EDB launches credit line program to spur local procurement
June 20, 2012
The Economic Development Bank and the Puerto Rico Industry Investment Board announced Tuesday the start of a financing program to provide credit lines of between $50,000 and $900,000 to local companies seeking to selling products and services to the government but who lack the necessary funds to get the process going.
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BofA Merrill Lynch ‘favorably impressed’ by P.R.’s financial strides
June 18, 2012
While recognizing that the Gov. Luis Fortuño administration’s financial strides “have been large and comprehensive,” Bank of America Merrill Lynch said in a recent report that Puerto Rico still has challenges ahead before achieving a full recovery.
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DTOP driving technology to curb motor vehicles office hassles
June 18, 2012
It’s no secret that getting, renewing or replacing a driver’s license — or just getting a plain ID card — in Puerto Rico is about as unpleasant as getting a flat tire when you don’t have a spare. The complicated forms, the long lines, and the sometimes irritable staff, can all add up to an all-day, cumbersome process that thankfully usually comes around every four or five years.
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ASUME adopts Microsoft software to cut back on ID theft, streamline processes
June 15, 2012
The Puerto Rico Child Support Administration, or ASUME, is looking to cut down on data and identity theft while achieving greater operational efficiencies by turning to Microsoft technology to digitize its records, the agency said Thursday
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Public Finance Corp. completes $410M bond issue
June 14, 2012
The Puerto Rico Public Finance Corporation placed and sold $410 million in bonds in the local market, the proceeds of which the agency will use to refinance existing debt and save $6.6 million in interest payments.
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CNE: P.R.’s fiscal situation stable but ‘quite fragile’
June 13, 2012
Puerto Rico’s public finances have stabilized but are still weak, its indebtedness levels and rates are unsustainable, its fiscal viability over the medium term is uncertain, and its economic outlook remains quite modest, said the Center for the New Economy’s Policy Director Sergio Marxuach during an analysis of the administration’s current and future budgetary activity.
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Public Building Authority refinances $588.9M in bonds
June 8, 2012
The Government Development Bank confirmed Thursday that the Puerto Rico Public Buildings Authority completed the refinancing of $588.9 million in bonds through a placement in the exempt market.
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S&P downgrades gov’t debt to ‘negative’ from ‘stable’
June 7, 2012
Standard & Poor's Ratings Services has revised its outlook for the Puerto Rico government’s general obligation (GO) and appropriation debt ratings to negative from stable.
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Treasury shores up $1.2B in April, reports 4% jump in May sales tax collections
June 5, 2012
Net revenue making its way to the Puerto Rico government’s General Fund exceeded $1.2 billion in April, with personal and corporate income tax collections representing 69 percent, or $830 million of the month’s total, agency Secretary Jesús Méndez said Monday.
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Treasury announces tax-free weekend July 13-15
June 1, 2012
Puerto Rico residents will get the chance to save some money on back-to-school purchases during a tax-free weekend July 13-15, Treasury Secretary Jesús F. Méndez said.
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Juvenile correctional center P3 draws 11 consortiums
May 17, 2012
Eight weeks into the process of finding a private operator to design, build, finance and maintain the proposed “New Juvenile Social Treatment Campus” in Yauco, the Public-Private Partnership Authority announced Wednesday it received 11 proposals from local and international interested consortiums.
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April employment data yields mixed results, jobless rate at 14.8%
May 17, 2012
Puerto Rico’s unemployment rate stood at 14.8 percent in April, representing the lowest level in 16 months. The number of employed people on the island increased by 22,000, while those on the unemployment lines were the lowest in the last four months.
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Investors: Gov’t transparency, free-flowing information critical to bond market success
May 10, 2012
Transparency and free-flowing information on the government’s behalf are crucial to keeping the island’s standing in the U.S. credit market, which is keeping close tabs on what is being done locally, several representatives of the investment community said Thursday during the first day of the Puerto Rico Credit Conference in San Juan.
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OMB’s Pavía: Government keeping expenses under control
May 8, 2012
Public expenses have been kept under projections during the first nine months of the current fiscal year, the fourth consecutive year the administration has managed its finances according to what was budgeted, a government official said Monday.
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Gov’t agencies, private sector pact to spur job creation
May 4, 2012
The Economic Development Bank, the Family Department's Socio-Economic Development Administration, known as ADSEF, the Puerto Rico Chamber of Commerce (CofC) and the United Retailers Association (CUD) announced Thursday the signing of a pair of agreements to launch a job promotion plan for low-income residents.
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