News

  Bloomberg Puerto Rico’s Government Development Bank, operating under a state of emergency to preserve cash, is about halfway toward reaching a forbearance agreement with creditors, according to an official. The GDB, which lent to the commonwealth and its municipalities, owes $422 mn on May 1 that officials have said the bank cannot pay. Jesus Manuel Ortiz, spokesman for Governor ...

  Bloomberg Ministers from the Group-of-Seven nations agreed to promote agricultural innovation and investment as farmers face the twin challenges of an aging workforce and extreme weather at a time when global food demand is increasing. “Motivated, skilled and enterprising farmers are essential for the growth of the agricultural sector,” the ministers said in a joint statement after two days ...

  RITIKA SHARMA / Emirates Business UAE Facebook users, beware — the next link you follow on your account, might lead you to a malware that will steal your confidential details or corrupt your entire system. Of late, UAE-based IT companies have detected a spam-based campaign, running on the social networking sites, that is spreading malicious browser plugin via social ...

  Emirates Business Imdaad, a leading provider of integrated facilities, waste, and energy management solutions in the GCC, has officially opened its new state-of-the-art Imdaad Manzeli staff accommodation in Jebel Ali that is set to house its 3,000 employees. Manzeli, which is Arabic for ‘My Home,’ demonstrates the company’s continuing efforts to provide its employees with a housing accommodation that ...

  Dubai / Emirates Business Aramex, a leading global provider of comprehensive logistics and transportation solutions, has announced its financial results for the first quarter of 2016. Aramex’s Net Profits increased 12 percent to AED96.9 million, up from AED86.6 million in Q1 2015. Revenues in the first quarter of 2016 increased to AED1,048 million, up 13 percent compared to AED930 ...

  Abu Dhabi / Emirates Business Representing milestones in the Emirate of Abu Dhabi’s Waste Master Plan 2040’s development, the situational analysis and the waste characterisation study, were discussed at the Waste Master Plan’s first Steering Committee meeting. The Steering Committee is led by Chairman HE Khalifa Mohamed Al Mazrouei, Undersecretary at the Department of Municipal Affairs. The Committee’s role ...

  Sunaina Rana / Emirates Business UAE-based company, ARTAR Real Estate Development has announced that it has achieved a 15 percent completion rate of Mada Residences. The new upcoming project is situated in Downtown Dubai and this exclusive residential property development is ARTAR’s first project in the UAE. Sulaiman Abdulrahman Al Rashid, CEO of ARTAR Real Estate Development LLC, stated, ...

  ABU DHABI / WAM Standard & Poor’s (S&P) has revised its long-term outlook on Jordan’s economy while at the same time allocating a BB-/B rating on the kingdom’s long- and short-term foreign and local currency sovereign credit ratings. “We have revised downward our economic growth projections and now expect wide current account deficit,” the rating services agency said in ...

  DUBAI / Reuters State-run Saudi Electricity Co (SEC), the Gulf’s largest utility firm, reported a narrowing first-quarter net loss as higher tariffs boosted its operating income. The company, which the government aims to split into several components this year to improve efficiency, made a loss of 1.37 billion riyals ($365.32 million) in the three months to March 31, according ...

  KHOBAR / Reuters Saudi Arabia’s National Industrialization Co’s chief executive expects to see the benefits of a restructuring soon and has a more positive outlook for the chemicals market. Like many Saudi petrochemical firms, Tasnee’s earnings have suffered as its product prices are closely tied to oil prices, which have slumped since mid-2014. To combat poor market conditions, Tasnee ...