CAN provides fund

KATHMANDU: Computer Association Nepal (CAN) USA, under CAN Federation, has contributed $5,000 to the Prime Minister’s Disaster Relief Fund to support the victims of the devastating earthquake of April 25. The cheque for the said amount was handed over to Prime Minister Sushil Koirala by representatives of CAN Federation and CAN USA on Thursday, as per a press statement. Prime Minister Koirala assured that the support received in the fund would be utilised in a transparent manner. CAN has launched a web portal — — in partnership with Nepal Police and Mercantile Communication Pvt Ltd to assist in the search for people unaccounted for since the quake. CAN has also provided relief materials and built temporary shelters and distributed solar lights and blankets, among others in the relief efforts. Similarly, with CAN Federation’s initiation, Asian-Oceania Computing Industry Organisation (ASOSIO) has provided financial support of $15,200 to Nepal Red Cross Society, the statement adds.

India PMI data

BANGALORE: India’s dominant services industry contracted for a second month in June as new business again declined, suggesting Asia’s third-largest economy is struggling to maintain growth, a survey showed on Friday. Any weakness in the economy, alongside subdued inflation, will likely add to expectations the Reserve Bank of India will ease monetary policy sooner rather than later. The Nikkei Services Purchasing Managers’ Index (PMI), compiled by Markit, dropped to a 15-month low of 47.7 in June from May’s 49.6, well below the 50-level that separates growth from contraction. Five out of the six industries monitored reported falling activity and the new orders index sank to 47.3, its lowest level since December 2013. Weak demand also curtailed factory growth, a sister survey showed on Wednesday.

France, Angola deals

LUANDA: France and Angola on Friday signed business agreements covering a wide range of economic sectors from oil to hotels, which are potentially worth several hundred million dollars, French officials said. At the head of a delegation of about 50 French company executives visiting the southern African country, President Francois Hollande hailed ‘a movement to increase and diversify’ bilateral deals. Hollande cited transport, tourism, the agro-food industry, water supply, renewable energy and urban development as sectors in which France sought to invest, outside the oil industry that dominates Angola’s economy. Hotel group Accor signed a contract with the local firm AAA to manage 50 Angolan hotels by 2017. AAA, which owns these establishments, ran into financial difficulties in 2013. Total, the leading foreign oil company operating in Angola, signed two contracts with national firm Sonangol, one to step up direct cooperation in oil production and the other to distribute solar-powered lamps. Neither company released details of how much the deals were worth.