The island’s persistently high unemployment rate dropped slightly to 16.2 percent in April, representing a 0.7 percentage point reduction from the 16.9 percent rate on record for the same month last year. When compared to March 2010, the current rate is also down, by 0.6 percentage points, Labor Department statistics released Thursday revealed.
Software giant Microsoft has reportedly been using three jurisdictions where it operates outside the United States — Puerto Rico, Ireland and Singapore — as tax shelters to reduce its federal tax bill, the Financial Times reported.
New York-based credit ratings agency Fitch Ratings affirmed Friday its “AAA” rating on the Puerto Rico Housing Finance Authority’s $191 million mortgage subsidy program single family mortgage revenue bonds.
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