GDB’s Ferrer: ‘Credit cut is something nobody wants’
February 15, 2013
Government Development Bank President Javier Ferrer said the García-Padilla administration is “analyzing all types of measures” to address Puerto Rico’s critical fiscal problems fronted by the drained public retirement systems that are being closely watched by stateside credit agencies.
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CNE: External regulatory board needed to run PREPA
February 13, 2013
The Puerto Rico Electric Power Authority needs to undergo profound changes to improve its fiscal situation and consumer services, something that could happen under the supervision of an external, independent regulatory board, members of the Center for a New Economy think tank said Tuesday.
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Gov’t creates task force to boost commercial ties with DR
February 12, 2013
Looking to boost exchanges in key areas such as agriculture, manufacturing and energy, and reestablish direct trade routes between Puerto Rico and the Dominican Republic, the Department of Economic Development and Commerce has created a task force responsible for promoting commercial ties between the islands.
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Governor signs ‘Jobs Now Act’ to create 50K jobs
February 11, 2013
Three weeks after announcing plans to submit legislation to spur job creation in Puerto Rico, Gov. Alejandro García-Padilla signed Sunday the “Jobs Now Act,” the tool his administration will rely on to create the 50,000 jobs he promised to promote during the first 18 months of his tenure.
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Planning Board: Land Use Plan ready by Jan. ’14
February 4, 2013
Puerto Rico Planning Board President-designate Luis García-Pelatti has made it his mission to spend the next year polishing and updating the Land Use Plan, first proposed nearly a decade ago.
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CRIM seeking $9M in damages from tech provider
January 30, 2013
The Municipal Revenue Collections Center is suing New York-based Infor Inc. for $9 million in damages related to the provider’s alleged inability to maintain software that the Puerto Rico government agency purchased in 2006.
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AGP files job creation bill; Private sector already pledges 10K slots
January 17, 2013
Gov. Alejandro García-Padilla filed the “Jobs Now Act” bill Wednesday outlining his strategy to create 50,000 jobs in 18 months and the incentives companies will get in exchange for making opportunities available for out-of-work Puerto Rico residents.
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AGP economic team patching things up with pharmas
January 10, 2013
Gov. Alejandro García-Padilla’s economic team is working on patching things up with pharmaceutical companies doing business in Puerto Rico, which they said Wednesday have “lost trust” in the island’s government.
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‘Operación Empleo’ slated for next week
January 8, 2013
“Operación Empleo,” the new administration's first large-scale initiative through the Department of Economic Development and Commerce to offer workshops aimed at investors and private sector companies, will take place Jan. 16, government officials announced.
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Moody’s cuts PREPA credit rating to Baa2 from Baa1
December 18, 2012
The chain of rating downgrades affecting Puerto Rico’s credit added yet another link Monday, when Moody's Investors Service cut the rating on approximately $8.0 billion of outstanding power revenue bonds held by Puerto Rico Electric Power Authority's to Baa2 from Baa1.
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AGP: Moody’s actions further signal need for fiscal discipline
December 17, 2012
Governor-elect Alejandro García-Padilla said the recent downgrade by Moody’s Investors Service of the Commonwealth of Puerto Rico’s General Obligation bonds “further signal the need for fiscal discipline at the central government and in our public corporations.”
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Gov.-elect names more economic team members
December 12, 2012
Gov.-elect Alejandro García-Padilla revealed Tuesday the identities of several more members of its economic team, who will take office in January — several of which are already familiar faces in government.
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Analysis: Rescinding airport P3 could cost gov’t up to $8M, lawsuit risk
November 12, 2012
If the Puerto Rico government were to walk away from the public-private partnership that turns over the responsibility of managing and operating the Luis Muñoz Marín International Airport to Aerostar Holdings, it would have to compensate the consortium with as much as $8 million for its troubles, according to the 40-year lease agreement signed earlier this year.
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Gov’t expands services available via pr.gov
October 25, 2012
Looking to make it easier for citizens to interact with public agencies, government officials announced Wednesday the addition of six new services pr.gov, expanding the 280 already available through the website that has generated more than 10 million transactions since its launch in 2010.
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SBA OKs $880K in int’l trade loans in Puerto Rico, USVI
October 23, 2012
The U.S. Small Business Administration approved nine International Trade Loans in favor of exporters in Puerto Rico and the U.S. Virgin Islands in Fiscal 2012, totaling $880,000, the agency said Monday.
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