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 […]

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 […]

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