Puerto Rico’s retail sales reflected a reduction of $71.5 million, equivalent to a 2.25 drop when compared to March 2015, Puerto Rico Trade and Export revealed Thursday.
Puerto Rico Acting Gov. Víctor Suárez, signed House Bill 2864 into law Wednesday, creating the Puerto Rico Aqueduct and Sewer Authority Revitalization Act, a statute that gives the water utility the tools to access capital markets and achieve self-sustainability.
The Puerto Rico Bankers Association is urging local citizens to help prevent fraud and financial exploitation in people who may be vulnerable, including the handicapped and the elderly.
Saying she “did the best she could with the tough hand that was dealt” and ending 12 years of public service, Puerto Rico Government Development Bank President Melba Acosta is stepping down from her post, effective July 31.
Puerto Rico Aqueduct and Sewer Authority Executive Director Alberto Lázaro confirmed Thursday the agency is waiting for the governor to sign the law that will allow it to pursue external financing to begin talking to creditors next month.
The Puerto Rico Aqueduct and Sewer Authority has reached forbearance agreements with a number of federal and local government agencies to put off making payments for at least six months, according to filings submitted to the Municipal Securities Rulemaking Board on Wednesday.
Puerto Rico’s bankruptcy levels remained flat last month, when the total number of companies and individuals who turned to the U.S. Bankruptcy Court for help was up by two cases when compared to the same month in 2015.
The U.S. Senate passed S. 2328, the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), Wednesday with a bipartisan vote that should send the measure to Pres. Barack Obama’s desk for signing today.
The groundbreaking ceremony for the first AC Hotel by Marriott in San Juan took place Wednesday for what will be a $45 million investment by Ashford 1369 Hospitality, LLC, an affiliate of Interlink, which acquired the former Ambassador Plaza & Casino property in Condado.
The Federal Communications Commission announced today that Puerto Rico Telephone Company and its parent company, América Móvil of Mexico, will pay $1.1 million to resolve an investigation by the FCC’s Enforcement Bureau.
Due to the possibility of a government default on some $2 billion in debt service due July 1, Puerto Rico credit unions confirmed they have enough financial capacity to face the situation, with $486 million in reserves to face possible investment losses.
With the goal of making the process of paying for purchases easier and quicker, Walmart Puerto Rico is introducing “Walmart Pay” – a fast, easy and secure way for customers to pay with their smartphones in Walmart and Amigo stores islandwide, starting today.
The owners of the Taco Maker franchise in Puerto Rico, FransGlobal, announced this week its decision to buy the more than 50,000 pounds of beef consumed monthly at its 90 local restaurants from island farmers, representing an annual investment of some $1.5 million.
Members of the Puerto Rico Economists Association believe there are several aspects of the Puerto Rico Oversight, Management, and Economic Stability Act that are unconstitutional, saying the disruption they could bring to the island are “incalculable.”
The Puerto Rico Community Foundation and Association of Insurance Companies of Puerto Rico recently appointed new directors for its respective boards of directors.
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