Statistics Institute submits $1.2M budget for fiscal ’14
May 2, 2013
Puerto Rico Statistics Institute Executive Director Mario Marazzi asked the Legislature to assign the agency a budget of a little more than $1.2 million for fiscal 2014, when it has set out to undertake 25 projects to expand and improve information databases.
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Puerto Rico lawmakers begin reviewing proposed budget
May 1, 2013
Puerto Rico Government Development Bank President Javier Ferrer told lawmakers Tuesday that without the necessary measures, the institution he heads will not have the capacity to float petitions by public corporations by summer.
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Puerto Rico governor unveils $9.8B budget, sales tax to drop to 6.5%
April 26, 2013
Puerto Rico Gov. Alejandro García-Padilla presented Thursday a consolidated budget of $29 billion and an operating budget of $9.83 billion for fiscal 2014, representing a $750 million increase when compared to the current budget, which he said will be covered with new revenue.
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Agencies list economic development initiatives launched since Jan.
April 24, 2013
The second Economic Development Summit took place at the Puerto Rico Convention Center Tuesday, when members of Gov. Alejandro García-Padilla’s economic team summarized what agencies have been up to since January to further the administration’s agenda to spur private-sector jobs and activity.
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Food distributor, well-known developer file for bankruptcy
April 19, 2013
Puerto Rico Food distributor Pedro Barba e Hijos Inc., Humacao drugstore owner Manuel Mediavilla Inc., and developer Joseph McCloskey-Diaz — who was involved in a highly-publicized mortgage fraud scheme in 2009 — were among the most recent commercial bankruptcy filings, with upward of $20 million in combined debt.
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Puerto Rico Justice Dept. files complaint against Econo
April 17, 2013
The Puerto Rico Justice Department’s Office of Monopolistic Affairs announced Tuesday it has filed a complaint against Supermercados Econo Inc. for violations to fair competition rules after failing to notify about recent changes in its grocery store chain’s composition.
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State Dept. looks to eliminate trademark, corporate registry backlog
April 17, 2013
The Puerto Rico State Department has a backlog of about 20,000 trademark and corporation registration applications pending review, which it is looking to eliminate this year, Secretary of State David Bernier said Tuesday.
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Treasury keeping extended hours for today’s tax filing deadline
April 16, 2013
Thousands of last-minute taxpayers are expected to file their returns in Puerto Rico today, and the Treasury Department is responding by offering extended hours at 21 collections centers, and its headquarters in Puerta de Tierra, agency Secretary Melba Acosta said Monday.
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Local gov’t officials off to Brazil for leaders forum
April 8, 2013
Three high-ranking Puerto Rico government officials, Gov. Alejandro García Padilla, Economic Development and Commerce Secretary Alberto Bacó and Puerto Rico Industrial Development Company Executive Director Antonio Medina, jetted off to Brazil Sunday to participate in “The Government Leaders Forum — Latin America and The Caribbean,” hosted by Microsoft.
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García-Padilla signs sweeping pension reform
April 5, 2013
Amid outcry from many public workers who will see their pension benefits dwindle once they retire from their government jobs, Puerto Rican lawmakers approved and Gov. Alejandro García-Padilla signed a sweeping reform aimed at “rescuing” Commonwealth’s Employees Retirement System.
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García-Padilla’s economic team takes lobbying to D.C.
March 26, 2013
The Puerto Rican government’s economic team is in Washington D.C. this week to “disclose and advance plans to stabilize the government's finances and revive the island’s economy,” the Treasury Department said Monday.
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PRASA picks Honeywell for $16M energy-savings program
March 25, 2013
The Puerto Rico Aqueduct and Sewer Authority recently announced it has entered into an agreement with Minneapolis-based Honeywell to upgrade wastewater treatment plants for the agency that entails modernizing infrastructure, improving efficiency and creating jobs.
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Puerto Rico companies, gov’t agencies owe Labor $378M
March 18, 2013
The Puerto Rico Labor Department is going after companies and government agencies that have failed, for whatever reason, to make their unemployment insurance payments for the past five or six years and now owe a combined $378 million, agency Secretary-designate Vance Thomas confirmed.
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Puerto Rico GDB, Treasury: S&P action is ‘wake-up call’
March 15, 2013
High-ranking government officials said Thursday that the decision by Standard & Poor’s a day earlier to slash Puerto Rico’s credit rating to near-junk status was “not a surprise” given the persisting grim economic scenario, but in its analysis the agency is giving the current administration “room to tackle the general fund deficit.”
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GDB hosting investor day in NY next week
March 15, 2013
The Government Development Bank will be hosting a “Puerto Rico Investor Day” event in New York next week, to give backers a one-on-one opportunity to meet with senior members of the island’s fiscal team.
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