$40M Bahía Urbana entertainment complex inaugurated
May 15, 2013
Gov. Alejandro García-Padilla, flanked by members of the current and previous administration, inaugurated Tuesday the second phase of the Bahía Urbana redevelopment project in Old San Juan, between Piers 7 and 8, at a cost of $40 million. The new facilities will create 100 direct and indirect jobs.
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Puerto Rico natural products chain Vita Natura expanding
May 15, 2013
Puerto Rican natural product company Vita Natura announced Tuesday an expansion plan that includes opening three new stores in Puerto Rico and two in stateside later this year.
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AT&T’s ‘It can Wait’ anti texting-while-driving campaign gets boost
May 15, 2013
AT&T’s “It Can Wait” campaign to end texting and driving was significantly bolstered Tuesday by the commitment of several carriers, including Sprint and T-Mobile, as well as more than 200 other organizations to join the movement.
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Agriculture Secretary: Agency lacks employees, statistics
May 14, 2013
Puerto Rico Agriculture Secretary Myrna Comas told lawmakers during budget hearings Monday that upon arriving to the agency in January, she uncovered an entity “in a precarious situation, with the lowest budget in its history, only 337 employees, no updated agricultural statistics, and no field level progress reports to evaluate and track work."
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First BanCorp taking $66.6M charge on Lehman collateral
May 14, 2013
First BanCorp on Monday announced the U.S. Bankruptcy Court for the Southern District of New York denied the bank’s motion for summary judgment filed in connection to $66.6 million it had posted as collateral with Lehman Brothers Inc., which filed for Ch. 11 nearly five years ago.
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St. Maarten closes $132M bond issue for int’l airport upgrades
May 14, 2013
The St. Maarten Tourism Bureau says arrivals to the Dutch-speaking destination jumped by 17 percent in 2012 compared to the year before — aided by JetBlue’s new direct service from Puerto Rico and weekly Delta flights from New York to St. Maarten.
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Ford inaugurates technical training center
May 14, 2013
On May 6, Ford and Lincoln inaugurated a new technical training center in the University of Puerto Rico’s Carolina campus.
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Puerto Rico Treasury launches 1st IVU tax amnesty
May 13, 2013
Puerto Rico individual and corporate taxpayers who have a sales and use tax (known as IVU for its initials in Spanish) debt with the Treasury Department will be able to pay without penalty through a tax amnesty good through June 30. The agency expects to collect $8 million through the initiative, Treasury officials said Monday.
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Guaynabo to build $85M, 200-room hotel
May 13, 2013
The Municipality of Guaynabo is setting aside $85 million to build a 200-room hotel adjacent to the Mario Quijote Morales Coliseum, Mayor Héctor O’Neill told this media outlet last week.
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Retailers: If Treasury wants to increase collections, it must fix system
May 13, 2013
Worried about the potentially harmful effects that eliminating the business-to-business sales tax exemption would have on their businesses, retail executives recently concluded that if the Treasury Department want to increase its revenues, it needs to “correct and streamline” the process of capturing the sales and use tax to collect from evaders.
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Insurance industry weathers regulatory, tax changes
May 13, 2013
Despite the challenges Puerto Rico’s insurance industry has faced related to new federal health regulations and local tax changes, it remains one of the local economy’s strongest sectors and industry members continue to develop products and services in benefit of consumers.
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Treasury wants cigarette excise revenue to go straight into the General Fund
May 13, 2013
Puerto Rico Treasury Department officials told lawmakers Friday that collections stemming from the proposed increase in the excise tax on cigarettes and tobacco should go in their entirety to the General Fund and not distributed for other purposes, as proposed by the three measures under consideration by the Legislature.
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FCC proposes expanding availability of in-flight Wi-Fi
May 13, 2013
The Federal Communications Commission is looking to expand the availability of in-flight broadband connectivity to airline passengers by proposing the establishment of an air-ground mobile broadband service system to communicate with planes, while taking advantage of technical innovations to expand sharing of certain spectrum among users.
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United Airlines announces direct SJ/Chicago flights
May 13, 2013
United Airlines announced that it will begin daily flights from San Juan to its hub in the Chicago O’Hare International Airport on Nov. 5.
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A.M. Best upgrades TOLIC’s rating to ‘BBB+’
May 13, 2013
A.M. Best Co. has upgraded Guaynabo-based Trans-Oceanic Life Insurance Company’s issuer credit rating (ICR) to “bbb+” from “bbb” and affirmed the financial strength rating of B++. The outlook for the FSR is stable, while the outlook for the ICR has been revised to stable from positive.
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