Thousands in Nepal want monarchy back as public frustration with politics grows

KATHMANDU, Nepal (AP) — Thousands of supporters greeted Nepal's former king in capital Kathmandu on Sunday and demanded his abolished monarchy be reinstated and Hinduism brought back as a state religion.

An estimated 10,000 supporters of Gyanendra Shah blocked the main entrance to Kathmandu's Tribhuvan International Airport as he arrived from a tour of western Nepal.

"Vacate the royal palace for the king. Come back king, save the country. Long live our beloved king. We want monarchy,” the crowds chanted. Passengers were forced to walk to and from the airport.

Hundreds of riot police blocked the protesters from entering the airport and there was no violence.

Massive street protests in 2006 forced Gyanendra to give up his authoritarian rule, and two years later the parliament voted to abolish the monarchy as Gyanendra left the Royal Palace to live the life of a commoner.

But many Nepalis have grown frustrated with the republic, saying it has failed to bring about political stability and blaming it for a struggling economy and widespread corruption. Nepal has had 13 governments since the monarchy was abolished in 2008.

Rally participants said they were hoping for a change in the political system to stop the country from further deteriorating.

“We are here to give the king our full support and to rally behind him all the way to reinstating him in the royal throne,” said Thir Bahadur Bhandari, 72.

Among the thousands was 50-year-old carpenter Kulraj Shrestha, who had taken part in the 2006 protests against the king but has changed his mind and now supports the monarchy.

“The worst thing that is happening to the country is massive corruption and all politicians in power are not doing anything for the country,” Shrestha said. "I was in the protests that took away monarchy hoping it would help the country, but I was mistaken and the nation has further plunged so I have changed my mind."

Gyanendra has not commented on the calls for the return of monarchy. Despite growing support for the former king, Gyanendra has slim chances of immediately returning to power.

He became the king in 2002, after his brother and family were massacred in the palace. He ruled as the constitutional head of state without executive or political powers until 2005, when he seized absolute power. He disbanded the government and parliament, jailed politicians and journalists and cut off communications, declaring a state of emergency and using the army to rule the country.

Former King Gyanendra Shah of Nepal waves upon his arrival at Tribhuvan International Airport in Kathmandu, Nepal, Sunday, March 9, 2025. (AP Photo/Niranjan Shrestha)

Supporters gather to welcome Nepal's former King Gyanendra Shah upon his arrival at Tribhuvan International Airport in Kathmandu, Nepal, Sunday, March 9, 2025. (AP Photo/Niranjan Shrestha)

Supporters welcome Nepal's former King Gyanendra Shah upon his arrival at Tribhuvan International Airport in Kathmandu, Nepal, Sunday, March 9, 2025. (AP Photo/Niranjan Shrestha)

Former King Gyanendra Shah of Nepal waves upon his arrival at Tribhuvan International Airport in Kathmandu, Nepal, Sunday, March 9, 2025. (AP Photo/Niranjan Shrestha)

Supporters gather to welcome Nepal's former King Gyanendra Shah upon his arrival at Tribhuvan International Airport in Kathmandu, Nepal, Sunday, March 9, 2025. (AP Photo/Niranjan Shrestha)

Supporters gather to welcome Nepal's former King Gyanendra Shah upon his arrival at Tribhuvan International Airport in Kathmandu, Nepal, Sunday, March 9, 2025. (AP Photo/Niranjan Shrestha)

Supporters gather to welcome Nepal's former King Gyanendra Shah upon his arrival at Tribhuvan International Airport in Kathmandu, Nepal, Sunday, March 9, 2025. (AP Photo/Niranjan Shrestha)

Supporters gather to welcome Nepal's former King Gyanendra Shah upon his arrival at Tribhuvan International Airport in Kathmandu, Nepal, Sunday, March 9, 2025. (AP Photo/Niranjan Shrestha)

Former King Gyanendra Shah of Nepal waves upon his arrival at Tribhuvan International Airport in Kathmandu, Nepal, Sunday, March 9, 2025. (AP Photo/Niranjan Shrestha)

Wall Street followed global markets lower early Monday ahead of the Trump administration's latest tariff rollout later this week.

