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With Mahinda Rajapaksa, the president, then at the peak of his powers, he did what many nationalist strongmen do: erect tributes to himself.

That’s now all gone. Sri Lanka is an international basket case whose foreign reserves — which once stood at over $6 billion under the Rajapaksas — have dwindled to almost nothing.

The collapse is partly a result of the loss of tourism during the pandemic, a problem made worse as war has kept away many of the Russians and Ukrainians who used to visit in large numbers. But the family’s economic mismanagement and denial of festering problems have also contributed mightily.

With food prices rising, electricity often cut and lifesaving medicines scarce, protesters have pushed Mr. Rajapaksa, 76, out of his latest position — prime minister — and are demanding that his brother Gotabaya, 72, give up the presidency.

Just outside the private residence of Mr. Rajapaksa, the Carlton House, they tied ropes to a gold-colored statue of his father, D.A. Rajapaksa. When they couldn’t drag it down, they dug under its feet until it collapsed. And around the corner from the family’s sprawling ancestral estate, they torched the museum memorializing the resting place of the patriarch and his wife.

“Whatever the politics, they shouldn’t have done this to their parents’ resting place.”

Before the economy crashed, she would sell 30 to 40 pots a day. That number has since dropped to about 20, as people have saved for other necessities. Most days in recent weeks, she has come back with half of her stack of 15 unsold.

During her grocery trips, she can buy only half of what she did in the past.

She was clear about who was to blame: the Rajapaksas.

“If you are investing in debt, you should really be looking at return — and quick return. You can’t do all your long-term, hard infrastructure projects on debt,” said Eran Wickramaratne, a former banker turned state minister of finance. “We completely overleveraged ourselves, and the returns are not there.”

With their power consolidated, they announced broad tax cuts — rapidly undoing the work of aligning Sri Lanka’s spending more with its means — and made a disastrous decision to ban chemical fertilizers in hopes of turning the country toward organic farming.

At the airport, which for a time was used to store grain, the only outsiders are the crews of occasional cargo flights, or groups of curious villagers on tours to see the complex. The cricket stadium, where the scoreboard clock is stuck in some afternoon past, was at one point rented out as a wedding venue to produce some revenue. It has a capacity of 35,000, more than the town of Hambantota’s entire population, 25,000.

“But these megaprojects were meaningless,” he said. “This region still has elephants crossing the roads, and people are still cultivating paddy as a livelihood. So these projects were unnecessary.”

“They did a lot — they won the war, they built roads,” Ms. Niroshani said.

But what about economic hardship, Ms. Wijeyawickrama asked.

“In a few days it may be that we have nothing to eat.”

A reconstruction of Sri Lanka’s descent into violence, based on interviews with officials, victims and ordinary users caught up in online anger, found that Facebook’s newsfeed played a central role in nearly every step from rumor to killing.

Facebook officials, they say, ignored repeated warnings of the potential for violence, resisting pressure to hire moderators or establish emergency points of contact.

Sri Lankans say they see little evidence of change. And in other countries, as Facebook expands, analysts and activists worry they, too, may see violence.

As Facebook pushes into developing countries, it tends to be initially received as a force for good.In Sri Lanka, it keeps families in touch even as many work abroad. It provides for unprecedented open expression and access to information. Government officials say it was essential for the democratic transition that swept them into office in 2015.

where institutions are weak or undeveloped, Facebook’s newsfeed can inadvertently amplify dangerous tendencies. Designed to maximize user time on site, it promotes whatever wins the most attention. Posts that tap into negative, primal emotions like anger or fear, studies have found, produce the highest engagement, and so proliferate.

n developing countries, Facebook is often perceived as synonymous with the internet and reputable sources are scarce, allowing emotionally charged rumors to run rampant. Shared among trusted friends and family members, they can become conventional wisdom.

“There needs to be some kind of engagement with countries like Sri Lanka by big companies who look at us only as markets,” he said. “We’re a society, we’re not just a market.”

