Daily Archives: December 1, 2015

Puerto Rico avoids second default, but future payments uncertain

NEW YORK/SAN JUANCity, Safar 19, 1437, Dec 1, 2015, SPA — Puerto Rico avoided a default on debt maturing on Tuesday but warned that its deteriorating liquidity meant that future defaults loom.

There had been speculation that the U.S. territory would default on all or part of the $355 million notes issued by its financing arm, the Government Development Bank, Reuters reported.

While Puerto Rico first defaulted in August, failure to make the payment on Tuesday would have been more significant because part of that debt was protected by the commonwealth’s constitution.

Another default could have triggered lawsuits, further spooked investors and undermined the island’s efforts to climb out of $72 billion in debt.

Moody’s ratings agency said in a statement that the bank’s payment does not change Moody’s ratings or outlook for Puerto Rico’s debt.
21:43 LOCAL TIME 18:43 GMT

UTi Introduces Multimodal Hubs for Faster Delivery

LONG BEACH, Calif., Dec. 1, 2015 (GLOBE NEWSWIRE) — UTi Worldwide Inc. (Nasdaq:UTIW), a global supply chain services and solutions provider has introduced new multimodal hubs in Kuala Lumpur and Ho Chi Minh City to tackle the challenges of static air cargo capacity and service its Worldwide Gateways in Europe and the USA.

Using these consolidation hubs UTi can provide faster, more reliable transits for clients’ goods and take advantage of excess, short haul air capacity while also benefiting from established road feeder routes it already has in place.

These hubs also allow UTi to roll out new routes to provide clients with seamless movement of cargo to UTi’s European and American gateways. The three new routes are:

— SMATAR Germany – Singapore Malaysia and Thailand Air Routing to Germany – for locations in Europe serviced by UTi’s Frankfurt Gateway
— SMATAR Amsterdam – Singapore Malaysia and Thailand Air Routing to Amsterdam – for locations in Europe serviced by UTi’s Amsterdam Gateway
— SMART-US – Safe Mekong Air Routing to the US – for freight from Vietnam and Cambodia to UTi’s Chicago and Atlanta Gateways.

Mudasar Mohamed, UTi Worldwide’s Managing Director for Singapore and Malaysia, said:

“Business in the ASEAN region continues to grow, while air cargo capacity from the area has remained static – resulting in an overflow of export cargo causing delays for clients, especially during peak seasons.

“In order to tackle these challenges, UTi Worldwide in South East Asia has been looking to develop new routes and multimodal freight options to create seamless movement for our clients’ shipments.

“Our new routes will allow clients to benefit from improved transit times and the elimination of split shipments, as well as the knowledge that their goods are being delivered quicker, safer and more reliably all year round.”

About UTi Worldwide
UTi Worldwide Inc. is an international, non-asset-based supply chain services and solutions company providing air and ocean freight forwarding, contract logistics, customs brokerage, distribution, inbound logistics, truckload brokerage and other supply chain management services. The company serves a large and diverse base of global and local companies, including clients operating in industries with unique supply chain requirements such as the energy and mining, retail, apparel, chemical, automotive, pharmaceutical and technology industries. The company seeks to use its global network, proprietary information technology systems, relationships with transportation providers and expertise in outsourced logistics services to deliver competitive advantage to each of its clients’ supply chains.

CONTACT: Katie Quinlan
Director, Global Strategic Marketing & Communications
+49 (0) 173 710 6425

New Incubator Opens the Door to The Netherlands for Refugees

AMSTERDAM, December 1, 2015/PRNewswire —

– Setting up a business leads to a residence permit faster.

The foundation ‘Incubators for Immigrants’ wants to help refugees to build a new economic and independent existence in the Netherlands. The foundation, a true Incubator, offers the refugees knowledge, support and assistance with the set-up of their own private Dutch company. “In this way, the chances of a quick residence permit is more likely to happen, these people will have a goal which they can focus on and they will deliver an economic contribution to the Dutch society,” Dennis Vermeulen said – initiator and co-founder of the foundation.

Vermeulen finds the hopelessness of the flood of refugees troubling. The image that the refugees are a burden to our society, is increasing fast. Vermeulen: “The word refugee is starting to have a negative connotation. We think of it as a group, but they are all people and individuals with different backgrounds and capacities. What we want to do, is to give the entrepreneurs in this group a chance to give their lives a meaningful existence in the Netherlands.”

As the CEO of INCO Business Group, Vermeulen assists Dutch entrepreneurs who go abroad for tax reasons daily, but he (especially) assists foreign companies who wish to establish a business in the Netherlands. The idea to help the refugees came up through this example. The Dutch law provides enough possibilities for foreign start-ups to settle down in the Netherlands. The foundation eliminates the bureaucracy that’s involved in this process. This will allow the refugee to focus on his business, while the Foundation takes care of most formalities, including the application of the required temporary residence permit. “This makes this foundation an incubator. Once the fundamental is set, the enterprising refugee has to stand on his own feet,” Vermeulen stated.

