NIC interim management tells employees, business partners liquidation not an option
May 21, 2011
Despite the fact that the San Juan Superior Court placed National Insurance Corp. under trusteeship this week, the company’s interim management is giving employees and affiliated insurance agencies a positive outlook on the situation.
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CPI jumps 2.5% year-over-year in April, dips slightly vs. prior month
May 20, 2011
Increasing healthcare, transportation, housing and food costs put pressure on the island's Consumer Price Index, which jumped by 2.5 percent year-over-year in April, but seemed to show slight improvement in comparison to the prior month.
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Facebook, social media network of choice among P.R. Internet users
May 20, 2011
Facebook reigns supreme among Puerto Rico’s social media users, beating out other popular sites including Twitter, LinkedIn and YouTube, according to a study released for the first time on the island by a group of local Internet marketing firms.
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Stateside dairy association urges governor to veto UHT-related bill
May 20, 2011
The International Dairy Foods Association has sent a letter to Gov. Luis Fortuño urging him to oppose a bill currently in line for a vote at the Legislature that would would ban marketing, distributing and selling Ultra High Temperature milk that arrives to local warehouses 30 or more days after being manufactured.
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Edible Arrangements planning to open 5 more stores in P.R.
May 19, 2011
Edible Arrangements, the specialty shop known for its hand-sculpted, fresh-fruit arrangements, announced an aggressive expansion plan to open 350 stores through 2012, of which at least five will be located in Puerto Rico, News is my Business has learned.
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New $15M coffee processing plant opens in Ponce
May 19, 2011
The island’s declining coffee industry got a shot in the arm Wednesday with the opening of Puerto Rico Coffee Roasters’ new $15 million roasting and distribution facility in Ponce that pursues revitalizing the sector and increasing manufacturing capacity to export the product.
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Women’s Affairs Advocate, Best Buy team up to fight domestic violence
May 19, 2011
The Women’s Affairs Advocate and Best Buy have joined forces to combat the escalating problem of domestic violence against women, of which there were 16,000 reported cases on the island last year.
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Popular Inc. desists from selling $500M loan portfolio
May 19, 2011
Four months after announcing its intention of selling some $500 million in non-performing construction and commercial real estate loans to a newly created joint venture with an unrelated third party, Popular Inc. said Thursday it has walked away from the deal.
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JetBlue launches Jacksonville-P.R. route
May 19, 2011
Air transportation between Puerto Rico and Florida got a bit more crowded Thursday with the inaugural flight offered by JetBlue between the island and Jacksonville. The new route will transport 36,000 visitors a year and is expected to inject $20 million into the local economy.
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FirstBank sells off Ft. Lauderdale properties, at 62% discount
May 18, 2011
FirstBank Puerto Rico recently sold a couple of office buildings in Fort Lauderdale for $2.3 million, or 62 percent off their foreclosed mortgage value, according to the South Florida Business Journal.
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CNE’s Marxuach: Solving retirement system debacle will require tolerance, commitment
May 18, 2011
The task of repairing Puerto Rico’s retirement systems debacle, which credit rating agencies have warned could affect the island’s credit rating, will require “tolerance, capacity for frank dialogue, a commitment to negotiate in good faith and willingness to make and honor concessions by retirees, current government employees and the general public.”
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Scotiabank grants $1.5M loan to build ‘green’ pharmacy in Río Grande
May 18, 2011
Local drugstore operator Farmacia Sally has secured a $1.5 million loan from Scotiabank de Puerto Rico to build a second location in Río Grande that will be completely “green,” company officials said.
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New player enters P.R. reverse mortgage market
May 18, 2011
The island’s reverse mortgage market is getting more competitive this week with the arrival of Atlanta-based Generation Mortgage, which is introducing its retail banking services to the market.
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Bricks 4 Kidz franchise opening in Guaynabo, Villa Fresh Italian Kitchen expands
May 17, 2011
Bricks 4 Kidz, a franchise concept developed in 2010 that focuses on development activities for children using Lego bricks, will be opening its first location in Guaynabo later this year.
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P.R. insurance commissioner intervenes with National Insurance Company’s operations
May 17, 2011
A month after insurance rating agency A.M. Best Co. downgraded National Insurance Company’s financial standing, the Office of the Puerto Rico Insurance Commissioner has stepped in to intervene with the insurance provider’s operations.
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