P.R. credit unions have $486M in reserves to face losses
June 29, 2016
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.
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Walmart introduces ‘Walmart Pay’ at local stores
June 29, 2016
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.
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Taco Maker to invest $1.5M annually in local beef
June 29, 2016
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.
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Economists: Several aspects of PROMESA illegal, harmful
June 27, 2016
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.”
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New Board of Directors named at 2 local organizations
June 27, 2016
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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Toyota Foundation backs big ideas to help environment
June 27, 2016
For the 19th consecutive year, Toyota Foundation is accepting applications for its “Environmental Donations Program,” which provides funding to nonprofit entities that submit proposals aimed at environmental conservation.
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Lobbying for, against PROMESA heats up in U.S. Senate
June 24, 2016
Lobbying efforts both for and against the approval of the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) bill at the Senate gained steam in Washington Thursday, with public- and private-sector representatives making their case with U.S. Senators.
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USDA has $52M for new Rural Energy Savings Program
June 24, 2016
The U.S. Department of Agriculture announced Thursday the new Rural Energy Savings Program (RESP) program that that will help rural residents conserve energy and save money on their utility bills.
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Water rate hike looms as lawmakers clash on PRASA bill
June 23, 2016
A yet undefined increase on water rates for residential and commercial customers could come as early as mid-July, if lawmakers are unable to move a bill authorizing financing mechanisms for the cash-strapped Puerto Rico Aqueduct and Sewer Authority, agency officials said Wednesday.
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Cost of living in SJ metro area 11.6% higher than U.S.
June 20, 2016
Living in the Metropolitan Statistical Area of San Juan-Carolina-Caguas is 11.6 percent higher than the average for other metropolitan areas of the United States mainland, the most recent data revealed by the Puerto Rico Statistics Institute confirmed.
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Nonprofits join to deliver ‘science to your community’
June 20, 2016
The Centros Sor Isolina Ferré and the Amgen Foundation announced recently they will join forces to deliver sciences to more than 350 public high school students in low-income communities through its “Ciencia Móvil” mobile lab.
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Bond insurer files complaint against Moratorium Act
June 16, 2016
National Public Finance Guarantee Corporation, an indirect subsidiary of MBIA Inc., filed a complaint Wednesday challenging the Puerto Rico Emergency Moratorium and Financial Rehabilitation Act, asking the court to invalidate it.
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Backyard Bondholders hosting forum on June 27
June 15, 2016
Backyard Bondholders Inc. will host its first major forum on June 27 featuring a series of conferences focusing on how Puerto Rico’s fiscal crisis is directly affecting more than 60,000 island residents holding bonds representing some $15 billion in public debt.
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Puerto Rico registers 4% small biz growth in ’15 Y-O-Y
June 14, 2016
Puerto Rico’s small- and mid-sized business sector showed a 4 percent year-over-year growth last year, when some 207,867 were in operation, up from the 199,848 up and running in 2014.
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PRASA: Water rate hike pushed off with approval of bill
June 13, 2016
Puerto Rico Aqueduct and Sewer Authority Executive Director Alberto Lázaro said Sunday the chances of an increase in water rates could be pushed back with the approval of House Bill 2786, which seeks to address the public corporation’s funding needs for capital improvements.
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