Oriental reports 4Q ’11 losses tied to string of one-time charges
January 31, 2012
Oriental Financial Group Inc. reported a loss of $13.1 million during the fourth quarter of 2001, sharply contrasting the positive results for the same year-ago quarter, when it recorded $3.9 million in income. The result for the quarter ended Dec. 31, 2011 also reflected a drop from the $15.6 million in the books for the prior quarter ended Sept. 30.
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Scotiabank offers to pay closing costs through novel mortgage-refinancing program
January 31, 2012
Refinancing a property is usually an expensive proposition that entails costly appraisals as well as fees that can add up to thousands of dollars, which often hold home owners back from reworking their loans to take advantage of dropping interest rates.
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P.R. ‘Best Employers’ survey underway to choose top companies
January 31, 2012
Because finding top professionals is harder than ever, companies need to do their part to get noticed. Achieving recognition as one of Puerto Rico’s best employers highlights a company’s commitment to success.
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Kia shoots for 30% growth in ’12, 5th place ranking in P.R.
January 30, 2012
Kia Motors Puerto Rico is counting on its redesigned models and a strong dealership network to drive a 30 percent growth of the brand this year and a push to fifth place among the island’s top-selling automakers, company executives said during its annual gathering this weekend in Guánica.
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Unbranded local debit cards no longer accepted at many stateside retailers
January 30, 2012
If you are one those people who are used to swiping a locally-issued ATM card issued to pay for purchases at stateside retailers, just as you would with cash, you may want to check with your bank whether that option is still available to you.
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Fleets, improved credit conditions drive 1.5% auto sales increase in ’11
January 27, 2012
Fueled by vehicle fleet sales, Puerto Rico’s auto industry reported a 1.5 percent growth in 2011 that is expected to continue this year, when growth projections are pegged at between 1 percent and 3 percent, the United Automobile Importers Group said Thursday.
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SBA backs 157 loans worth $22.2M in 1Q ’12
January 27, 2012
If the results of the first quarter of the federal fiscal year are any indication, 2012 should be good for small and mid-sized business lending activity in Puerto Rico and the U.S. Virgin Islands, which is already picking up significantly in contrast to last year’s results.
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Food distributor Happy Products expanding to retail, abroad
January 26, 2012
With 17 years of experience in producing and distributing highly nutritious food under its belt, Happy Products is now ready to expand beyond the island’s institutional market and into the retail sector and abroad, company officials said during a news conference Wednesday.
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Ford Motor Co. opens ’12 environmental grant cycle
January 26, 2012
Surrounded by the young students of the “Niños Uniendo al Mundo/Jardín del Cielo” School in Caguas, Ford Motor Company officials kicked off this year’s Conservation & Environmental Grants program Wednesday to benefit local schools, nonprofits and grassroots organizations that are doing their part to improve Puerto Rico’s landscape.
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Corporations get 5-month grace period to file past-due annual reports
January 26, 2012
As part of the final phase of the Corporations Registry digitization project, Secretary of State Kenneth McClintock announced Wednesday the start of a five-month grace period so that companies with past-due annual reports can become current.
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Popular Inc. reports $151.3M net income for ’11, $3M for 4Q
January 25, 2012
Popular Inc. reported net income of $3 million for the quarter ended Dec. 31, 2011, compared with net income of $27.5 million for the quarter ended Sept. 30, 2011, and a net loss of $227.1 million for the quarter ended Dec. 31, 2010.
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Majority of P.R. visitors would recommend it as tourism destination
January 25, 2012
The preliminary findings of the government’s 2011 Travelers Survey released Tuesday revealed that 88.9 percent of visitors who came to Puerto Rico last year would recommend the island as a tourism destination; the majority of visitors who arrived by air and by sea came to vacation.
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Home goods retailer Anna’s Linens opening 3 stores in P.R.
January 25, 2012
Costa Mesa, Ca.-based retailer Anna’s Linens will be opening its first three stores in Puerto Rico, two this year and another in 2013, through agreements with mall operator DDR Corp., the latter announced Tuesday.
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Level of influence: Traditional media on the web
January 25, 2012
“Primera Hora” is not the island’s best-selling newspaper, but it is the one with the greatest influence on the Internet. While “TránsitoPR,” which is not a traditional news outlet but a service that provides traffic information to other media and the public, has more influence on the Internet that all news stations on the island and several major circulation newspapers.
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Supreme Court denies PLA petition to block proposed Guaynabo mega-mall
January 24, 2012
Constructora Sambil, the Venezuelan developer behind the proposed $400 million mega-shopping center in Guaynabo, is hopeful it will be able to break ground on the project this year after the Puerto Rico Supreme Court denied a motion for reconsideration presented by Plaza Las Américas that sought to paralyze the mall’s construction.
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