Groups weigh in on government revenue shortfall
May 15, 2014
Two of the island’s largest private-sector trade groups, the Puerto Rico Chamber of Commerce and the CPA Society, weighed in Wednesday on the possible reasons for the $442 million revenue shortfall the Treasury Department reported for the month of April.
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Ritz-Carlton San Juan’s new GM seeks industry unity
May 15, 2014
The Ritz-Carlton San Juan recently brought back a familiar face to helm its operations, Jacqueline Volkart, who is intent on putting the property at the forefront of preferred locations for business and pleasure travel.
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Krispy Kreme to open 600th int’l location in Carolina
May 15, 2014
Krispy Kreme will celebrate the opening of its 600th international store and its 7th in Puerto Rico this weekend in Carolina. The store is set to open May 17 by local franchise partner Caribbean Glaze Corp., company officials said Wednesday.
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Puerto Rico gov’t to offer mortgage-refinancing program
May 14, 2014
Some 10,000 low- and moderate-income families residing in Puerto Rico stand to benefit from the “Ahorro Hipotecario” program, which offers mortgage-refinancing opportunities through the Housing Finance Authority, Gov. Alejandro García-Padilla said Tuesday.
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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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