Some 18,000 homeowners in Puerto Rico were facing the possibility of losing their homes to their mortgage bank as of November 2010, the Financial Institutions Commissioner’s office (OCIF, as it is known by its initials in Spanish) said Tuesday.
Credit: Wikipedia Commons Puerto Rico’s retail sales for the first 10 months of 2010 exceeded $28.5 billion, reflecting a slight year-over-year growth of 1.26 percent, according to the latest figures revealed by Puerto Rico Trade on Tuesday. Through October 2009, retail sales reached $28.2 billion. Despite the overall growth, there were still several retail segments […]
Popular Inc. continues taking steps toward improving its balance sheet with an announcement Monday that it has signed a non-binding letter of intent to sell approximately $500 million of construction and commercial real estate loans. Some 75 percent of the loans, which will be sold at book value, are non-performing.
The Treasury Department is responsible for implementing the new tax code. (Credit: Mauricio Pascual©) Following two days of marathon House and Senate sessions, both chambers approved the overhaul of the Puerto Rico Internal Revenue Code, through which the Fortuño administration has promised tax benefits to individuals and businesses to be funded mostly by a new […]
The operations of yet another local pharmaceutical company are in the Food & Drug Administration’s cross-hairs, receiving a warning letter from the agency over violations to good manufacturing practice requirements, the Wall Street Journal reported Thursday. As of late afternoon, the FDA had yet to post copies of the warning letter it sent to Baxter […]
Copa Airlines is starting the year by expanding its seating capacity on its two daily flights between San Juan and its hub in Panama , from where it offers dozens of connections to Central and Latin America, Héctor Busquets, general manager for the local operation, said Thursday.
Putting an end to what seemed to be a pretty open secret, Triple-S Management Corp. on Tuesday announced that its subsidiary Triple-S Salud Inc. will purchase American Health Inc.’s parent company, for some $82 million in cash.
Stateside pharmaceutical industry analysts placed their bets this week on whether Johnson & Johnson officials will decide to temporarily shut down the McNeil production plant in Las Piedras to correct manufacturing problems that have led to a string of major recalls in the last year.
Regional travel choices between Puerto Rico and neighboring Caribbean islands continue to expand, with the upcoming start of service by Air Turks and Caicos between San Juan and Puerto Plata, Dominican Republic. Company officials made the announcement in the Dominican Republic, unveiling plans to launch daily flights between the two islands starting April 15, contingent […]
The familiar Puerto Rico Telephone and DMAX brands — through which PRT offered its telephone and Internet services, respectively — are being phased out on the consumer level, to be unified under the the ‘Claro’ name, the carrier announced Monday. The move comes four years after Mexican telecommunications giant América Móvil, whose flagship brand throughout […]
Puerto Rico’s out-of-work force averaged 16.1 percent during calendar year 2010, representing the highest rate since 1993, when the average was 17 percent, the Department of Labor and Human Resources informed Friday.
(Credit: Wikipedia Commons) While the local Legislature is pursuing a bill requiring restaurant chains with five or more locations on the island to publicly display the nutritional value of the meals they sell, the Food and Drug Administration on Friday postponed a similar menu labeling requirement it was looking to impose on stateside eateries. The […]
The readers of tourism industry trade publication Caribbean Travel & Life Magazine recently voted Puerto Rico as the “Caribbean’s most complete destination,” favoring it over Jamaica and St. John’s in the U.S. Virgin Islands to take the coveted distinction. The achievement resulted from teamwork, Puerto Rico Hotel and Tourism Association President Clarisa Jiménez said Thursday. […]
Nearly a year after service was suspended, ferry connections between Puerto Rico and the Dominican Republic will restart on March 16 under new operator America Cruise Ferries, which will invest some $65 million to revive the route.
The GDB is analyzing the possibility of selling GO bonds this year.(Credit: Víctor Román) New York-based Fitch Ratings has assigned a “BBB+” rating to the Commonwealth’s outstanding $9.2 billion general obligation (GO) bonds, saying the outlook is stable. However, the long-term rating remains in Fitch’s lower medium grade classification, for a number of reasons. Its […]
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