AFC, PIC get awards

KATHMANDU: Ace Finance Co (AFC) has been awarded the ‘Best Presented Accounts 2006’ award by the Institute of Chartered Accountants of Nepal (ICAN) under finance company category. Speaker Subash Chandra Nemwang presented the award to Siddhanta Raj Pandey, CEO of AFC on Sunday. The company had received the same award last year, too, for the recognition of maintaining standards in presenting financial indices, disclosure and reports, states a press release. Similarly Prudential Insurance Company (PIC) has been awarded ‘Best Presented Awards 2006’ under non-banking and financial sector (Insurance Company) category. — HNS

Merchant banking

KATHMANDU: United Finance Ltd (UFL) has begun merchant banking services. With the approval of Securities Board of Nepal and Nepal Stock Exchange Ltd, UFL has begun the services of issue and sales manager for the IPO and the issuance of rights shares, states a press release. UFL, a subsidiary company of Chaudhary Group, also plans to provide share registrar, underwriting and other merchant banking services. — HNS

Fiscal revenue grows

BEIJING: China’s fiscal revenue grew by 30.6 per cent year-on-year to around $344 billion in the first half of the year, putting the world’s fourth largest economy well on track to break last year’s record high. The figure accounts for 59.3 per cent of the year’s revenue budget, with 1.45 trillion yuan belonging to the central government, up by 32.6 per cent year-on-year, and 1.16 trillion yuan belonging to local governments, up by 28.1 per cent year-on-year. — Xinhua

Rates on EPF on hold

NEW DELHI: The interest rate on the employees’ provident fund (EPF) scheme will remain unchanged at 8.5 per cent for 2006-07 and the current fiscal, it was decided on Monday. — HNS