Last year, in rural Indonesia, rumors spread on Facebook and WhatsApp, a Facebook-owned messaging tool, that gangs were kidnapping local children and selling their organs. Some messages included photos of dismembered bodies or fake police fliers. Almost immediately, locals in nine villages lynched outsiders they suspected of coming for their children.

Near-identical social media rumors have also led to attacks in India and Mexico. Lynchings are increasingly filmed and posted back to Facebook, where they go viral as grisly tutorials.

One post declared, “Kill all Muslims, don’t even save an infant.” A prominent extremist urged his followers to descend on the city of Kandy to “reap without leaving an iota behind.”

where people do not feel they can rely on the police or courts to keep them safe, research shows, panic over a perceived threat can lead some to take matters into their own hands — to lynch.

“You report to Facebook, they do nothing,” one of the researchers, Amalini De Sayrah, said. “There’s incitements to violence against entire communities and Facebook says it doesn’t violate community standards.”

In government offices across town, officials “felt a sense of helplessness,” Sudarshana Gunawardana, the head of public information, recounted. Before Facebook, he said, officials facing communal violence “could ask media heads to be sensible, they could have their own media strategy.”

now it was as if his country’s information policies were set at Facebook headquarters in Menlo Park, Calif. The officials rushed out statements debunking the sterilization rumors but could not match Facebook’s influence

Desperate, the researchers flagged the video and subsequent posts using Facebook’s on-site reporting tool.Though they and government officials had repeatedly asked Facebook to establish direct lines, the company had insisted this tool would be sufficient, they said. But nearly every report got the same response: the content did not violate Facebook’s standards.

Facebook’s most consequential impact may be in amplifying the universal tendency toward tribalism. Posts dividing the world into “us” and “them” rise naturally, tapping into users’ desire to belong.

Its gamelike interface rewards engagement, delivering a dopamine boost when users accrue likes and responses, training users to indulge behaviors that win affirmation

And because its algorithm unintentionally privileges negativity, the greatest rush comes by attacking outsiders: The other sports team. The other political party. The ethnic minority.

Mass media has long been used to mobilize mass violence. Facebook, by democratizing communication tools, gives anyone with a smartphone the ability to broadcast hate.

Facebook did not create Sri Lanka’s history of ethnic distrust any more than it created anti-Rohingya sentiment in Myanmar.

In India, Facebook-based misinformation has been linked repeatedly to religious violence, including riots in 2012 that left several dead, foretelling what has since become a wider trend.

“We don’t completely blame Facebook,” said Harindra Dissanayake, a presidential adviser in Sri Lanka. “The germs are ours, but Facebook is the wind, you know?”

Mr. Kumarasinghe died on March 3, online emotions surged into calls for action: attend the funeral to show support. Sinhalese arrived by the busload, fanning out to nearby towns. Online, they migrated from Facebook to private WhatsApp groups, where they could plan in secret.

Why is the president being accused of hypocrisy? Mr Sirisena has encouraged women in the country to play a more active part in politics, boasting last year that his government had acted to ensure more women were returned at future elections.

Just how much do women drink in Sri Lanka anyway?According to World Heath Organization data from 2014, 80.5% of women never drink, compared to 56.9% of men.Less than 0.1% of women above the age of 15 are prone to heavy drinking, compared with 0.8% of men in the same age bracket.

The oil fueling the ship is another serious cause for concern. The vessel was carrying nearly 350 tons of fuel oil, and salvage teams have prepared for the event of an oil spill.

"These have been released to ocean and are found on beaches to the south of Colombo — as time goes they will keep moving southwards as our model predictions show. They will also go into river systems such as Kelani, lagoons (Negombo) and also into Port city. They are transported by the wind and currents — will remain at the surface until beached and will persist in the marine environment for ever as they are not biodegradable,"

"The ship has dealt a death blow to our lives," Joshua Anthony, head of a region fishing union, told Reuters. "We can't go into the sea which means we can't make a living."

“The Chinese must have been thinking, ‘We can pick things up for cheap here,’” said Khor Yu Leng, a Malaysian political economist who has been researching China’s investments in Southeast Asia. “They’ve got enough patient capital to play the long game, wait for the local boys to overextend and then come in and take all that equity for China.”

