Green Energy Fund making $11M in incentives available as of July 1
June 28, 2012
The new fiscal year that starts July 1 will make $11 million in incentives available to businesses looking to invest in renewable energy projects, Economic Development and Commerce Secretary José Pérez-Riera said Thursday.
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Oriental Financial Group to acquire BBVA Puerto Rico for $500M
June 28, 2012
Oriental Financial Group Inc. has entered into an definitive agreement to buy Banco Bilbao Vizcaya Argentaria, S.A.’s Puerto Rico operations for $500 million in cash, the companies announced this morning.
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Seaborne Airlines investing $7M in 3 new planes
June 28, 2012
Nearly 18 months after launching flights between the Luis Muñoz Marín International Airport in Carolina and the islands of St. Croix, St. Thomas and Vieques, regional carrier Seaborne Airlines announced Wednesday plans to expand its fleet of aircraft, investing more than $7 million in three new planes.
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Northeastern region needs ‘focused plan’ to jumpstart economic activity
June 28, 2012
Puerto Rico has to implement a reinvention project focused on an economic and social development plan that includes a specific agenda for the Northeastern region, which is as stagnant as the rest of the island.
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EDB OK’s $8M loan, credit line to Guayanilla firm
June 28, 2012
The Economic Development Bank announced Wednesday it granted local company South Puerto Rico Towing and Boat Service Inc. an $8 million loan and credit line to use for operating expenses.
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SAP Puerto Rico closes 1Q ’12 with 108% growth
June 28, 2012
SAP Puerto Rico and Caribbean became the company’s fastest growing region in Latin America with a 108 percent growth in revenue from software sales during the first quarter of 2012.
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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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Liberty-OneLink union to create ‘formidable competitor’
June 27, 2012
The corporate union between the island’s leading cable operator OneLink Communications and the second largest, Liberty Cablevision of Puerto Rico, is expected to create a formidable competitor against satellite paid television providers and, in coming months, Claro de Puerto Rico.
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3 local companies nab Microsoft ‘Global Partner’ awards
June 27, 2012
Three Puerto Rico companies dedicated to developing software and technology based on the Microsoft platform are being recognized for their work in the Latin American region during the upcoming Microsoft Worldwide Partner Conference.
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Sartorius Stedim Biotech inaugurates $20M Yauco wing
June 27, 2012
German pharmaceutical Sartorius Stedim Biotech inaugurated Tuesday its new $20 million expansion at its Yauco plant, completed some 14 months after it announced plans to increase its presence in Puerto Rico.
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OneLink sold to Liberty Cablevision for $585M
June 26, 2012
MidOcean Partners and Crestview Partners confirmed today that they have entered into a definitive agreement with the local subsidiary of Liberty Global Inc. and investment funds affiliated with Searchlight Capital Partners, L.P. to sell 100 percent of San Juan Cable LLC, known as OneLink Communications for $585.25 million.
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CDI Labs gets $11.4M to launch 2nd phase of R&D
June 26, 2012
CDI Laboratories in Mayagüez — the only company in the world using pioneering technology with the ability to generate high specificity monoclonal antibodies — began a new phase of research after receiving a combined $11.4 million in local and federal funding to develop new technologies in the field of medicine.
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Autogermana MINI donates $12K to pediatric cancer patients
June 26, 2012
Autogermana MINI recently donated $12,000 to the CAP Foundation, a nonprofit devoted to working for the welfare of pediatric cancer patients at the Puerto Rico Children's Hospital.
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Liberty mulling OneLink acquisition
June 25, 2012
Luquillo’s Liberty Cable is in talks to buy the assets of San Juan’s cable television provider OneLink Communications through a transaction that could be worth about $560 million, News is my Business learned.
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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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