Congresswoman files bill to crack down on hedge funds
November 5, 2015
Legislation authored by Rep. Nydia M. Velázquez (D-NY) aims to significantly strengthen reporting requirements for hedge funds, large privately organized, pooled investment vehicles not available to the public whose primary investors are wealthy individuals or institutions.
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Highways Authority to invest $254.6M in road projects
October 30, 2015
The Highways Authority will invest $254.6 million in federal funding on 53 road infrastructure projects that should be awarded in June 2016, agency Executive Director Carmen Villar announced Thursday during a meeting of the Associated General Contractors, Puerto Rico Chapter.
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Report: GDB knows bondholders IDs, but withholds info
October 29, 2015
The Government Development Bank has contracted New York-based Bondholder Communications Group, LLC to develop a communications database of information regarding bonds issued by the government and their value, a report by the Center for Investigative Journalism released Wednesday confirmed.
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GDB will not release annual report as promised Oct. 30
October 28, 2015
Puerto Rico Government Development Bank President Melba Acosta confirmed Tuesday that the agency will not be publishing the Comprehensive Annual Financial Report on Oct. 30, as it had announced earlier this year it would do.
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Puerto Rico gov’t to promote tourism, biz offer in NY
October 28, 2015
Puerto Rico’s tourism and business offer will have a special place with the opening of a new interactive space at the Commonwealth of Puerto Rico office in Manhattan, Economic Development and Commerce officials announced Tuesday.
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Sanders, Warren defend P.R. against ‘vulture funds’
October 23, 2015
WASHINGTON — The two most prominent progressives in the U.S. Senate urged the federal government Thursday to help Puerto Rico stand up against the “vultures” they largely blame for the island’s current fiscal nightmare.
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Gov’t ‘has faith’ it will pull Puerto Rico out of fiscal hole
October 21, 2015
Government Development Bank President Melba Acosta said Tuesday the administration “has faith” it will pull Puerto Rico out of the fiscal abyss it is currently in, and will set up mechanism to avoid a repeat of the island’s current $73 billion debt scenario.
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Gov’t collections up for 1st quarter, fall short in Sept.
October 16, 2015
General Fund net revenues for September totaled $758 million, representing an increase of $50.3 million, or 7.1 percent, year-over-year, but $17.4 million below estimates, Treasury Secretary Juan Zaragoza-Gómez said Thursday upon revealing the results.
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Governor submits bill to create fiscal supervisory board
October 16, 2015
Gov. Alejandro García-Padilla submitted late Thursday to the legislature the bill that will give way to the creation of a five-member fiscal oversight board that among other things, will be responsible for enforcing compliance with approved budgets.
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Pierluisi files bill asking U.S. Treasury to guarantee loans
October 9, 2015
Resident Commissioner Pedro Pierluisi introduced a bill Thursday that would authorize the U.S. Treasury Department to guarantee repayment of principal and interest on bonds to be issued in the future by the island’s bond-issuing public entities, but only if the agency certifies that the commonwealth has “demonstrated meaningful improvement in managing its public finances.”
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PR Energy Commission rejects rate increase petition
October 2, 2015
The Puerto Rico Energy Commission issued a resolution Thursday denying a petition by the National Public Finance Guarantee Corp., which insures $1.4 billion in Puerto Rico Electric Authority bonds, for a rate review and establishment of a temporary rate increase of at least 4.2¢ per kilowatt-hour.
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P.R. lawmaker asks Obama to intervene in fiscal crisis
August 26, 2015
Rep. José Enrique Meléndez, sent a letter to President Obama Tuesday asking his administration to intervene and become more active in their engagement when dealing with Puerto Rico’s economic crisis.
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Justice asks SCOTUS to review validity of Law 71
August 24, 2015
The Puerto Rico Department of Justice has petitioned the U.S. Supreme Court for certiorari, ruling the constitutional validity of the Public Corporation Debt Restructuring Act, which would allow the island’s public corporations to restructure their debts through an orderly process.
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SBA announces funding package to spur P.R. economy
August 18, 2015
U.S. Small Business Administration head María Contreras-Sweet was in Puerto Rico Monday to announced a series of initiatives to spur the island’s economy and create jobs.
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Treasury collects $626.5M in July, fueled by SUT revenue
August 17, 2015
The Puerto Rico Treasury Department announced Friday that General Fund net revenues totaled $626.5 million in July 2015 — the first month of Fiscal 2016 — representing a $2.3 million increase when compared to July 2014.
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