St. Regis Bahía Beach makes $30M in 2nd year
January 7, 2013
The St. Regis Bahía Beach Resort in Río Grande, Puerto Rico’s only “AAA Five Diamond Rating” recipient, closed its second year of operations with about $30 million in revenue, representing a 10 percent year-over-year growth, hotel officials said.
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FCC ends America-CV/Liberty Cablevision squabble
January 7, 2013
America-CV Station Group Inc. recently chalked up a legal victory for itself in a squabble against Liberty Cablevision of Puerto Rico — which it took up with the Federal Communications Commission — over the airing of the MundoFox Network.
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Kia seeks drivers for Forte ’14 unveiling
January 7, 2013
Kia Motors Puerto Rico is seeking a “Forte Driver” who will travel with two journalists and a company representative to the official presentation of the new and redesigned Forte 2014 in Arizona next month. The trip also includes a test drive to different places in the city of Scottsdale.
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FAA expected to decide on airport P3 in a week
January 4, 2013
In about a week, the Federal Aviation Administration is expected to make its decision on the public-private partnership agreement through which the government of Puerto Rico would turn over the management of the Luis Muñoz Marín International Airport to Aerostar Airport Holdings for the next 40 years.
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Visa reports 21% 4Q12 volume growth in LatAm, Caribbean
January 4, 2013
Visa Inc. announced it reached $93 billion in total payments volume for the period ended on September 30, 2012, compared to $89 billion reported last fiscal year during the same period in the Caribbean and Latin American region, resulting from the sustained growth of debit and credit products in the region, particularly in countries such as Argentina, Brazil, Chile, Colombia, Mexico and Peru.
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Buick opens application cycle for ‘Achievers Scholarship’ program
January 4, 2013
The Buick Achievers Scholarship Program, funded by the General Motors Foundation, will accept applications for 2013 scholarships from Jan. 7 through Feb. 28, the automaker announced Thursday.
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Marina Puerto del Rey files for Ch. 11 with $44.3M in debt
January 3, 2013
Puerto del Rey, the largest marina in the Caribbean located in Fajardo, filed for Chapter 11 bankruptcy protection late last week, listing $44.3 million in debt.
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Gatsby opens 1st store in Dominican Republic
January 3, 2013
Puerto Rican women’s apparel retailer Gatsby is keeping its international expansion plans alive through the recent opening of its new 22,000 square-foot store in the Dominican Republic, the first of at least five that are slated to open in the next four years, company officials said Wednesday.
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Puerto Rico’s total bankruptcies down 8% in ’12
January 3, 2013
Puerto Rico’s bankruptcy filings were down 8 percent during the 12-month period that ended in December 2012, when a total of 10,362 petitions were filed at the U.S. Bankruptcy Court, according to preliminary statistics offered Wednesday by local research firm Boletín de Puerto Rico.
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Puerto Rico Manufacturing Index fell to 46.2 in Nov. ’12
January 3, 2013
Puerto Rico’s Purchasing Managers Index (PMI) for the island’s manufacturing sector decreased to 46.2 in November 2012, falling below the threshold value of 50 that suggests a contraction in the manufacturing sector with respect to the previous month.
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Puerto Rico TV veteran to head America CV Network
January 3, 2013
America CV Network announced Wednesday that veteran Hispanic television executive Rubén Torres-Muñoz has been named general manager for the Puerto Rico market.
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Ahead: Economists don’t expect significant growth in ’13
January 1, 2013
Contrary to expectations of an economic improvement in 2013, some of Puerto Rico’s most prominent economists agree there is little to no growth on the horizon.
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Ahead: Trade groups predict ’13 will be year to ‘refocus’
January 1, 2013
As the new year rolls in, Puerto Rico’s main professional trade groups — the Puerto Rico Chamber of Commerce, the Puerto Rico Manufacturers Association and the CPA Society — are weighing in on what they believe the island will need to improve its economic condition and quality of life for its citizens.
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Ahead: Tourism industry’s success depends on ‘right decisions’
January 1, 2013
While travel to Puerto Rico appeared to be picking up toward year’s end, industry components believe much work lies ahead to strengthen the sector and its contributions to the island’s overall economy.
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Ahead: Retail sector must ‘evolve, adapt’ in ’13
January 1, 2013
While much has been said about “economic uncertainty” and “consumer confidence,” the fact is that Puerto Rico’s economy has been in a state of disarray for so long it has become the new normal. So says Francis González, vice president of property management for DDR Corp., owners of 15 shopping centers islandwide.
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