GDB president berates Moody’s’ latest credit downgrade
May 22, 2015
Government Development Bank President Melba Acosta came down hard on Moody’s Investors Service’s decision to downgrade the Commonwealth’s credit rating deeper into junk status by saying the move shows “ratings agencies are totally out of tune with what’s happening” in Puerto Rico.
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WorldNet, Microsoft bring ‘Skype for Business’ to island
May 22, 2015
Software giant Microsoft on Thursday announced it has certified locally-owned telecommunications provider WorldNet to offer the “Skype for Business” product, which extends to organizations and government entities a complete unified communications solution, combined with the security, expertise, and support that businesses require.
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García-Padilla presents $9.8B budget for Fiscal ’16
May 21, 2015
Puerto Rico Gov. Alejandro García-Padilla introduced Wednesday the measure paving the way for a $9.8 billion General Fund budget, and a $28.8 billion consolidated budget for Fiscal 2016.
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Microsoft marks 25 years in Puerto Rico, looks to future
May 21, 2015
Microsoft senior executives and government officials gathered Wednesday to celebrate the software giant’s 25th anniversary in Puerto Rico, a history marked by innovation and collaboration to accelerate the growth of the local IT industry and advance socio-economic development.
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Puerto Rico nonprofits create 16% of jobs, $2.2B wages
May 21, 2015
Puerto Rico’s nonprofit organizations have a positive economic impact on the island, producing 150,410 jobs — or 16 percent of all local employment — and some $2.2 billion in wages, according to a study presented Wednesday by the Foundations Network.
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Credit unions rack up $1.3B in mortgage loans in 1Q15
May 20, 2015
The Public Corporation for the Supervision of Puerto Rico Cooperatives, or COSSEC as the entity is known in Spanish, said Tuesday that the island’s credit unions approved some $1.3 billion in mortgage and mortgage-related loans during the first quarter of 2015, for a combined portfolio of 18,385 financing agreements.
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AT&T: Smartphone use while driving goes beyond texts
May 20, 2015
Wireless carrier AT&T released the findings of a study that showed that four-in-10 smartphone users tap into social media while driving, almost three-in-10 surf the net, and surprisingly, one-in-10 videochat.
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New retailers opening at Premium Outlets, other malls
May 19, 2015
Puerto Rico Premium Outlets in Barceloneta is adding several new retailers to its tenant mix in coming months, including new market arrival Forever 21 Red, the clothing company’s lower-priced sister.
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AIAC officially enters Puerto Rico’s pharma market
May 19, 2015
High-ranking executives from AIAC, better known as the American Industrial Acquisition Company, arrived to Puerto Rico on Monday to make the company’s official debut in the island’s pharmaceutical industry, following its acquisition of the former Merck plant in Arecibo earlier this year.
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SBA honors Puerto Rico entrepreneurs at annual awards
May 18, 2015
The U.S. Small Business Administration honored this year’s top achievers — bestowing awards in Puerto Rico and the U.S. Virgin Islands to recognize the enormous contributions small businesses make to the economies of both islands.
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$59M properties in Cabo Rojo, Aguadilla on auction block
May 15, 2015
Los Angeles-based Premiere Estates Auction Company announced Thursday a multi-property auction that includes sprawling beachfront sites in Aguadilla and Cabo Rojo, with a combined listing price of $59 million.
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Gov’t mulling at least 6 hybrid tax structure alternatives
May 14, 2015
Lawmakers and members of the executive branch gathered at the Puerto Rico Convention Center today are said to be considering six different scenarios that would combine a hybrid structure of a sales and use tax and a general excise tax to shore up the government’s finances.
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Experts: Puerto Rico on right track in use of tech tools
May 14, 2015
Puerto Rico’s current financial crisis might just be the opportunity for the government to stay on track with its strategy of collaborating with private-sector technology companies to find solutions to its problems and improve services to citizens.
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Puerto Rico’s economic activity at -0.4% YOY in March
May 14, 2015
The Puerto Rico Government Development Bank on Wednesday released a revised Economic Activity Index for March that registered a -0.4 percent year-over-year reduction, and a month-over-month increase of 0.5 percent.
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TRB, telecom providers collaborating on sector metrics
May 14, 2015
The Puerto Rico Telecommunications Regulatory Board has set the ball rolling on an initiative to gather data from the island’s broadband providers to define the sector’s contributions to the economy, with results expected to be ready in a year, agency President Javier Rúa-Jovet said Wednesday.
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