SBA names new deputy district director for Puerto Rico, USVI
July 31, 2012
U.S. Small Business Administration Region II Administrator Jorge Silva-Puras announced Monday the appointment of María de los Ángeles de Jesús as Deputy District Director for SBA’s Puerto Rico and U.S. Virgin Islands district office.
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S&P cuts gov’t Retirement System outlook to ‘negative’ from ‘stable’
July 27, 2012
For the second time in the last week, Puerto Rico’s credit ratings have been under scrutiny by stateside agencies. This time, it was Standard & Poor's Ratings Services, which revised its outlook on the Commonwealth Employees Retirement System’s $2.9 billion in senior pension funding bonds, series A, B, and C to “negative” from “stable.”
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GDB sends scathing letter to Moody’s over ratings cut
July 20, 2012
The Gov. Luis Fortuño administration sent a scathing letter to Moody’s Investor Services late Thursday, expressing its “utter disappointment” with the agency’s decision to downgrade the Puerto Rico Sales and Use Tax Financing Corporation’s bond rating.
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OMB Chief: ‘We strongly reject’ Moody’s $16B COFINA bond rate cut
July 18, 2012
In what may constitute as the latest setback in Puerto Rico’s attempt to put the economy back on track, Moody's Investors Service announced Wednesday its decision to downgrade $16 billion in Puerto Rico Sales Tax Financing Corporation bonds.
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GDB may file claim in LIBOR rate manipulation case
July 17, 2012
The Puerto Rico Government Development Bank is mulling over the possibility of filing a legal claim related to the London Interbank Offered Rate manipulation case, agency President Juan Carlos Batlle told Reuters Monday.
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Moody’s upgrades Pridco’s credit ratings to ‘Baa1’ from ‘Baa2’
July 6, 2012
Moody's Investors Service Inc. disclosed Thursday it has upgraded the M Rico Industrial Development Company's general purpose revenue bond rating to “Baa1” from “Baa2” and changed the outlook to stable. This decision came even though Pridco has some $210 million of outstanding debt.
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Panama’s Martinelli: ‘Puerto Rico has everything and hasn’t taken advantage of it’
June 29, 2012
Puerto Rico needs to establish closer commercial ties with all countries throughout Latin America and the Caribbean by, among other things, playing up its importance as the gateway to the U.S. mainland, Ricardo Martinelli, president of the Republic of Panama said upon his arrival to the island Thursday.
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EDB closes Fiscal ’12 with $208M loan portfolio
June 29, 2012
The Economic Development Bank for Puerto Rico closed Fiscal ’12 with a record-setting $208 million portfolio of loans granted to the island’s small and mid-sized businesses, the highest figure on record since its establishment in 1985, agency officials said Thursday.
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U.S. Labor Department grants $4.1M to help Puerto Rico displaced workers
June 27, 2012
The U.S. Department of Labor today awarded three National Emergency Grants totaling more than $4.1 million to the Puerto Rico Department of Labor and Human Resources that will assist more than 750 workers affected by recent plant closures and resulting layoffs in Puerto Rico.
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S&P downgrades GDB rating outlook to ‘negative’ from ‘stable’
June 25, 2012
Standard & Poor's Ratings Services revised Monday its ratings outlook on the Government Development Bank for Puerto Rico to negative from stable, while affirming its 'BBB/A-2' ratings for the agency.
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P.R. lays out investment benefits to Venezuelan business community
June 22, 2012
In an effort to boost awareness about investment opportunities in Puerto Rico, the Economic Development and Commerce Department and the Venezuelan Association of Entrepreneurs, Executives and Professionals presented before a large group of Venezuelan executives the “Puerto Rico: Investment Opportunities” seminar, focusing on the manufacturing and banking sectors as those with the greatest economic potential.
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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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