Puerto Rico’s economic activity down 1.1% in May
June 30, 2014
The Government Development Bank released late Friday the Economic Activity Index for the month of May, which reflected a 1.1 percent year-over-year reduction, slightly lower than the 1.3 percent on record for April.
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Puerto Rico agencies showered with credit downgrades
June 30, 2014
The U.S. mainland’s three credit ratings agencies showered Puerto Rico with downgrades and warnings of further revisions Friday, upholding a trend that began a day earlier in response to the filing of a bill paving the way for the restructuring of fiscally troubled public agencies.
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Popular Inc. announces sale of $450M in senior notes
June 27, 2014
Popular Inc. announced Thursday it has agreed to sell $450 million of its senior notes, due in 2019, to pay off its Troubled Asset Relief Program debt with the U.S. Treasury.
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PREPA double-whammied by credit agency downgrades
June 27, 2014
The Puerto Rico Electric Power Authority got a double-whammy from stateside credit ratings agencies, which separately downgraded the agency’s credit a day after Gov. García-Padilla announced a bill paving the way for the restructuring of fiscally troubled public corporations.
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Olive Garden’s 1st local eatery in Bayamón adds 300 jobs
June 27, 2014
Italian restaurant casual dining chain, Olive Garden, will open its first restaurant this Monday in Bayamón, following a $3 million investment.
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UBS announces management reshuffling, Ferrer out
June 27, 2014
UBS Puerto Rico has been restructured into two separate divisions and its top management has been reshuffled as part of changes that include the exit of long-time chairman Miguel Ferrer, who will leave his post July 31, a high-ranking executive said Thursday.
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LMM airport launches Wi-Fi at terminals, for a fee
June 27, 2014
The Luis Muñoz Marín International Airport has begun offering wireless Internet service at terminals A, C and D, for which operators will be charging a fee depending on the number of hours passengers need it.
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Gov’t unveils ‘Recovery Act’ bill to assist stressed corps
June 26, 2014
Gov. Alejandro García-Padilla filed Wednesday at the Legislature the “Puerto Rico Public Corporations Debt Enforcement and Recovery Act,” to create a clear legislative framework to assist financially stressed public corporations overcome their problems “through an orderly, statutory process” that allows them to handle their debts fairly and equitably, while ensuring the continuity of essential services to citizens and infrastructure upgrades.
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Puerto Rico receiving $6.2M from USDOL for job training
June 26, 2014
The U.S. Department of Labor announced Wednesday grants exceeding $154.7 million awarded to 32 states, Puerto Rico and the Cherokee tribal nation through the Job-Driven National Emergency Grant program.
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Lawmakers spare Meet Puerto Rico, kill bill to end funds
June 26, 2014
Senate Bill 1160, which proposed eliminating $4.5 million a year in public funding to conventions and groups coordinator Meet Puerto Rico, was drawn from the Senate session late Tuesday night, the entity’s leadership said Wednesday.
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Ecolift unveils state-of-the-art helicopter in Puerto Rico
June 26, 2014
Puerto Rican helicopter sales, service and repair company, Ecolift Corp., presented Wednesday at its hangar at the Isla Grande airport its new twin-engine Bell 429 WLG model, produced by BELL Helicopter Textron.
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Gov. submits bill allowing public corps to restructure
June 25, 2014
Gov. Alejandro García-Padilla announced Wednesday the filing of a bill to establish the framework to allow Puerto Rico corporations in fiscal troubles to conduct an organized restructuring of their debt.
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NY Fed Chief raises red flag about Puerto Rico’s debt
June 25, 2014
Stabilizing Puerto Rico’s $70 billion debt as a share of its income and reducing it to more sustainable levels should be a key goal of the island’s fiscal and economic policy, New York Fed CEO William Dudley said during a presentation to the CPA Society on Tuesday.
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Tourism on alert over bill that would kill Meet Puerto Rico
June 25, 2014
The tourism sector raised a red flag Tuesday over the filing of a Senate Bill late last week that would effectively kill Meet Puerto Rico, the island’s convention and groups coordinator responsible for generating more than $110 million a year for the local economy.
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’14 Consumer X-Ray: Shopper attitudes vary by region
June 24, 2014
Puerto Rico consumer attitudes vary significantly based on two factors: where they live and who they live with, with sharp contrasts reflected between people living along the island’s eastern coast and the west, according to the results of a study commissioned by the Puerto Rico Marketing, Industry and Food Distribution Chamber (MIDA for its Spanish acronym).
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