe-inspiring peaks beckoning enthusiasts from around the world, the Department of Tourism stands ready to facilitate and support their aspirations of conquering the world’s highest summits.

India Adds 94 New Billionaires in 2023, Surpassing $1 Trillion Wealth Mark

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New Delhi — India has witnessed a staggering surge in billionaire wealth, with the addition of 94 new billionaires in 2023, bringing the country’s total to 271, according to the latest report from the Hurun Global Rich List. The combined wealth of India’s billionaire cohort now stands at a staggering $1 trillion, underscoring the country’s growing economic prowess on the global stage.

Reliance Industries chairman Mukesh Ambani remains the sole Indian representative in the top 10 of the ‘2024 Hurun Global Rich List,’ ranking 10th with a wealth of $115 billion. Despite a 40 percent increase in his wealth, Ambani dropped one rank compared to the previous year’s ranking. He retains his status as Asia’s richest individual.

Following closely behind Ambani is Gautam Adani, chairman of the Adani Group, who ranks 15th on the global list with a net worth of $86 billion. Adani’s wealth surged by $33 billion, attributed to a rally in his companies’ shares.

India’s remarkable billionaire boom was fueled by a booming stock market, leading the country to add 94 new billionaires in 2023, the second-highest after the United States. Key sectors driving this growth include pharmaceuticals, automobile and auto components, and chemicals. The average age of India’s billionaires stands at 67.

Mumbai emerged as the fastest-growing billionaire capital in the world, adding 26 new billionaires in the report’s year and securing the third rank globally. Meanwhile, New Delhi made its debut in the top 10 billionaire cities. The Hurun Global Rich List highlights India’s ascent as a future economic powerhouse, poised to become the world’s third-largest economy.

Anas Rahman Junaid, founder and chief researcher of Hurun India, emphasized the significance of India’s billionaire boom, stating, “The next decade holds a clear message: overlooking the Indian narrative is a risk no visionary can afford.” The report underscores India’s potential in emerging sectors such as electric vehicles, space technology, and artificial intelligence.

The global billionaire rankings were topped by Tesla CEO Elon Musk with a wealth of $231 billion, followed by Amazon founder Jeff Bezos with $185 billion. Notably, pop superstar Taylor Swift joined the billionaire club, primarily through her music ventures, with a wealth valued at $1.2 billion.

India’s burgeoning billionaire landscape reflects the country’s growing economic influence and underscores its potential to shape the global economic landscape in the coming years.

Global Insured Damages from Natural Disasters Set to Double in a Decade, Swiss Re Report Warns

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London — The Swiss Re Institute, a leading research arm of the reinsurance industry, issued a stark warning on Tuesday, revealing that insured damages inflicted by natural catastrophes are on track to double within the next decade. According to the report, if current trends persist, policyholders around the world could face significant financial repercussions, with premiums expected to rise in response to heightened risk.

Jerome Jean Haegeli, Swiss Re’s chief economist and lead author of the report, emphasized the urgency of the situation, stating, “Premiums have to move in line with this risk.” Insured losses from natural catastrophes have been steadily rising, with last year marking the fourth consecutive year of surpassing $100 billion in damages, despite a slight decrease from previous years.

Historically, major hurricanes like Harvey and Katrina have driven global insured damages past the $100 billion mark. However, recent years have witnessed a surge in smaller events, particularly severe thunderstorms, causing widespread destruction. The devastating earthquake in Turkey and Syria last February, claiming thousands of lives, resulted in insured damages of approximately $6.2 billion, highlighting the vulnerability of regions with low insurance penetration.

In contrast, 2023 saw a record $60 billion in losses from 18 thunderstorms, with the United States bearing the brunt of the damage due to its relatively high insurance coverage. Severe Convective Storms (SCS), characterized by sudden downpours, fierce winds, and hailstones, have been increasing by about 7 percent annually for the past three decades.

The report underscores the link between rising temperatures and the proliferation of thunderstorms, fueled by planet-warming greenhouse gas emissions. Bernadette Woods Placky, chief meteorologist at Climate Central, explained, “Thunderstorms thrive in a warm, moist environment,” highlighting the growing impact of climate change on weather patterns.

Swiss Re identifies inflation, population growth in high-risk areas, and changing behaviors such as the increased use of solar energy as contributing factors to the rise in thunderstorm damage. Aging rooftops hosting solar power systems are particularly vulnerable to hail damage, exacerbating losses.

As insurers grapple with the mounting costs of natural disasters, the report serves as a stark reminder of the urgent need for adaptation and mitigation measures to address the escalating risks posed by climate change. Without decisive action, the economic toll of natural catastrophes is poised to escalate, threatening the resilience of communities worldwide.

Mount Everest Climbers Ordered to Carry Back Their Own Poo

Posted on by SAT News Desk

Kathmandu — In a bid to address the growing pollution crisis on Mount Everest, authorities have mandated that climbers must now collect and carry back their own waste, including human excrement, from the mountain. The initiative, spearheaded by the Pasang Lhamu rural municipality, targets the pervasive issue of litter and waste accumulation, particularly in higher camps where environmental conditions inhibit decomposition.

Mingma Sherpa, chairman of the Pasang Lhamu rural municipality, expressed concerns over the deteriorating conditions on Everest, stating, “Our mountains have begun to stink.” Complaints of visible human waste on the mountain’s slopes and the adverse health effects on climbers have prompted the implementation of this new regulation.

Under the new rule, climbers embarking on Mount Everest and nearby Mount Lhotse will be required to purchase designated “poo bags” at base camp, which will be inspected upon their return. These bags, procured from the United States, contain chemicals and powders to solidify excrement and mitigate odor.

Chhiring Sherpa, CEO of the Sagarmatha Pollution Control Committee (SPCC), emphasized the urgency of the situation, citing estimates of approximately three tonnes of human waste between Everest’s base camp and camp four. The initiative aims to address this issue by providing climbers with biodegradable bags and encouraging responsible waste management practices.

Dambar Parajuli, president of the Expedition Operators Association of Nepal, voiced support for the regulation, suggesting its potential expansion to other mountains. He emphasized the need for effective implementation, citing past failures in enforcing mountaineering regulations.

While Nepal’s central government has announced previous measures to regulate mountaineering activities, critics highlight the lack of enforcement on the ground. Mingma Sherpa assured that the municipality would establish a contact office to ensure compliance with the new regulations, signaling a renewed commitment to environmental stewardship on Everest.

With mounting concerns over pollution and environmental degradation, the initiative to mandate waste management practices marks a significant step towards preserving the pristine beauty of the world’s highest peak. As climbers prepare for the upcoming season, they are tasked not only with conquering Everest’s summit but also with safeguarding its fragile ecosystem for future generations. ( Source : BBC , Navin Khadka)