A Pentagon report released last week said “The ‘Belt and Road Initiative’ (BRI) is intended to develop strong economic ties with other countries, shape their interests to align with China’s and deter confrontation or criticism of China’s approach to sensitive issues.”

Malaysia’s new finance minister, Lim Guan Eng, raised the example of Sri Lanka, where a deepwater port built by a Chinese state-owned company failed to attract much business. The indebted South Asian island nation was compelled to hand over to China a 99-year lease on the port and more land near it, giving Beijing an outpost near one of its busiest shipping lanes.

“They know that when they lend big sums of money to a poor country, in the end they may have to take the project for themselves,” he said

“China knows very well that it had to deal with unequal treaties in the past imposed upon China by Western powers,” Mr. Mahathir added, referring to the concessions China had to give after its defeat in the opium wars. “So China should be sympathetic toward us. They know we cannot afford this.

Lahandapura, told AFP, adding that the cause of the stranding was not known.“We think this is similar to the mass stranding in Tasmania in September.”

The causes of mass strandings remain unknown despite scientists studying the phenomenon for decades.

For most of their history, the monks who invented kung fu (wushu) used their martial skills mainly in self-defense; however, at certain points, they actively sought out warfare, as in the mid-16th century when they answered the central government's call for aid in the fight against Japanese pirates.

Speaking of Japan, the Japanese also have a long tradition of "warrior-monks" or yamabushi.

In 1932, for example, an unordained Buddhist preacher called Nissho Inoue hatched a plot to assassinate major liberal or westernizing political and business figures in Japan so as to restore full political power to Emperor Hirohito.

Called the "League of Blood Incident," this scheme targeted 20 people and managed to assassinate two of them before the League's members were arrested.

various Zen Buddhist organizations in Japan carried out funding drives to buy war material and even weapons.

One example is in Sri Lanka, where radical Buddhist monks formed a group called the Buddhist Power Force, or B.B.S., which provoked violence against the Hindu Tamil population of northern Sri Lanka, against Muslim immigrants, and also against moderate Buddhists who spoke up about the violence

Another very disturbing example of Buddhist monks inciting and committing violence is the situation in Myanmar (Burma), where hard-line monks have been leading the persecution of a Muslim minority group called the Rohingya.

Perhaps, if Prince Siddhartha was alive today, he would remind them that they should not nurture such an attachment to the idea of the nation.

At minimum, country-specific social networks would ensure that companies actually employ moderators who speak the same language as their users.

What’s becoming clear is that there is no single optimal digital communication hardware and software for the entire world, just as there is no single optimal set of economic reforms. But there may be an optimal arrangement for each country, fit to its specific political, cultural and economic context.

In the midst of a democratic transition and still reeling from a decades-long civil war, the Sri Lankan government’s main priorities were parliamentary reform and reconciliation with the Tamil minority. But Western social media enabled an alternative narrative to capture citizens’ attention. With their monopoly on truth gone, the state and the media have been unable to address the issue of whether or not there is a Muslim plot to sterilize and destroy Sri Lanka’s Sinhalese majority. (There isn’t.)

At this point, intellectuals on both the right and the left see the Palo Alto Consensus as abhorrent. Conservatives bemoan the conceit of technologists who expect to design universal systems; progressives bridle over the concentration of power in corporate hands.

Both groups fret that this new power transcends mere economics to encompass social relationships that had previously been shielded from market logic.

The assumption was that states would be prevented from shutting down information flows about, say, corruption or police brutality. That has been a success. But everyone seems to have underestimated the demand for information about how white nationalism is good and vaccines are bad.

Taiwan also has become an important trading partner.

The lowest unit is the enterprise union committee. Individual trade unions also operate at the provincial level, and there are trade union councils that coordinate all union activities within a particular area and operate at county, municipal, and provincial levels. At

The great bulk of China’s exports consists of manufactured goods, of which electrical and electronic machinery and equipment and clothing, textiles, and footwear are by far the most important.

