If predictions by the National Retailers Federation are on target, stores will be flooded with love-struck shoppers this Valentine’s Day weekend. The Washington, D.C.-based trade group is predicting that $15.7 billion in flowers and chocolates — and of course, jewelry — will fly off the shelves in what is expected to be the first major […]
A little over a month after the U.S. District Court in San Juan ordered Pfizer to pay $1.5 million in damages to a Puerto Rico pharmacist who developed breast cancer after taking menopause medication Prempro, the pharmaceutical is allegedly ready to pay some $330 million to settle similar lawsuits it has pending. The world’s largest […]
California-based computer memory manufacturer Smart Modular Technologies announced Thursday it will be closing its Aguada plant due to a long-term production decline. The closing, which will leave 104 people jobless, will be finalized April 13, company spokeswoman Suzanne Craig confirmed. The company informed employees of the decision on Monday. As a result of the closing, […]
Puerto Rico Statistics Institute Executive Director Mario Marazzi Given the pressing need for independent, reliable and periodic statistics about the economy and business conditions of the island’s industrial sector, the Puerto Rico Manufacturers Association’s Industrial Competitiveness Institute and the Puerto Rico Statistics Institute have paired up to begin publishing the Puerto Rico Manufacturing – Purchasing […]
Just two months after announcing its intent, First BanCorp on Wednesday confirmed it has entered into a definitive agreement to sell a loan portfolio with an unpaid principal balance of $516.7 million to a newly created joint venture between Goldman, Sachs & Co. and Caribbean Property Group.
Attention Puerto Rico bank customers: Starting Feb. 14 individuals will not be allowed to wear sunglasses or hats while conducting a transaction at a local bank branch. Mobile telephone use will also be limited.
The Public Buildings Authority has entered into an agreement with New York-based utiliVisor to monitor energy consumption at the Minillas Government Center in Santurce, which houses a number of public agencies in several buildings.
Puerto Rican manufacturer Pan American Properties announced Monday it will be expanding its ready-to-drink cocktail product line, Gasolina Urban Blends, to Florida. The export plans call for teaming up with Premier Beverage, which has begun distributing the product in the southern U.S. jurisdiction, the company announced Monday. “We are very excited to introduce Gasolina Urban Blends to […]
Open Mobile, one of the five wireless carriers serving the Puerto Rico market, has been spared from paying a $20,000 fine to the Federal Communications Commission for faltering to adequately report how it goes about protecting subscribers’ private information. The federal watchdog waived the fine late last week, after Open Mobile submitted a certification stating […]
Joaquín Bacardi and José Pérez-Riera In an effort to convey the message to the rum industry that PR is a viable place to do business, the Economic Development and Commerce Department announced the signing of a 20-year agreement with Bacardí Corp., ensuring its permanence on the island. As part of the agreement, the goverment will […]
UBS Financial Services Inc. of Puerto Rico is facing a possible lawsuit by the U.S. Securities and Exchange Commission, which recently issued a Wells notice regarding the sale of mutual funds that bought $1.5 billion in bonds that the Swiss-based bank had underwritten on the island, Bloomberg reported Friday.
As the local price for gasoline approaches — and exceeds — 80 cents per liter at the pump, the Consumer Affairs Department on Thursday warned that it will get even more expensive to fill the tank in coming days.
Green is the color of money, something that hotels in Puerto Rico save a lot of each year as they continue to implement environmentally friendly strategies on their properties. They also make more of it, as these days, a growing number of travelers greatly consider environmental awareness as a factor when deciding where to stay.
Ian Carter As a tourism destination, Puerto Rico has nothing to envy any place else. However, the island still has a ways to go when it comes to making itself known, especially in Europe, a high-ranking Hilton Worldwide company executive said during a recent visit to the island. Ian Carter, president of global operations and […]
Oriental Financial Group on Thursday released its fourth quarter report, showing strong performance in core banking operations, just several months after settling into its expanded footprint resulting from its acquisition of the former EuroBank.
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