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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10 telecom bills pending at the House
December 21, 2010
The House of Representatives has submitted or reviewed 10 bills this year proposing changes to existing laws related to the telecommunications sector, none of which have been approved. Among the measures is House Bill 2489, filed in February, to authorize the Telecommunications Regulatory Board to regulate the terms and conditions stipulated in data service contracts […]
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Dairy farmers to lobby for fresh milk price increase
December 20, 2010
Credit: Carlos Anguita Puerto Rico’s dairy farmers, represented by the Puerto Rico Farm Bureau, will publicly expose their sector’s economic problems during a hearing Tuesday by the Milk Industry Regulatory Office (ORIL, by its initials in Spanish) to determine whether there is a need for a hike in the price of fresh milk. During the […]
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Gift card sales expected to reach $91B
December 20, 2010
Gift card sales are expected to reach $91 billion this holiday season, fueled by new regulations and consumer protections, a stateside research firm said.
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Guayacán Group, Univ. of Texas join to boost technology commercialization
December 20, 2010
Local venture capital group Guayacán Group Inc. is throwing its support behind technology transfer and furthering the commercialization of innovation or discoveries through a partnership with the University of Texas, Austin. As part of that effort, Guayacán will host a series of workshops on Jan. 13-14 with the Univ. of Texas Austin’s IC2 Institute open […]
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Bankruptcy cases up 10% through November; debt exceeds $2.2B
December 20, 2010
The number of bankruptcy cases filed on the island during the first 11 months of 2010 represented at 10 percent year-over-year increase, according to data released Monday by local research firm Boletín de Puerto Rico.
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P.R. unemployment remains flat in November
December 18, 2010
Puerto Rico’s unemployment rate remained flat in November, compared to the same month in 2009 and the month of October, Labor Department statistics released Friday showed.
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LMM’s Terminal A opens in March
December 18, 2010
The modern facilities of the Luis Muñoz Marín Airport's Terminal A will be put to use starting in March, when it will open after several delays since construction began in 2006.
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FCC addressing ‘bill shock’ phenomenon
December 18, 2010
Has it ever happened that you have opened your monthly mobile service bill, only to discover that you have exceeded your rate plan by tens or even hundreds of dollars?
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Jeans icon Levi’s opening 2 local stores
December 16, 2010
Iconic jeans manufacturer Levi’s is making its debut in the Puerto Rico market with the opening of its first two outlet stores, at the Route 66 Outlet Mall in Canóvanas and Prime Outlets in Barceloneta. Although company officials refrained from providing details about their entrance into the local retail market — size of the stores, […]
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Stateside retail trade group revises prediction
December 16, 2010
With just 10 days until Christmas, the National Retail Federation revised its original sales growth prediction for the season to 3.3 percent, one percentage point higher than its original 2.3 percent year-over-year growth projection. The optimistic change responds to “ improvement in a variety of economic indicators including stock market gains, recent income growth, savings […]
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