Gov’t announces first of several agreements with PR rum producers
February 4, 2011
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 […]
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SEC probe targets local UBS subsidiary over ’08 mutual bonds sale
February 4, 2011
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.
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Gasoline prices continue upward swing
February 3, 2011
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.
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‘Green’ initiatives taking root in local hotels
February 3, 2011
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.
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Hilton exec: PR’s challenge is to be heard
February 3, 2011
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 […]
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Oriental Financial Group announces 4Q earnings, $30M stock repurchase plan
February 3, 2011
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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Some 18,000 local homeowners faced foreclosure last year
February 1, 2011
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.
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Retail sales show signs of improvement during first 10 months of ’10
February 1, 2011
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 […]
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Popular to sell $500M in bad construction loans, reclassifies U.S. mortgage portfolio
January 31, 2011
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.
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Legislature passes tax reform, Gov. Fortuño to sign it Monday
January 31, 2011
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 […]
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Baxter’s PR operations get FDA warning letter
January 27, 2011
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 […]
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Copa expands seating capacity in ‘11
January 27, 2011
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.
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Triple-S to acquire American Health Inc. for $82M in cash
January 25, 2011
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.
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Analysts: Closing of PR McNeil plant could represent billions in losses for parent J&J
January 25, 2011
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.
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Air Turks & Caicos to launch daily flights
January 24, 2011
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 […]
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