Underprivileged P.R. farmers get $1M in federal aid
July 22, 2011
Hundreds of farmers on the island will receive close to $1 million in assistance from the U.S. Department of Agriculture’s Reimbursement Transportation Cost Payment Program, Resident Commissioner Pedro Pierluisi announced Thursday. The reimbursement is the largest amount granted by the federal agency in fiscal 2010.
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AMR makes 2nd attempt to divest American Eagle
July 21, 2011
For the second time in the past five years, AMR Corp., parent company of American Airlines Inc., has announced plans to divest its wholly owned regional carrier American Eagle. The strategy calls for spinning off the operation as an independent business.
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Nielsen: Newscasts favored among island TV watchers
July 21, 2011
Puerto Rico television viewers spend their time in front of the set watching virtually the same number of hours of local and cable television programming, with local newscasts taking the top spot in terms of preference, Nielsen Puerto Rico reported Wednesday.
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Agreement with Treasury pumps Popular Inc.’s 2Q results
July 20, 2011
Popular Inc. reported net income of $110.7 million for the quarter ended June 30, 2011, buoyed by a tax benefit of $59.6 million granted through an agreement with the Treasury Department related to the timing of charge-offs for accounting and financial reporting purposes.
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P.R. stands to gain from sustainable cocoa crops
July 20, 2011
For the past 100 years, worldwide chocolate consumption has reflected a 3 percent annual increase as demand for tasty cocoa-based products has gained ground. Today, the current global market value of annual cocoa crops is estimated at $5.1 billion, according to World Cocoa Foundation statistics.
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Alemán to head Bankers Association
July 20, 2011
Aurelio Alemán, CEO of FirstBank, has been elected president of the Puerto Rico Bankers Association, effective July 1. The executive’s term extends through Sept. 30, 2012.
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Dorado Beach, a Ritz-Carlton Reserve to open in December ’12
July 20, 2011
The luxury Dorado Beach, a Ritz Carlton Reserve property in Dorado is slated to open in December, when it will become the first property to fly that flag in the Americas, developers and government officials said Tuesday.
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BBU Bank rebrands as Banesco in FL, P.R.
July 20, 2011
Ten months after South Florida-based BBU Bank acquired and merged Banesco International Bank Corp. into its mainland U.S. domestic banking operations, it will be changing its name to Banesco USA, the banking institution’s CEO Rafael "Rafo" Saldaña said.
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MIDA balks at proposed Closing Law regulation easing drugstore food sale rules
July 20, 2011
The Marketing, Industry and Food Distribution Chamber expressed its opposition Tuesday to a proposal by Consumer Affairs Secretary Luis Rivera Marín to approve a regulation related to the Closing Law to allow pharmacies to sell more food items on the days that supermarkets must remain closed.
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Trupanion pet insurance company expands into P.R.
July 19, 2011
The U.S. mainland’s $300 million pet insurance industry is adding a new market to its footprint, with the expansion of Seattle, WA-based Trupanion’s expansion into Puerto Rico, effective immediately.
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Life Fitness opens 1st store in P.R.
July 19, 2011
Illinois-based Life Fitness, a leading commercial fitness equipment manufacturer and distributor, is opening its first Life Fitness store in Caparra area, from where it will showcases a full-line of Life Fitness cardio and strength equipment for both commercial and home use.
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Borders going-out-of-business sales to start Friday, stores to close by September
July 19, 2011
Borders Group, parent of the U.S. mainland’s once-dominant book retailer, is marking the final chapter of its 40-year history by seeking the U.S. Bankruptcy Court’s approval Friday to sell itself off to a liquidator, a decision that is expected to immediately trigger a going-out-of-business sale that will wrap up sometime in September.
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First BanCorp amends agreement with investors, could raise up to $562.3M in new capital
July 19, 2011
FirstBank Puerto Rico’s parent company, First BanCorp, announced Monday it has amended the agreements struck with private equity firms Thomas H. Lee Partners, L.P., Oaktree Capital Management, L.P., and other investors to increase the amount of the proposed capital raise from $515 million to $525 million.
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2 major Spanish banks doing business in P.R. ace European ‘stress test’
July 19, 2011
Two major Spanish banks with long-standing presence in Puerto Rico passed the European Banking Authority’s 2011 stress test of institutions in 21 countries, to assess their resilience against the current economic scenario.
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Ritz-Carlton officially presents its Dorado Beach Reserve property
July 18, 2011
A day ahead of the first scheduled walk-through of the property, the Ritz-Carlton Hotel Company, L.L.C. announced Monday the official launch of the Dorado Beach, a Ritz-Carlton Reserve, the first of its kind in the Americas and the second under the luxury brand in Puerto Rico.
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