Bayamón entrepreneur gets top SBA honors
December 19, 2012
The U.S. Small Business Administration honored Dionisio Ortiz, president of Bayamón-based Corporate Development Solutions Inc., as “Minority Small Business Person of the Year” for the district of Puerto Rico and the U.S. Virgin Islands.
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Op-Ed: Demographics changing what, when, how food is consumed
December 19, 2012
MIDA, the Marketing, Industry and Food Distribution Chamber, recently offered its members the results of a study on the situation of the industry. The study included a survey of 28 industry leaders who delved into the impact that demographic changes are having on the purchase and consumption of food.
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Sprint launches 4G LTE in southern Puerto Rico
December 19, 2012
Wireless carrier Sprint announced Tuesday that it is delivering the speed, power and value of its all-new 4G LTE network to customers in six new areas in the U.S. mainland and Puerto Rico, where residents and users in Ponce, Coamo and Guayama will begin benefiting from faster speeds.
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FDA approves new meds for rheumatoid arthritis, ADHD
December 19, 2012
The U.S. Food and Drug Administration recently gave the go-ahead to two new drugs, Xeljanz and Quillivant XR, to treat rheumatoid arthritis and Attention Deficit Hyperactivity Disorder, respectively, the manufacturing companies announced in separate statements.
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Moody’s cuts PREPA credit rating to Baa2 from Baa1
December 18, 2012
The chain of rating downgrades affecting Puerto Rico’s credit added yet another link Monday, when Moody's Investors Service cut the rating on approximately $8.0 billion of outstanding power revenue bonds held by Puerto Rico Electric Power Authority's to Baa2 from Baa1.
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Bankruptcy filings down 8% through November
December 18, 2012
As the year comes to a close, Puerto Rico’s bankruptcy filings appear to be keeping the downward trend that has prevailed throughout most of 2012. Filings through November were down 8 percent year-over-year, with 9,532 cases on record at the U.S. Bankruptcy Court.
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Humacao medical complex gets $14M in financing
December 18, 2012
Banco Popular recently awarded $14 million in financing to float the future “Salud Eterna” project in Humacao, a complex that will house several medical offices as well as an assisted living facility for the elderly.
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SBA opens nominations for ‘Small Business Innovation Research’ awards
December 18, 2012
The U.S. Small Business Administration is seeking nominations for awards honoring the critical economic role small businesses play in federally funded research and development through SBA’s Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs.
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S&P cuts Doral Financial rating, gives negative outlook
December 17, 2012
Citing Doral Financial Corp.’s “weakened capital position and very high nonperforming assets,” Standard & Poor's Ratings Services lowered its issuer credit rating to 'CCC-' from 'CCC+,' with a negative outlook.
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AGP: Moody’s actions further signal need for fiscal discipline
December 17, 2012
Governor-elect Alejandro García-Padilla said the recent downgrade by Moody’s Investors Service of the Commonwealth of Puerto Rico’s General Obligation bonds “further signal the need for fiscal discipline at the central government and in our public corporations.”
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Pontifical Catholic students win financial video contest
December 17, 2012
The Puerto Rico Bankers Association and the New York Federal Reserve Bank recently announced the winners of the 2012 “Puerto Rico Financial Awareness Video Contest,” which drew participation from 122 students from 19 universities. The competitors submitted 19 videos aimed at encouraging financial skills and responsibility among our youth.
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Puerto Rico car sales stall in November
December 17, 2012
The number of vehicles that rolled off the lots in Puerto Rico reached 8,773 units in November, which represented a flat 0.2 percent year-over-year improvement and kept the breaks on nearly 10 months of consecutive growth, the United Automobile Importers Group known as GUIA revealed.
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Op-Ed: Compact for Puerto Rico
December 17, 2012
Recently, and in view of the very serious challenges facing Puerto Rico, some analysts have called for a Compact among the various interest groups in society to agree on basic development issues. I fully agree with the need for what I would call a Compact for Puerto Rico (in Spanish, “Pacto por Puerto Rico").
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Praxair hiking gases, facilities fees Jan. 1
December 17, 2012
Praxair Inc. and its divisions and subsidiaries — Praxair Distribution, Inc., Praxair Healthcare Services, Praxair Canada Inc., and Praxair Puerto Rico B.V. — will be increasing the prices charged to its bulk and packaged, industrial, electronics, specialty and medical gas customers in the U.S mainland, Canada and Puerto Rico of effective Jan. 1.
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Moody’s cuts Puerto Rico’s credit affecting $38B in debt
December 14, 2012
Moody's Investors Service downgraded Puerto Rico’s general obligation rating Thursday to Baa3 from Baa1, affecting about $38 billion of the island’s debt held by more than a handful of agencies.
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