Former Chief Justice Sushila Karki to lead Nepal's interim government; Set to be first woman PM
Kathmandu (PTI): Nepal's former Chief Justice Sushila Karki will lead an interim government, the Nepalese President's office announced on Friday, ending days of political uncertainty after the abrupt resignation of Prime Minister K P Sharma Oli this week following wide-spread anti-government protests against a ban on social media and alleged corruption.
Widely respected for her tenure as Nepal’s first woman Chief Justice, Karki, 73, is set to script history by becoming Nepal's first woman prime minister.
Karki was chosen to lead the interim government after a meeting between President Ram Chandra Paudel, Nepal's top military brass, and representatives of youth protesters.
The swearing-in ceremony of the interim prime minister will take place at 9 pm, Kiran Pokharel, the president's press advisor said.
She faces the immediate challenge of restoring law and order in Nepal following the massive protests since Sunday.
Sushila Karki has been appointed as the head of the Interim government following a consensus among all sides, the president's press advisor said.
She will take the oath of office as the prime minister at around 9 pm.
Karki will then form a small cabinet and at the first meeting of the cabinet she will recommend to the President the dissolution of the Parliament as per the understanding reached among various stakeholders., officials said.
The President will then dissolve the Parliament, they said.
President Paudel also consulted with leaders of major political parties, legal experts and civil society leaders separately before deciding to appoint the caretaker prime minister, the officials said.
Prime Minister KP Sharma Oli was forced to resign after the 'Gen Z' group launched a massive protest.
The major demands of the protesters included checking corruption, ending favouritism and lifting ban on social media sites.
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Silver, gold script sharp comeback as US-Iran ceasefire calms global jitter
New Delhi (PTI): Silver prices surged Rs 11,000 to Rs 2.51 lakh per kilogram in the national capital on Wednesday, while gold advanced to Rs 1.56 lakh per 10 grams amid strong global cues after the US and Iran agreed to a two-week ceasefire.
According to the All India Sarafa Association, the white metal zoomed by Rs 11,000, or nearly 5 per cent, to Rs 2,51,000 per kg (inclusive of all taxes) from Tuesday's closing level of Rs 2,40,000 per kg.
Gold of 99.9 per cent purity also appreciated by Rs 3,200, or 2.09 per cent, to Rs 1,56,400 per 10 grams (inclusive of all taxes). It settled at Rs 1,53,200 per 10 grams in the previous market session.
Analysts said bullion prices strengthened as geopolitical tensions in West Asia eased, triggering a broader relief rally across global financial markets.
Gold maintained strong gains and approached a three-week high on Wednesday as improved global risk sentiment, along with a pullback in US dollar and crude oil prices, boosted demand for precious metals, Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
The positive momentum came after an agreement reached just before a self-imposed deadline by US President Donald Trump, who confirmed a pause in military action, conditional on the reopening of the Strait of Hormuz.
Iran also signalled that safe passage through the Strait would be possible during the ceasefire period, further easing supply concerns.
In the overseas markets, spot gold gained USD 97.48, or 2.07 per cent, to USD 4,803.33 per ounce, while silver was trading 6 per cent higher at USD 77.33 per ounce.
"Spot gold in the international markets surged on Wednesday after the announcement of a temporary ceasefire in the Iran war," Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, said.
He added that commodities, bonds and equities rallied after crude oil prices crashed nearly 20 per cent on the ceasefire announcement, as a decline in energy rates will reduce interest rate hike chances by global central banks, including the US Federal Reserve.
Echoing similar sentiments, Kaynat Chainwala, AVP Commodity Research, Kotak Securities, said precious metal prices rose up to 7 per cent as the dollar slipped below 99 on US-Iran ceasefire relief, temporarily easing fears of prolonged energy supply shocks and the associated inflationary fallout.
The rally in bullion ran alongside a broader relief rally in global markets. Throughout the conflict, gold's traditional safe-haven appeal has been tempered by liquidity stress, as investors were compelled to liquidate bullion positions to cover losses elsewhere in their portfolios, she added.
"With the ceasefire conditional and compliance around the Strait of Hormuz still uncertain, any signs of a breach or collapse could quickly reverse sentiment and renew downside risk across precious metals," Chainwala said.