Futures for the S&P 500 sank 1.2%, while futures for the Dow Jones Industrial Average dropped 0.7%. Futures for the Nasdaq, where many of the biggest U.S. technology companies trade, tumbled 1.6%.

Tesla's woes continued as Elon Musk's electric car company slid 6.1%. Tesla is down 42% since Trump took office Jan. 20, with losses driven in part by the public perception of Musk's oversight of the new Department of Government Efficiency that’s slashing government spending.

Tesla sales in Europe and the U.S. have fallen, partly due to Musk’s political shift to the right. Protestors have targeted the automaker’s showrooms, vehicle lots and charging stations, with some resorting to vandalism, including burning privately owned vehicles.

Apple shares were down less than 1% after France’s antitrust watchdog fined the tech giant $162 million over the rollout of a privacy feature resulted in abuse of competition law.

Shares of the mortgage company Rocket fell 3.5% after it announced that it is buying competitor Mr. Cooper in an all-stock deal valued at $9.4 billion. Mr. Cooper shares soared more than 26%. The deals comes just weeks after Rocket acquired real estate listing company Redfin.

The price of gold hit a record high before inching back down to $3,149 an ounce. Investors continue to pull out of equities in search of traditional safe havens like gold.

Markets worldwide have been anxious over a potentially toxic mix of worsening inflation and a slowing U.S. economy because households are afraid to spend due to the deepening trade war, escalated U.S. by President Donald Trump.

Trump has dubbed Wednesday “Liberation Day,” when he will roll out tariffs tailored to each of the United States’ trading partners that he promises will free the the country from foreign goods.

The details of Trump’s next round of import taxes are still sketchy. Most economic analyses say average U.S. families would have to absorb the cost of his tariffs in the form of higher prices and lower incomes. That has contributed to significant decline in U.S. consumer confidence this year, which has alarmed investors.

On Friday, the S&P 500 fell 2% for one of its worst days in the last two years. It was its fifth losing week in the last six, helping to drive the index down 5% this year. The Dow sank 1.7% and the Nasdaq composite fell 2.7% and is down more than 10% in 2025.

Many of the countries that run trade surpluses with the U.S. and depend heavily on export manufacturing are in Asia, Stephen Innes of SPI Asset Management said in a commentary.

“Asia is ground zero. Of the 21 countries under USTR (U.S. Trade Representative) scrutiny, nine are in Asia,” Innes noted.

Tokyo’s benchmark fell 4.1% to 35,617.56, while the Hang Seng in Hong Kong lost 1.3% to 23,119.58.

The Shanghai Composite index declined 0.5% to 3,335.75.

In South Korea, the Kospi fell 3% to 2,481.12, while Australia’s S&P/ASX 200 sank 1.7%, closing at 7,843.40.

Taiwan’s Taiex lost 4.2%.

European markets opened lower. Britain's FTSE 100 slid 1.4%, while France's CAC 40 and Germany's DAX each fell 2%.

Thailand’s SET lost 1.3% after a powerful earthquake centered in Myanmar rattled the region, causing widespread destruction in the country, also known as Burma, and less damage in places like Bangkok.

Shares in Italian Thai Development, developer of a partially built 30-story high-rise office building under construction that collapsed, tumbled 27%. Thai officials said they are investigating the cause of the disaster, which left dozens of construction workers missing.

A currency trader walks by the screens showing the foreign exchange rate between U.S. dollar and South Korean won, left, and the Korean Securities Dealers Automated Quotations (KOSDAQ) at a foreign exchange dealing room in Seoul, South Korea, Monday, March 31, 2025. (AP Photo/Lee Jin-man)

The screens showing the Korea Composite Stock Price Index (KOSPI), left, the foreign exchange rate between U.S. dollar and South Korean won and the Korean Securities Dealers Automated Quotations (KOSDAQ) are seen at a foreign exchange dealing room in Seoul, South Korea, Monday, March 31, 2025. (AP Photo/Lee Jin-man)

An electronic stock board shows that Nikkei stock average dropped over 1,500 Japanese yen in Tokyo Monday, March 31, 2025. (Kyodo News via AP)

A currency trader works under an electronic stock board at a foreign currency trading firm in Tokyo Monday, March 31, 2025. (Kyodo News via AP)