Women have been a major labour presence in China since the People’s Republic was established. Some two-fifths of all women over age 15 are employed.

Regionally, almost half of China’s imports come from East and Southeast Asia, and some one-fourth of its exports go to the same countries.

From the 1950s to the ’80s, the central government’s revenues derived chiefly from the profits of the state enterprises, which were remitted to the state.

More recently, however, reforms of the social security system have involved moving the responsibility for pensions and other welfare to the provinces.

All parts of China, except certain remote areas of Tibet, are accessible by rail, road, water, or air.

The construction of these smaller railways is encouraged by the central government, and technical assistance is provided by the state railway system when it is thought that the smaller railways can stimulate regional economic development.

Coal has long been the principal railway cargo.

Since the late 1950s there has been a change in railway-construction policy.

Since 1960 hundreds of thousands of workers have been mobilized to construct major lines in the northwest and southwest.

These projects, which were coordinated on a national level, contrast to the pattern prevailing before World War II, when foreign-financed railroads were built in different places without any attempt to coordinate or standardize the transport and communications system.

A major new line runs southward from Beijing to Kowloon (Hong Kong) via Fuyang and Nanchang and eases strain on the other north-south trunk lines.

Of the three highways, one runs westward across Sichuan into Tibet; another extends southwestward from Qinghai to Tibet; and the third runs southward from Xinjiang to Tibet.

By the 1980s many vehicles, especially automobiles, were imported. Domestic automobile manufacture grew rapidly after 1990 as individual car ownership became increasingly possible, and it emerged as one of China’s major industries. Several foreign companies have established joint ventures with Chinese firms.

n many countries, there’s a perception that Facebook bases its actions on its business interests more than on human rights. In India, home to Facebook’s most users, the company has been accused of not policing anti-Muslim content from political figures for fear of upsetting the government of Prime Minister Narendra Modi and his ruling party.

“Developments in our countries aren’t addressed seriously,” said Mishi Choudhary, a technology lawyer and founder of the Software Freedom Law Center, a digital rights group in India. “Any takedown of content raises the questions of free expression, but incitement of violence or using a platform for dangerous speech is not a free speech matter but a matter of democracy, law and order.”

Unlike malnutrition crises elsewhere in the world, this one has not been connected to specific food shortages or crop failures. In addition, parents are not showing up malnourished, even when their children are.

His colleague Dr. Khan blamed another problem. “The main cause of malnutrition in Afghanistan is lack of breast feeding,” he said. “They see beautiful pictures of milk cartons, and they think it’s better.”

In addition, where women commonly have many children, often with less than a year between them, it is difficult for mothers to provide enough nourishment, by breast or bottle. Ahmed Wali, the 2-year-old Bost Hospital patient with kwashiorkor, is the ninth of 10 children of his mother, Baka Bebi, who is in her mid-30s. She weaned him onto powdered milk mixed with stream water as soon as she could.

Poverty is another factor. In Afghanistan, the poverty line is defined as a total income sufficient to provide 2,100 calories a day to each family member. Some 36 percent of Afghans are below that threshold, according to the Health Ministry.

In 2013, Unicef raised its target for providing therapeutic foods to severe acutely malnourished Afghan children, to 52,144 from 35,181. Therapeutic foods are specially made for the severely malnourished, who have difficulty digesting normal food.

“Managing a feeding system is difficult; there is a long way for Afghanistan to go,” he added. “But even countries like Sri Lanka, with an outstanding health system, are still struggling to manage therapeutic feeding supplies.”

Cases of acute severe malnutrition are running at more than 100 a month, including five to 10 deaths, at Indira Gandhi Children’s Hospital in Kabul, and such cases have doubled since 2012, said Dr. Aqa Mohammad Shirzad, who is in charge of pediatric malnutrition programs there.

Each of the hospital’s 17 beds for severely malnourished patients has at least two patients, and some have three. The malnutrition intensive care ward there has an incubator that does not work, one suction pump and oxygen bottles, for respiratory masks, propped up without stands or proper connection

A 5-year-old boy who weighs less than 20 pounds was being treated recently on a bench because the infusion line would not stretch to a bed. Two window panes nearby were missing glass.

