Biz briefs

Aryal heads CNI team

KATHMANDU: The Confederation of Nepalese Industries (CNI) has nominated national council member Rajendra Aryal as coordinator of its public relations and press committee. Aryal, who is also the managing director of Trikon Advertising Services Pvt Ltd, has been heading the committee since the inception of CNI. Aryal has already served as the vice-president of Advertising Agents’ Association of Nepal and is also director of Nepal Industrial and Commercial Bank and Prudential Insurance. — HNS

NFMA refutes VAT hike

KATHMANDU: Nepal Flour Mills Association (NFMA) has criticised the government for increasing the value added tax (VAT) by 30 per cent, saying it would cause price hike in essential commodities in the country. The hike in VAT rate has come at a time when the country’s economy is passing through a critical phase. “The hiked VAT rate will have a direct impact on consumers, making Nepali wheat flour costlier and less competitive with other brands from India,” states a press release issued here today. — HNS

LCCI working committee

LALITPUR: The 25th annual general meeting of Lalitpur Chamber of Commerce and Industry (LCCI) has elected Umesh Lal Amatya as LCCI new chairman. Similarly, Manish Lal Pradhan has been elected first vice chairman, Anup Bahadur Nyacho as second vice-chairman, Naresh Kumar Shrestha as general secretary, Ajarman Joshi as joint general secretary, Bharat Lal Joshi as treasurer and Mrigenraman Pradhan as joint treasurer. — RSS

FNCCI issues appeal

KATHMANDU: Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has appealed to the government to immediately revoke the increment in value added tax. The meeting held under the chairmanship of the Binod Bahadur Shrestha, president FNCCI has stated that the three per cent increment in VAT following the price hike on petro-products has deeply affected the consumers, trade and commerce sectors. — RSS

Potato production rises

KALAIYA: Potato produced in Bara district is estimated to go up to 125,088 metric tonnes this year. Potato has been cultivated on a total of 6,162 hectares in the district this year, which is higher by 98 hectares compared to the previous year, reports the district agriculture office. The production is expected to be 20.3 metric tonnes per hectare. The potato produce last year was 118,208 metric tonnes with the productivity 19.4 metric tonnes per hectare. — RSS

Philippines’ rating cut

MANILA: Standard and Poor’s said on Monday it has cut the Philippines sovereign credit ratings citing the government’s failure to shore up its shaky public finances. “The downgrades reflect the government’s inadequate response to its fiscal problems,” the international ratings agency said in a statement. “With public sector debt at 110 per cent of Gross Domestic Product (GDP) and government interest expense at nearly 40 per cent of revenue, prompt passage of the government’s fiscal plan was necessary to support the Philippines ratings at their previous levels,” it said. —AFP