Agriculture asks court for 10 more days to determine new milk prices
December 30, 2010
The Agriculture Department on Thursday filed a motion at the U.S. District Court for Puerto Rico requesting an additional 10 days to "responsibly calculate" what the new price for fresh milk should be.
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PRT to save millions in operational costs due to FCC decision
December 29, 2010
Puerto Rico Telephone recently scored a regulatory victory that will produce millions in operational savings, as a result of a Federal Communications Commission decision regarding the way the carrier offers long distance services. In an extensive decision released about a week ago, the FCC granted PRT’s request to allow it to provide long distance services […]
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Gov’t mulling GO bond sale
December 28, 2010
After two years of staying away from such transactions, the Commonwealth is considering a sale of general obligation bonds sometime in 2011 to finance infrastructure projects, Government Development Bank President Carlos García said Tuesday. While the government official did not say when the sale would take place or how much the agency is looking to […]
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American Airlines further reducing local operations
December 28, 2010
Dallas-Fort Worth-based American Airlines, Puerto Rico's dominant air carrier, will be cutting five more routes from its schedule out of the Luis Muñoz Marín Airport, including several offered by its regional operator, American Eagle.
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Best Buy announces $1.2M scholarship program
December 28, 2010
Minneapolis-based retailer Best Buy Co. Inc. announced Monday the launch of its 2011 “@15 Scholarship” program, through which up to 1,200 college-bound students from the U.S. mainland and Puerto Rico can benefit from scholarships from the company. Students in grades 9-12 planning to enter college are eligible for the award program which has already distributed […]
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Thousands stranded at LMM as blizzard blankets Northeast
December 27, 2010
Nearly two dozen flights in and out of the Luis Muñoz Marín Airport in Carolina were grounded Monday, leaving about 2,000 passengers stranded as a major blizzard dumped significant amounts of snow throughout several states along the Mid-Atlantic and U.S. eastern seaboard.
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Pharma sector growth pinned at 2.5% in ’11
December 27, 2010
esearch firm Business Monitor International on Monday predicted that Puerto Rico's pharmaceutical industry will show a slight growth of 2.5 percent next year, despite the looming threat of the effects of Law 154, which starting in January levies a 4 percent excise tax on foreign corporations doing business on the island.
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Android handset sales expected to grow in ’11
December 27, 2010
The sale and popularity of smartphones running on the Android operating system is expected to explode in 2011, driven by better networks and improved — and cheaper — handsets, industry experts are predicting. The growth is already evidenced in numbers, as according to research firm IDC, Android-based phones sales have spiked 55 percent year-over-year, since […]
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Housing incentives move market
December 27, 2010
In the first three months since the launching of a government program to boost housing sales, some 10,640 units have been sold, representing more than $1.4 billion in economic activity, Housing Financing Authority officials said over the weekend.
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Ports mulls tightening maritime cargo inspections
December 23, 2010
Credit: Carlos Anguita The Puerto Rico Ports Authority announced this week plans to establish a new container inspection systems regulation, which is already generating talk among stateside maritime shippers. In a public notice published Tuesday, the agency announced that it will hold a public hearing on Jan. 21 to receive “testimonies and comments” concerning the […]
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PREPA sells $500M in Build America bonds
December 23, 2010
In a last-ditch effort to raise cash this year, the Puerto Rico Electric Power Authority announced it will be selling $500 million in taxable Build America Bonds before the program’s Dec. 31 deadline to save $130.8 million over tax-exempt borrowing, company officials said Thursday. The rush move responds to the agency’s interest in saving 35 […]
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COSVI gets positive affirmation from A.M. Best
December 23, 2010
Insurance ratings agency A.M. Best on Wednesday revised its outlook on Cooperativa de Seguros de Vida de Puerto Rico (known as Cosvi for its acronym in Spanish), to positive from stable and affirmed the company's financial strength rating of B- (Fair) and issuer credit rating of “bb-."
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Public, private sectors tackle copper theft problem
December 23, 2010
As the price of copper continues to rise — more than doubling in the last two years — its theft is also escalating, prompting several local government agencies this week to take a stance against the problem by raiding a number of outlets dedicated to buying the metal without asking for evidence of its origin, as required by law.
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Fresh milk prices will increase Dec. 30
December 22, 2010
Credit: Carlos Anguita U.S. District Court Judge Carlos Domínguez on Wednesday sided with the Puerto Rico Farm Bureau granting its petition for an increase in the price of fresh milk, to compensate for their operational costs. During a hearing, the judge ordered the Milk Industry Regulatory Office, known as ORIL, to comply with Regulation 12 […]
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PRHTA names Bustamante to its marketing committee
December 22, 2010
(Credit: PRHTA) Raúl Bustamante The Puerto Rico Hotel and Tourism Association on Wednesday announced the appointment of veteran hotelier Raúl Bustamante, general manager of the Conrad Condado Plaza, as the new chairman of its marketing committee. The committee serves as a forum for discussion, development and implementation of action plans to improve the ability to […]
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