Too many powerful interest groups have too much of a stake in the status quo for Beijing’s policy makers to force wrenching changes on the Chinese economy. But absent major reforms, the danger of a serious economic shock is growing.

China’s problems today are following this pattern. Pakistan, the largest recipient of BRI financing, thinks the terms are unfair and wants to renegotiate. Malaysia, the second largest BRI target, wants to scale back its participation since pro-China politicians were swept out of office. Myanmar and Nepal have canceled BRI projects. After Sri Lanka was forced to grant China a 99-year lease on the Hambantota Port to repay Chinese loans, countries across Asia and Africa started rereading the fine print of their contracts, muttering about unequal treaties.

But as Lenin observed a century ago, the attempt to export overcapacity to avoid chaos at home can lead to conflict abroad. He predicted rival empires would clash over markets, but other dynamics also make this strategy hazardous. Nationalist politicians resist “development” projects that saddle their countries with huge debts to the imperialist power. As a result, imperialism is a road to ruin.

The Belt and Road Initiative was designed to sustain continued expansion in the absence of serious economic reform. Chinese merchants, bankers and diplomats combed the developing world for markets and infrastructure projects to keep China Inc. solvent. In a 2014 article in the South China Morning Post, a Chinese official said one objective of the BRI is the “transfer of overcapacity overseas.”

China’s chief problem isn’t U.S. resistance to its rise. It is that the internal dynamics of its economic system force its rulers to choose between putting China through a wrenching and destabilizing economic adjustment, or else pursuing an expansionist development policy that will lead to conflict and isolation abroad

that with the right economic policies, a mix of rising purchasing power and international economic integration can transcend the imperialist dynamics of the 19th and early 20th centuries. But unless China can learn from those examples, it will remain caught in the “Lenin trap”

Neither McKinsey nor Boeing was charged in the case, and Boeing has not been accused of paying bribes. But several employees of the two companies are believed to have testified before a grand jury. Boeing continued to pursue the venture even after being advised that its partner’s plans included paying bribes, records show

As orders flooded in, Boeing executives knew well what was at stake. In an article about the Dreamliner, The M.I.T. Technology Review quoted a manager saying, “If we get it wrong, it’s the end.”

But Boeing faced a more basic question: Should it even be doing business with this group — largely little-known figures from India, Sri Lanka and Hungary? The exception was the leader and leading financier, Mr. Firtash, who had expertise as the owner of titanium processing plants in Ukraine.

This was the business plan that McKinsey was brought in to assess, the plan that its report described as including the paying of bribes.

then there was the curious timing of the Americans’ pursuit of Mr. Firtash, which the judge suspected was linked to his influence in Ukrainian politics, especially his help in electing the president, Viktor F. Yanukovych, in 2010.

As soon as it became clear that Mr. Yanukovych, under pressure from Russia, was reconsidering signing the European Union agreement, the judge pointed out, an American delegation traveled to Kiev to bring him in line.Facing the prospect that Mr. Firtash might sway Mr. Yanukovych and use his connections to help him remain in power, the United States asked Austria to arrest the oligarch, the judge said.

Then, a few days before the planned arrest, the documents show, came another urgent message: “As part of a larger strategy, U.S. authorities have determined we need to pass up this opportunity.” No arrest. No explanation of the larger strategy.

To the surprise of American officials, the judge denied extradition on the grounds that the request was politically motivated, whether or not Mr. Firtash was “sufficiently suspected” of breaking the law.

In response to questions from The Times, Dan Webb, one of Mr. Firtash’s lawyers and a former United States attorney in Chicago, said his client had nothing to do “with the creation or presentation of the PowerPoint slide proposing bribery and used by U.S. prosecutors to support extradition of Firtash.” He accused prosecutors of falsely telling Austrian officials that the slide constituted “clear proof” that Mr. Firtash was behind the bribery scheme, adding that “U.S. prosecutors never withdrew their false statement.

