First BanCorp announces loan sale, 4Q losses
February 9, 2011
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.
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Local banks banning hats, sunglasses, limiting celphone use at branches
February 8, 2011
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.
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NY firm chosen to monitor Minillas Gov’t Center energy consumption
February 7, 2011
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.
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PR beverage producer to begin exporting to FL
February 7, 2011
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 […]
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Open Mobile avoids hefty FCC fine
February 7, 2011
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 […]
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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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