S&P affirms Puerto Rico’s ‘BBB-’ rating, negative outlook
October 25, 2013
Standard & Poor's Ratings Services this week affirmed its 'BBB-' rating and negative outlook on Puerto Rico’s general obligation (GO) and appropriation debt, based on — among other things — the commonwealth's weak economic trends that began in fiscal 2007, including population declines and economic contraction.
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Puerto Rico Bankers Assoc. opens call for video contest
October 25, 2013
The Puerto Rico Bankers Association and the New York Federal Reserve Bank announced Thursday the open call for the fifth edition of the “Puerto Rico Financial Awareness Video Contest 2013.”
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First BanCorp earns $15.9M in 3Q13
October 24, 2013
First BanCorp., the bank holding company for FirstBank Puerto Rico, reported Wednesday net income of $15.9 million for the third quarter of 2013, or $0.08 per diluted share, compared to a net loss of $122.6 million, or $0.60 per diluted share, for the second quarter of 2013 and net income of $19.1 million, or $0.09 per diluted share, for the third quarter of 2012.
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Popular submits application to repay $935M TARP funds
October 24, 2013
Popular Inc., parent company of Banco Popular de Puerto Rico, has filed its application to repay the $935 million it owes the U.S. government through the Troubled Asset Relief Program, bank CEO Richard Carrión said Wednesday upon discussing third quarter financial results.
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’13 ‘Poder Business Awards’ to honor singer Martin
October 24, 2013
Puerto Rican music superstar Ricky Martin will be honored during this year’s 12th annual “Poder Business Award” for his achievements in entertainment as well as his support of the worldwide fight against child exploitation, event director Nicolas Ibarguen said Wednesday.
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Puerto Rico home sales at risk due to new federal rules
October 23, 2013
Puerto Rico’s mortgage bankers and housing developers raised a red flag Tuesday to warn about the potentially devastating effects of a recently enacted federal regulation that sets new parameters that could make it difficult for would-be island home buyers to qualify for loans starting next year.
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CienciaPR.org gets $50K to help plug brain drain
October 23, 2013
Ciencia Puerto Rico, the world's largest online network of Puerto Rican scientists, has implemented new capabilities in the CienciaPR.org site to help mitigate the island’s scientific brain drain by adding resources to help the community stay connected.
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Kmart Corp. to pay $2.55M in federal settlement
October 23, 2013
Puerto Rico Justice Secretary Luis Sánchez-Betances announced Tuesday that the island will receive more than $34,000 as part of an agreement between other states, territories, and the federal government and Kmart Corp. to settle allegations that Kmart submitted false claims and false statements through its Kmart Pharmacy Centers to the federal government, state governments, and territories for payments relating to partial fills of prescriptions.
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Puerto Rico Convention Bureau names 2 new directors
October 23, 2013
Puerto Rico Convention Bureau President Milton Segarra, announced the appointments of Minnette Vélez as director of marketing and Mari Waid as director of destination support services. These appointments come as part of a restructuring of the organization.
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Seaborne Airlines to launch PR/DR route in December
October 23, 2013
Seaborne Airlines announced Tuesday it will launch a new non-stop route from the Luis Muñoz Marín International Airport to La Romana International Airport in the Dominican Republic starting Dec. 12th.
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Deadline looms for microentrepreneurs to seek funding
October 23, 2013
The Puerto Rico Products Association announced that Oct. 24 is the deadline for microentrepreneurs to apply for funding through the Antrocket crowdsourcing platform.
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Automakers rev up for 15th Puerto Rico Int’l Auto Show
October 22, 2013
Prototypes, hybrid and futuristic cars, as well as other automotive novelties will be on display through Nov. 3 in Plaza Las Américas during the 15th edition of the Puerto Rico International Auto Show, which officially kicked off Monday.
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Colombian power co.’s look to Puerto Rico for growth
October 22, 2013
A delegation of Colombian electrical industry executives traveled to Puerto Rico last week looking to establish business relationships with local companies and set the foundation for a possible expansion into the United States via this territory.
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U.S. gov’t sues Yauco coffee grower for minimum wage violations
October 22, 2013
The U.S. Department of Labor has filed suit in federal court against Beneficiado de Café Las Indieras, doing business as Hacienda Remanso de Paz, and its president, Wilfredo Ruiz-Vargas, for alleged violations of the Fair Labor Standards Act’s minimum wage and record-keeping provisions.
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‘Practical Techie’: Payments are just a swipe away
October 22, 2013
Now that our island’s government is bent on developing a vigorous small-business ecosystem in Puerto Rico, it’s prudent to take a look at one strategy that would specially help local micro-enterprises consider merchandise payment options, always a tricky and complicated issue. Quick tech solutions are readily at hand.
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