Senate grills experts on Ch. 9, fiscal control board for P.R.
December 2, 2015
WASHINGTON — The debate over extending Chapter 9 bankruptcy protection to Puerto Rico and the possible creation of a federal fiscal control board to manage the island’s troubled finances took center stage Tuesday at a Senate Judiciary Committee hearing.
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950 private-sector co.’s ask for Christmas bonus waiver
December 2, 2015
About 950 Puerto Rico-based private-sector companies have asked the Department of Labor and Human Resources to be exempted from paying this year’s Christmas bonus, the agency revealed Tuesday.
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Security guard co. ordered to pay $166K in back wages
December 2, 2015
San Juan-based security guard company Optimus Investigations Corp. and its owner Jorge Rivera-Berríos has been ordered to pay more than $166,000 in back wages and liquidate damages to 243 employees misclassified as independent contractors, the U.S. Department of Labor announced Tuesday.
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Dev’t banks urged to finance ‘green projects’ in LatAm
December 2, 2015
WASHINGTON — Mitigating the expected ravages of climate change — let alone investing in sustainable infrastructure projects — won’t come cheap, say finance experts who calculate the cost at a staggering $110 billion a year for Latin America alone.
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Applebee’s unveils new design in new Guaynabo eatery
December 2, 2015
With an investment of $2.5 million, Applebee’s will inaugurate its fifth restaurant on the island on Dec. 7, becoming the first market to introduce a new architectural design to be adopted by other restaurants nationwide.
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Viking Star cruise ship to use SJ as homeport in ’16
December 2, 2015
Viking Ocean Cruises announced Tuesday it will expand its destination-focused cruising to North America and the Caribbean with five new itineraries launching in September 2016.
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Gov’t makes $354M debt service payment via clawbacks
December 1, 2015
The Puerto Rico Government Development Bank announced today it has met its scheduled payments of $354 million in principal and interest after Gov. Alejandro García-Padilla instructed his fiscal team to redirect available revenues from other instrumentalities by activating contractual clawback provisions.
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Gov: Paying $354M due depends on creditor talks
December 1, 2015
A decision by the Puerto Rico government to make the $354.7 million payment on Government Development Bank Senior Notes due today will come down to the wire and will depend on the outcome on talks with creditors, Gov. Alejandro García-Padilla said.
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GDB: Puerto Rico’s economic activity up 1.0 percent YOY
December 1, 2015
Puerto Rico’s economic activity increased by 1.0 percent on a year-over-year basis in October, and reflected a month-over-month increase of 0.2 percent, according to the Government Development Bank’s Economic Activity Index released Monday.
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$354M bond payment, SCOTUS decision loom this week
November 30, 2015
The government of Puerto Rico is facing a busy week with the development of three key events on- and off-island, headed by a decision to make a $354 million bond payment by the Dec. 1 deadline.
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Construction remains at lowest point in 10 years
November 30, 2015
Once a vigorous part of the economy, Puerto Rico's construction sector remains mired at its lowest point in more than a decade with little hope of improvement in the next year, when activity is expected to stay at its present level of under $2 billion, said a spokesman for the industry.
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Dominica seeks U.S. help to rebuild after Erika damage
November 30, 2015
With only 73,000 inhabitants, the Caribbean island of Dominica lacks beaches but is blessed with pristine waterfalls, virgin rainforests and an unusual boiling lake situated in Morne Trois Pitons National Park, only six miles due east of the capital, Roseau.
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Palmas del Mar, Para la Naturaleza partner to educate
November 30, 2015
The Palmas del Mar Residents Association and Para La Naturaleza recently partnered on an initiative through which residents will be able to join the latter’s Amigos program to learn about the Pterocarpus Forest located on the grounds of the Humacao resort community.
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U.S. envoy: Haiti ‘desperately needs’ foreign investment
November 27, 2015
One month after Haitians went to the polls to choose a new president, Haiti’s electoral council has announced the official results — triggering violent protests by supporters of Moise Jean-Charles, who finished third in the Oct. 25 election.
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SBA: ‘Shop small for all on Small Business Saturday’
November 27, 2015
Small business owners across the U.S. mainland and Puerto Rico are preparing for the most important shopping day of the year, “Small Business Saturday,” an event sponsored by the U.S. Small Business Administration.
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