Although France sought an extensive colonial empire in Asia, its defeat in the Napoleonic Wars left it with just a handful of Asian territories. Those included the 20th-century mandates of Lebanon and Syria, and more especially the key colony of French Indochina - what is now Vietnam, Laos, and Cambodia.

Some idealistic French sought not just to dominate their colonial holdings, but to create a "Greater France" in which all French subjects around the world truly would be equal. For example, the North African colony of Algeria became a depertment, or a province, of France, complete with parliamentary representation. This difference in attitude may be due to France's embrace of Enlightenment thinking, and to the French Revolution, which had broken down some of the class barriers that still ordered society in Britain.

Nonetheless, French colonizers also felt the "white man's burden" of bringing so-called civilization and Christianity to barbaric subject peoples.

On the personal level, French colonials were more apt than the British to marry local women and create a cultural fusion in their colonial societies

The Dutch competed and fought for control of the Indian Ocean trade routes and spice production with the British, through their respective East India Companies. In the end, the Netherlands lost Sri Lanka to the British, and in 1662, lost Taiwan (Formosa) to the Chinese, but retained control over most of the rich spice islands that now make up Indonesia.

As time went on, social pressure increased for French colonials to preserve the "purity" of the "French race."

For the Dutch, this colonial enterprise was all about money. There was very little pretense of cultural improvement or Christianization of the heathens - the Dutch wanted profits, plain and simple.  As a result, they showed no qualms about ruthlessly capturing locals and using them as slave labor on the plantations, or even carrying out a massacre of all the inhabitants of the Banda Islands to protect their monopoly on the nutmeg and mace trade.

Portugal became the first European power to gain sea access to Asia. Although the Portuguese were quick to explore and lay claim to various coastal parts of India, Indonesia, Southeast Asia, and China, its power faded in the 17th and 18th centuries, and the British, Dutch, and French were able to push Portugal out of most of its Asian claims.

Although Portugal was not the most intimidating European imperial power, it had the most staying power. Goa remained Portuguese until India annexed it by force in 1961; Macau was Portuguese until 1999, when the Europeans finally handed it back to China; and East Timor or Timor-Leste formally became independent only in 2002. 

Portuguese rule in Asia was by turns ruthless (as when they began capturing Chinese children to sell into slavery in Portugal), lackadaisical, and underfunded. Like the French, Portuguese colonists were not opposed to mixing with local peoples and creating creole populations. Perhaps the most important characteristic of the Portuguese imperial attitude, however, was Portugal's stubbornness and refusal to withdraw, even after the other imperial powers had closed up shop.

Portuguese imperialism was driven by a sincere desire to spread Catholicism and make tons of money. I

The famed Chinese pilgrim to India Fa Hsien (Faxien), noted that Gupta law was exceptionally generous; crimes were punished only with fines.

The surviving architecture includes palaces and purpose-built temples for both Hindu and Buddhist religions, such as the Parvati Temple at Nachna Kuthara and the Dashavatara temple at Deogarh in Madhya Pradesh.

The emperors also founded free hospitals for their citizens, as well as monasteries and universities.

Aryabhata's incredibly accurate calculation of pi as 3.1416, and his equally amazing calculation that the solar year is 365.358 days long.

In part, this was due to the common people's dislike of the meddlesome and unwieldy bureaucracy.

As with the collapses of other classical political systems, the Gupta Empire crumbled under both internal and external pressures.

Internally, the Gupta Dynasty grew weak from a number of succession disputes. As the emperors lost power, regional lords gained increasing autonomy. In a sprawling empire with weak leadership, it was easy for rebellions in Gujarat or Bengal to break out, and difficult for the Gupta emperors to put such uprisings down.

By 500, many regional princes were declaring their independence and refusing to pay taxes to the central Gupta state. These included the Maukhari Dynasty, who ruled over Uttar Pradesh and Magadha.

By the later Gupta era, the government was having trouble collecting enough taxes to fund both its hugely complex bureaucracy, and constant wars against foreign invaders like the Pushyamitras and the Huns.

