BIZ BRIEFS

Prabhu posts profit

KATHMANDU: Prabhu Finance Company has posted Rs 16.3 million net profit in the fiscal year 2007-08. “It has also collected Rs 995.5 million deposits and floated Rs 752.5 million loans,” states a press release. The finance company has eight branches and plans to open more soon. — HNS

DDC hikes tax

MADHYAPUR THIMI: With a view to increasing internal revenue, the District Development Committee, Bhaktapur, has upped the resource utilization tax by 6.36 per cent. The resource utilization tax has been hiked in order to meet the increasing budget of the DDC, Local Development Officer Raj Kumar Shrestha said. With the DDC’s budget having increased to Rs 60.657 million this year from Rs 50.802 million last year, the office aims at covering the hiked amount — Rs 10.5 million — through the hike. The increased tax rate will also propel the DDC to gain 12.5 per cent internal revenue. The DDC has listed sand, stone, vehicles, soil, mineral water, bones, brick kilns under the resource utilisation tax. — RSS

China-Russia talks

BEIJING: China and Russia launched negotiations on Saturday for cooperation in energy sector. Chinese vice premier Wang Qishan and visiting Russian deputy prime minister Igor Sechin told reporters the two countries would push forward their cooperation in energy sector to lift bilateral strategic partnership to a new level. “Today’s first round of negotiation achieves positive fruits,” Wang said after co-chairing the negotiation with Sechin. Energy cooperation plays a vital role in the strategic cooperation between China and Russia, he said, noting the establishment of the energy resources negotiation mechanism injected new vitality into the China-Russia energy cooperation. — Xinhua