Motor vehicle excise taxes fuel December ’11 Treasury collections
February 7, 2012
Net General Fund revenue totaled $776 million in December, representing an increase of $210 million when compared to the same month in 2010. The hike was attributed to a surge in motor vehicle excise tax collections, which Treasury Secretary Jesús Méndez said reflected the highest year-over-year percentage growth.
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Open Mobile appoints new COO
February 7, 2012
Wireless carrier Open Mobile announced Monday the appointment of Federico Grosso as chief operating officer of the company as it embarks on adopting and deploying its next-generation 4G LTE network.
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Copamarina Beach Resort getting $1M upgrade
February 6, 2012
The luxe Copamarina Beach Resort & Spa in the southwestern town of Guánica is getting a $1 million upgrade this year that includes a complete makeover of its 106 rooms and the addition of new entertainment options for guests, hotel General Manager Rabín Ortíz told News is my Business.
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Bacardí marks 150th anniversary with historic family gathering
February 6, 2012
Some 600 members representing several generations of the Bacardí family gathered at the Cataño distillery to mark the rummaker’s 150th anniversary late last week as part of the global celebrations taking place this year.
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Red Lobster, Carl’s Jr., Margaritaville opening in P.R. this year
February 2, 2012
International Meal Company is investing $22 million over the next three years to open between 12 and 15 new restaurants in Puerto Rico, split between Margaritaville, Carl’s Jr. and Red Lobster. In total, the new operations will create 1,200 jobs in 36 months, IMC CEO Javier Gavilán said during a news conference Thursday.
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Moneyhouse marks 5th anniversary with significant milestones
February 2, 2012
Local private equity lender Moneyhouse is celebrating its fifth anniversary this month and is marking the milestone by outlining its accomplishments thus far, namely closing on more than $675 million in loans, of which 40 percent — or $275 million — are reverse mortgage cases.
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PetSmart celebrates opens Hatillo store
February 2, 2012
PetSmart, the largest specialty retailer of services and solutions for the lifetime needs of pets, will mark the opening of its sixth location in Puerto Rico, at the Plaza del Norte Mall in Hatillo, with an all-day event Saturday.
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Doral expands ATM network, adds jobs
February 1, 2012
Doral Bank announced Wednesday plans to increase its ATM network by more than 100 percent with the addition of 55 new machines at Walgreens drugstores islandwide. The expansion should push the number of ATMs to about 200, company officials said during a morning news conference.
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First BanCorp reports $14.8M drop in 4Q ’11, narrows annual losses
February 1, 2012
First BanCorp, parent of FirstBank Puerto Rico reported a net loss of $14.8 million for the fourth quarter of 2011, compared to a net loss of $24 million for the third quarter of 2011 and a net loss of $251.4 million for the same year-ago period in 2010.
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$50M planetarium, hotel planned for Arecibo Observatory
February 1, 2012
Nearly 50 years after it was founded in Arecibo, the world’s foremost single-dish radio telescope facility is the focus of a massive redevelopment project that calls for the construction of a hotel and planetarium to the tune of $50 million, government and facility officials said Tuesday.
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Wendco to revamp Wendy’s, open more, bring Famous Dave’s, expand Applebee’s
February 1, 2012
Wendco of Puerto Rico Inc., franchisee of the Wendy’s restaurant chain, is expanding its operations aggressively this year, with plans to invest $8.1 million to open six new locations and remodel three existing stores throughout the island.
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P.R. tsunami shelter developer lands $125K in seed funding
February 1, 2012
A little over a month after turning to online investors for financing, Brahman Industries, the developer of a tsunami and flood shelter system known as the STATIM, announced it has received seed funding of up to $125,000 from Estabrook Ventures to build and commercialize the invention.
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Rock Solid Technologies lands Pridco incentives to hire, expand R&D
February 1, 2012
Local software consulting and development firm Rock Solid Technologies is getting the boost it needs to speed up its expansion plans and create solutions to be exported and sold worldwide, company President Angel Pérez told News is my Business.
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Upscale Dorado Beach eatery, Zafra, reopens after $300K makeover
February 1, 2012
Framed in the warm atmosphere reminiscent of historic haciendas, featuring exposed ceiling beams, wooden floors, oversized chandeliers and antique gears typical of a sugar plantation, the Dorado Beach Resort recently reinaugurated its Zafra restaurant, following a $300,000 remodeling project.
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LMM airport up for $40M in improvements
January 31, 2012
The government may be scouting for a private company to operate the Luis Muñoz Marín International Airport in Carolina, but while that happens it is moving forward with some $40 million in improvement projects that are either near completion or will go up for bids in coming weeks.
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