Study casts doubt on legality of Puerto Rico debt
June 3, 2016
An independent commission established by Puerto Rico's government has issued a report casting doubt on the legality of the island's debt, which could be declared null by a court if it decides the Commonwealth borrowed without authorization.
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P.R. ranks dead last in fiscal solvency among U.S. states
June 2, 2016
A study by the Mercatus Center at George Mason University released Wednesday showed that on the basis of its fiscal solvency in five separate categories, Puerto Rico ranks 51st among the U.S. states and the island itself for its fiscal health.
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Lafayette Hospital now part of San Lucas health system
June 2, 2016
Effective Wednesday and following a $2 million investment, the healthcare facility known as the Lafayette Hospital in Arroyo became part of the San Lucas Episcopal Health System and will begin operating under a new name: the San Lucas Arroyo Emergency and Integrated Medicine Center.
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Roche Diabetes Care pumping $60M into Ponce plant
June 1, 2016
Roche Diabetes Care and Puerto Rico government officials announced Tuesday the expansion of the Roche Operations Ltd. manufacturing facility in Ponce, where the company will invest $60 million over the next two years.
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Gov’t adopts tool to track airport passenger, cargo traffic
June 1, 2016
Looking to ease the analysis of activity taking place in Puerto Rico airports to support the tourism and aviation industries, as well as track migration patterns, the Puerto Rico Ports Authority and the Puerto Rico Statistics Institute unveiled the “Aviation Intelligence” online tool.
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OMB: Paying GO debt in full in ’17 could imply layoffs
May 31, 2016
If the government of Puerto Rico were to pay the full amount due next year in GO debt would require laying off more than 3,400 public workers, among other adjustments.
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GDB waiting for ‘global’ restructuring offer for $48B debt
May 31, 2016
The Puerto Rico Government Development Bank is waiting for creditors to submit a “global” restructuring offer that would address some $48 billion in debt in its entirety, rather than piecemeal, agency President Melba Acosta said during budget hearings Monday.
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Private sector balks at PREPA’s planned rate hikes
May 27, 2016
Puerto Rico’s private sector, represented by more than 20 organizations, on Thursday banded together to reject the proposed energy rate increases unveiled by the Puerto Rico Electric Power Authority this week.
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Claro, Piloto 151 join to back start-up tech community
May 27, 2016
Telecommunications provider Claro and Piloto 151 announced Thursday a partnership to provide Puerto Rico’s technological start-up community the infrastructure, mentoring and training needed for their growth, representatives for both companies confirmed.
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PROMESA advances to House floor; CNE won’t endorse
May 26, 2016
The PROMESA Act (H.R. 5278), the bill aimed to address Puerto Rico’s debt crisis, passed in the U.S. House Natural Resources Committee Wednesday with bipartisan support from lawmakers.
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MER Group opens $12M ship recycling facility in Ceiba
May 26, 2016
The Marine Environmental Remediation Group, flanked by Puerto Rico government officials, announced Wednesday the agreement to establish a new ship recycling facility in the marine port of the former Roosevelt Roads U.S. Naval Base located in Ceiba.
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Agro Tropical wins ‘EnterPRize’ competition
May 26, 2016
Agro Tropical, Inc., a Puerto Rican start-up that produces sustainable high quality agricultural products, including vegetables and high performance seeds, emerged as the winner of the 11th edition of the “EnterPRize” business competition hosted by Grupo Guayacán Inc.
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‘PROMESA’ bill up for U.S. House Committee vote today
May 25, 2016
H.R. 5278, also known as the “Puerto Rico Oversight, Management, and Economic Stability Act,” which seeks to establish an Oversight Board to assist the government of Puerto Rico and its agencies in managing its public finances, will move for a vote by members of the U.S. House Committee on Natural Resources today, when nearly two dozen amendments will be considered.
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P.R. consumers spending 4% less on groceries this year
May 25, 2016
Puerto Rico consumers are spending 4 percent less on their groceries this year, in comparison to 2015, to $406 from $425 a month, representing the lowest out-of-pocket expenditure registered in the last decade, this year’s edition of the Puerto Rico Marketing, Industry and Food Distribution Chamber’s Consumer X-Ray study revealed.
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Governor pitches $9.1B budget, reserves $209M for debt
May 24, 2016
Puerto Rico Gov. Alejandro García-Padilla on Monday unveiled a proposed budget for Fiscal 2017 of $9.1 billion, down $700 million from the original budget that was approved last year and $192 million less than the adjusted current budget.
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