Vermeulen doesn’t take part in the board, because the board must be able to operate independently. He found Arthur van de Graaf, Sonja van Alphen and Rikko Voorberg as volunteers for the board. With this, the foundation has a solid experience to start with. Van de Graaf was the former CEO of SEEDS/ABN-Amro, Van Alphen earned her spurs in the field of marketing communications at several large companies and Voorberg was, among other things, the founder of the Vluchtkerk.

To give the foundation a good start, Vermeulen chips in and gives the foundation a chance to begin. For each tax refugee Vermeulen helps to start a company abroad, Vermeulen’s company donates the amount of money that the foundation needs to help a political refugee in the Netherlands.

Have a look at http://www.incubatorsforimmigrants.com  or read the frequently asked questions.

Source: INCO Business Group

Aramco added-value supply sector program opens 2 Dammam

Saudi Aramco’s president said that among the objectives of the strategy of the company is to enable the Saudi energy sector to become more active and competitive in the world arena through adopting three basic pillars: home-producing goods and services, creating half a million direct and indirect jobs for Saudi job-seekers and increasing the exports of energy-related goods and services by %30.
Ascending the podium, Prince Saud bin Naif bin Abdulaziz lauded Saudi Aramco’s initiative, saying it would contribute to achieving a qualitative leap not only to enhance the local content but to launch sustainable projects and industries that best serve the strategic goals to diversify the sources of the national economy and provide support for the private sector in the Kingdom.
He said the Kingdom’s developmental march, incepted by late leader King Abdulaziz Al Saud and followed by his late sons until the current era of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud has made great strides in a record time.
He announced the kick-off of a new prize to be organized by Saudi Aramco and Eastern Region’s chamber of commerce, and awarded to the best national or foreign company that makes great achievement in promoting the international orientation of our national products.
15:38 LOCAL TIME 12:38 GMT

Aramco added-value supply sector program opens

Dammam, Safar 19, 1437, December 01, 2015, SPA — Prince Saud bin Naif bin Abdulaziz, Governor of the Eastern Region, today patronized the opening ceremony of Saudi Aramco program to enhance the Supply Sector Added-value and the workshop held on its sidelines at the company’s headquarters in Dammam.
Minister of Commerce and Industry Dr. Tawfiq Al-Rabee’a, the Governor of Saudi Arabian General Investment Authority (SAGIA) Engineer Abdullatif Al-Othman, the President of Saudi Aramco and its senior executive officer Engineer Amin Al-Nasser and more than 500 senior officials from local and international gas-and-oil Saudi Aramco partners were present at the function.
Addressing the gathering, Al-Nasser said the so-called “sufficiency” new initiative aims at enabling national gas-and-oil partners of Saudi Aramco to double their acquisition of the industry’s goods and services sectors from the current %35 to %70 by 2021.
15:38 LOCAL TIME 12:38 GMT

Muscat Securities Market Gains 9 Points

Muscat, Safar 19, 1437, December 01, 2015, SPA — Muscat Securities Market (MSM) general index (30) today added (9.9) points, comprising a rise by (0.18%) to close at (5557.73) points, compared to the last session, which stood at (5547.85) points.

The trading value today stood at (RO 4.22 million), comprising a decline by (10.11%) compared to the last session, which stood at (RO 4.69) million.

The report released by MSM pointed out that the market value rose by (0.17%) to reach about (RO 14.69) billion.
15:16 LOCAL TIME 12:16 GMT

Kuwait Stock Exchange ends session with mixed boards

KUWAIT, Safar 19, 1437, December 01, 2015, SPA — Kuwait Stock Exchange (KSE) ended its session Tuesday in a mixed board with the price index up by 0.98 points to reach 5,803 points.
The weight and KSX 15 indices were down by 0.89 and 1.05 points respectively.
The value of trade was at KD 7.87 million with the volume reaching KD 109.8 million done in 2,814 deals.
15:13 LOCAL TIME 12:13 GMT

Competition Council launches awareness campaign to combat collusion in public tenders 2 Riyadh

The campaign also aims to deliver the message of the Council using a variety of methods of press and electronic ads, and the design and production of audio-visual films with easy and clear language and disseminated through social networks.
The Competition Council is an independent and legal body and enjoys administrative and financial independence and seeks to promote and encourage fair competition and combat monopolistic practices that affect the legitimate competition.
For more information about the Council, you can visit its web site on the Internet (www.coc.gov.sa or contact the Council’s accounts in social media / SaudiCOC or communicate via toll-free number (8004400033)
15:09 LOCAL TIME 12:09 GMT