Chandragupta's son, Samudragupta (ruled 335–380 CE), was a brilliant warrior and statesman, sometimes called the "Napoleon of India."

Even those who felt a personal loyalty to the Gupta Emperor generally disliked his government and were happy to avoid paying for it if they could.

In addition to internal disputes, the Gupta Empire faced constant threats of invasion from the north. The cost of fighting off these invasions drained the Gupta treasury, and the government had difficulty refilling the coffers. Among the most troublesome of the invaders were the White Huns (or Hunas), who had conquered much of the northwestern section of Gupta territory by 500 CE.

The ethnic Nepalese indigenous do not have caste system even today because they practice Buddhism Buddhism is a religion and philosophy encompassing a variety of traditions, beliefs and practices, largely based on teachings attributed to Siddhartha Gautama, commonly known as the Buddha ("the awakened one"). Buddha was borned in Lumbini, Southern part of Nepal. . Only the Indian migrants who practice Hinduism Hinduism is the predominant and indigenous religious tradition of South Asia. Hinduism is often referred to as Sanatana Dharma (a Sanskrit phrase meaning "the eternal law") by its adherents. Hinduism is formed of diverse traditions and has no single founder. follow this system.

Violating these rules is liable to certain punishment like social boycott. Despite the fact that castes were based on various professions, untouchability evolved later.

The caste of an individual basically determines his ritual status, purity, and pollution.

Likewise, Pollution means that the lower caste is considered polluted and thus not allowed to touch or stay close to higher caste people. They are also deprived of entering temples, funeral places, restaurants, shop and other public places.

The caste system in Nepal was earlier incorporated in the National law in order to incorporate people of different origin and bring them under an umbrella. Each caste has its set of family names given to the members of its community according to their professions.

what matters for equity valuations is which energy sources dominate the growth in demand, not which sources dominate the overall level of demand.

It is the marginal change in the composition of the German power market every year over the last decade rather than the annual system change in the composition of demand that explains why the German utilities E.ON and RWE have lost ~80% of their market capitalization since 2008.

In a mature market with a fast-growing, low-cost new entrant (renewables) the equity market will price in the decline of fossil-fuels far quicker than their market share will actually fall

the oil & gas (O&G) and Automotive sectors are increasingly exposed to the same kind of disruptive change that the German utilities have faced over the last decade.

Equities are priced on expected discounted cash-flows, and for energy companies expected future cash-flows depend on market expectations of future volumes sold and prices achieved. In the German power market up until 2008, the largest incumbent power generators, E.ON and RWE, had a diversified mix of conventional power plants consisting mainly of fossil-fuel (i.e. coal and gas) and nuclear capacity, but these incumbents were not investing in renewable energy at all over 2002-2008.

nearly all of the demand growth over 2002-08 has been captured by renewable energy sources. Indeed, and as can be seen in Figure 1, of the total 50TWh increase in demand over these six years, 47TWh was captured by renewables, and only 3TWh by conventional power sources. It also means that since 2008, as renewables have continued to grow relentlessly, the market share of conventional generation, including fossil fuels, has inexorably declined.

even after the last 15 years of spectacular growth in renewables, conventional generation – nuclear and fossil-fuel based capacity combined – still accounts for the lion’s share of generation, with 325TWh of total output in 2018 (60% of the market) versus 219TWh for renewables (40%). This is precisely why the German government is having to accelerate the phase-out of coal to help it achieve its longer-term emissions targets – the current rate of system change is simply not fast enough to meet those targets.

the equity market started to price in the end of conventional power generation in Germany as soon as it peaked 10 years ago, even though at that time it still accounted for over 80% of the market.

it would be of little consolation to shareholders in the oil majors if the share of oil and gas in the global energy mix in 2030 were still above 50% but demand had peaked before that and prices had started falling owing to the continuing rapid growth of low-cost renewables.

it is worth contemplating that in 2017, while fossil fuels still accounted for 85% of total system demand and renewables for only 3.6%, renewables already accounted for 30% of the growth in energy demand