AT&T files FCC petition for approval of T-Mobile buyout
April 21, 2011
Exactly 30 days after announcing plans to acquire rival wireless carrier T-Mobile, AT&T Inc. filed Thursday the petition for authorization of the transaction at the Federal Communications Commission, the agency confirmed on its website.
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P.R. Convention Bureau unveils new interactive website
April 21, 2011
The Puerto Rico Convention Bureau, a nonprofit organization dedicated to promoting the island as a meetings and conventions destination, unveiled Thursday a new interactive website, www.meetsanjuan.com to help planners organize their events.
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Doral reports $3.3M net income increase in 1Q
April 20, 2011
Doral Financial Corp., parent company of Doral Bank, released quarterly results Wednesday that reflected $3.3 million in net income for the period ended March 31, a marked improvement from the $36.1 million in net losses on record for the prior quarter ended Dec. 31, 2010.
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Retailers report slight growth in ’10, rising cost of food, gas likely cause
April 20, 2011
The island’s retail sector ended 2010 with a slight 1.85 percent year-over-year increase, generating more than $2.3 billion in activity. However, the rising costs of food, gasoline and medicines, coupled with the influx of federal funding, could explain the spending growth.
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2 major manufacturers say effects of P.R. 4% excise tax ‘positive,’ pay combined $20M in 1Q
April 20, 2011
Two major manufacturing plants employing more than 2,000 people on the island paid a combined $20 million to the government of Puerto Rico during the first quarter, related to the recently effected 4 percent excise tax on foreign corporations.
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Wal-Mart, Health Dept. team up to run free vaccination clinics
April 20, 2011
Wal-Mart and Sam’s Club are joining forces with the Health Department in a vaccination drive for children and youth between the ages of two months and 18 years. The health clinics will take place April 25-30 at stores throughout the island.
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AGC selects island for its ’15 annual convention
April 19, 2011
The Associated General Contractors of America has selected Puerto Rico as the site of its 2015 annual convention, to be held Mar. 17-20 at the Puerto Rico Convention Center.
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América Móvil hit with record $1B fine in Mexico
April 19, 2011
Mexico’s Federal Competition Commission has slapped América Móvil with a $1 billion fine for monopolistic practices following a probe launched in that country in 2006. The watchdog agency determined the company, which commands 71 percent of Mexico’s mobile market through its Telcel subsidiary, is abusing its dominant position.
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Island bankruptcies up 3% in March, 6% in 1Q ’11
April 19, 2011
Puerto Rico’s bankruptcy levels continued their seemingly unstoppable upward trend in March, when the total number of cases filed, 1,103, were 3 percent higher than the number on record for the same month in 2010.
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P.R. jobless rate beats out rest of 50 states
April 19, 2011
As two-thirds of U.S. jurisdictions saw their unemployment rates drop in March, Puerto Rico soared past the jobless levels of all the 50 states with 16.9 percent of people out of work, according to a report by the federal Bureau of Labor Statistics released Tuesday.
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MIDA survey shows consumer shift from grocery store to restaurant
April 14, 2011
Puerto Rican consumers appear to be shifting toward eating out more than going to the grocery store, according to the results of a study commissioned by the Food Marketing Industry and Distribution Chamber released Wednesday that indicates a 12.1 percent drop in how much they spent last year on unprepared food.
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FCC chief economist airs concerns over AT&T/T-Mobile merger
April 14, 2011
The proposed transaction has yet to be submitted to the Federal Communications Commission for consideration, and the agency’s chief economist, Jonathan Baker, is already raising concerns about the deal’s potential increase on wireless prices.
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Fortuño unveils $9.26B budget for fiscal ’12
April 13, 2011
Gov. Luis Fortuño announced Tuesday his administration’s proposed $9.26 billion budget for fiscal 2012, which is $110 million higher than the one currently being spent that expires June 30.
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LMM private management firm selection on track
April 12, 2011
In about a year, the Luis Muñoz Marín International Airport in Carolina should be in the hands of a private operator, as per an updated timeline of the process that David Álvarez, executive director of the Puerto Rico Public-Private Partnerships Authority, presented to island investors last week.
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FDIC set to file more than 150 lawsuits against failed banks executives
April 12, 2011
The Federal Deposit Insurance Corporation is said to be preparing to sue at least 150 banking executives responsible for the financial debacle that has prompted the closing of nearly 350 banks in the United States since 2008, including three in Puerto Rico last year.
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