Puerto Rico, USVI auto sales plummet 15% in April
May 14, 2014
Automotive sales in Puerto Rico and the U.S. Virgin Islands went into a freefall last month, when results were down 15 percent in comparison to the same month last year, the United Automobile Importers Group (known as GUIA for its initials in Spanish) informed Tuesday.
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CIO announces 2nd edition of Puerto Rico Tech Summit
May 14, 2014
With the goal of promoting technology as an economic hub for the island, government officials representing the Chief Information Office and the Department of Economic Development and Commerce, announced Tuesday the second edition of the Puerto Rico Tech Summit, slated for June 4 at the Convention Center in Miramar.
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CEMEX fined, to hand over land as part of EPA settlement
May 14, 2014
Cemex Concretos, Inc. and Cemex de Puerto Rico, Inc. (known as CEMEX), have settled a claim filed by the U.S. Environmental Protection Agency related to violations of stormwater discharge procedures under the Clean Water Act, for which it will pay a fine and hand over land, the agency announced Tuesday.
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Doral tells SEC it will not file 1Q14 report on time
May 14, 2014
The problems at Doral Financial Corp. continued Tuesday, when it informed the Securities and Exchange Commission that it will be unable to file its first quarter results report for the period ended Mar. 31 this week, a day after the deadline passed.
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Doral fires off letter to Treasury asking for $232M refund
May 13, 2014
Financially troubled Doral Financial Corp. fired off a letter to the Puerto Rico Treasury Department late last week asking the agency to comply with the terms of a closing agreement reached in 2012 obligating the government to refund the bank for tax over-payments estimated at about $232 million.
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Agriculture Dept. reviewing milk, coffee prices
May 12, 2014
The Agriculture Department is currently reviewing milk and coffee prices to determine whether increases are necessary for the products that are staples for Puerto Rican consumers. The results for both reviews should be ready by summer, agency Secretary Myrna Comas said.
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Treasury collections fall $442M short of April estimates
May 9, 2014
Puerto Rico’s revenue collections for the month of April fell significantly below estimates, short by $442.3 million at $1.18 billion, but up by $196 million year-over-year, the Treasury Department said in a release distributed after the end of business Friday.
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Mojo Tags: Next-generation marketing tool unveiled in PR
May 9, 2014
Mojo Tags, a next-generation tool designed to drive advertising and marketing efforts into the next level of interactivity, has officially been introduced to the local market by a company looking to use Puerto Rico as a global launching pad for the technology.
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USDA announces $40M in funding to spur rural growth
May 9, 2014
The U.S. Department of Agriculture announced Thursday the availability of close to $40 million in funding to promote long-term economic growth and community vitality in rural areas, and is seeking applications through three community and economic development programs administered by its Rural Development division.
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Cable trade group takes fight against Viacom to the FCC
May 8, 2014
One month after Liberty Puerto Rico announced its decision to pull the plug on Viacom-owned programming, the American Cable Association sent a letter to the Federal Communications Commission slamming the content provider’s decision to also block access to its websites by broadband Internet subscribers, including those served by the carrier.
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S&P downgrades Doral to ‘CC’ in wake of capital breach
May 8, 2014
Two days after Doral Financial Corp. disclosed its weakened capital position, Standard & Poor's Ratings Services said Wednesday it lowered its issuer credit rating to 'CC' from 'CCC-' and placed the rating on CreditWatch with negative implications.
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Puerto Rico Treasury has cut $147.2M in tax refunds
May 8, 2014
The Puerto Rico Treasury Department announced Wednesday it has cut $147.2 million in tax refunds corresponding to 247,744 tax returns during the current tax cycle, representing $80 million more than what was disbursed at this time last year.
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Products Assoc.: Puerto Rico needs a coherent plan
May 7, 2014
The Puerto Rico Products Association unveiled Tuesday five key recommendations gathered during its recent annual convention, to help the island get back on the path of cohesive economic development.
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Triple-S reports $584.8M in revenue for 1Q14
May 7, 2014
Triple-S Management Corp. managed care company announced Tuesday consolidated revenues of $584.8 million and consolidated operating income of $10 million for the three months ended Mar. 31, 2014.
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PRIDCO seeks RFPs to run sugarcane harvest project
May 7, 2014
The Puerto Rico Industrial Development Company is seeking an operator for the second and third phases of the recently launched sugarcane harvesting project, opening a call for Request for Proposals on Tuesday.
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