P.R., USVI get $3M in grants to improve jobless programs
September 16, 2014
The U.S. Department of Labor announced Monday awards exceeding a combined $3 million for Puerto Rico and the U.S. Virgin Islands to improve unemployment insurance programs.
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Treasury wants to erase ‘uncertainty’ from tax code
September 12, 2014
The Puerto Rico Treasury Department has spent the last seven months working with a team of local and international experts in tax, fiscal and economic matters to propose an overhaul to the island’s Internal Revenue Code that ultimately should eliminate the “uncertainty” associated with elements of the decades-old statute, agency Chief Melba Acosta told members of the media Thursday.
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General Fund net revenues fall short by $27.4M in Aug.
September 12, 2014
Puerto Rico’s General Fund net collections fell short of projected estimates by $27.4 million last month, when the government collected $440.6 million, hit mostly by a drop in payments from corporations under Law 154, motor vehicle sales and individual payments.
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PREPA board appoints chief restructuring officer
September 5, 2014
The Puerto Rico Electric Power Authority announced Thursday that, following a competitive selection process, the Board of Directors has appointed Lisa J. Donahue as chief restructuring officer.
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4 entities short-listed for Roosy Roads development bid
September 2, 2014
Local Redevelopment Authority for Roosevelt Roads, known as LRA for short, announced Sunday that four entities to move on to the final round of the process to choose a master developer for the former naval base in Ceiba.
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PRIDCO in Brazil for Iberoamerican Economic Congress
September 2, 2014
With a business development agenda in hand, Puerto Rico Industrial Development Company Executive Director Antonio Medina-Comas will participate this week in the Iberoamerican Economic Congress taking place in Sao Paulo and Brasilia, in Brazil.
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COSSEC adopts tech strategies, investment tools
August 29, 2014
The Corporation for the Supervision and Insurance of Puerto Rico Cooperatives, known as COSSEC in Spanish, has adopted a new policy of modernization, innovation and technology to facilitate information between co-ops and the government, President Daniel Rodríguez-Collazo said Thursday.
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Fitch: PREPA reform ‘still probable’ despite forbearance
August 20, 2014
Credit ratings agency Fitch said Tuesday it believes that a restructuring of Puerto Rico Electric Power Authority's debt obligations remains likely, despite the forbearance agreements between PREPA and certain of its creditors (including bondholders) signed on Aug. 14.
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PREPA reaches deal with creditors for payments due
August 15, 2014
The Puerto Rico Electric Power Authority announced Thursday that discussions with its creditors have resulted in agreements that provide the agency with a “consensual path forward to improve its operations and financial situation.”
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8 groups submit credentials to develop Roosy Roads
August 15, 2014
The Local Redevelopment Authority for Roosevelt Roads announced Thursday that eight groups submitted their statement of qualifications in response to a Request for Qualifications published in June seeking developers for some 3,000 acres of land at the former naval base in Ceiba.
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Preliminary July revenue reaches $624M, up 26% YOY
August 8, 2014
The Puerto Rico Treasury Department reported Thursday preliminary revenue for July 2014, the first month of the current fiscal year, reached $624 million, up $129 million, or 26 percent, from the total on record for the same month last year.
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Gov’t backs extending Roosy Roads Authority law
August 6, 2014
High-ranking García-Padilla administration officials this week backed the proposed extension of Law 508 to stretch the life of the Roosevelt Roads Local Redevelopment Authority for an additional 30 years.
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EDB, ADSEF join to push community biz development
August 6, 2014
As part of an initiative to promote the development of small businesses among low-income families, the Economic Development Bank for Puerto Rico and the Family Department's Socio-Economic Development Administration, known as ADSEF, have joined forces help those participating in the islandwide Economic and Social Rehabilitation program.
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BlueMountain Capital Management sues gov’t, PREPA
July 22, 2014
BlueMountain Capital Management, LLC filed a lawsuit on Tuesday against the government of Puerto Rico, challenging the legality of a new law that allows certain public corporations to avoid their debts.
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Gov’t defends strategy, lays out numbers for investors
July 18, 2014
Gov. Alejandro García-Padilla and members of his fiscal team faced investors during a webcast Thursday, during which they defended the administration’s strategy thus far to turn around the island’s grim financial situation.
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