By month's end, the government's two banks will see a turnover at the helm.
New York-based National Public Finance Guarantee Corp. on Wednesday gave props to the government’s progress in successfully addressing Puerto Rico’s “structurally unbalanced fiscal environment.”
Puerto Rico’s $30.1 million pawn industry will have to abide by a new law that went into effect this week, which among other stipulations, requires companies to be licensed to purchase metals and precious stones.
Less than two months after announcing plans to be eyeing Puerto Rico for the development of a $150 million solar energy project, this week Canadian firm Western Wind Energy Corp. confirmed it has signed a 30 megawatt photovoltaic purchase power agreement with the Puerto Rico Electric Power Authority.
The fourth edition of Saborea Puerto Rico “A Culinary Extravaganza” will once again return to the Escambrón Beach in San Juan, from April 1-3, when a full lineup of local and international chefs will showcase their talents.
When Puerto Rico’s current recession started in 2006, it set off one of the most significant migrations of island residents in recent history, with some 37,000 people leaving in search for a better life that year. In the last five years that number has blown up to more than 300,000, the Migrant Profile released by the Puerto Rico Statistics Institute showed on Monday.
Puerto Rico’s main banks had more than $75.6 billion in combined assets at the end of 2010, reflecting a year-over-year drop of 15.6 percent, according to a report released by the Office of the Commissioner of Financial Institutions.
The Economic Development Bank announced Sunday the approval of $7.2 million in loans — and a $1 million revolving credit facility — to help a trio of local businesses develop and keep their businesses going.
As oil prices settled at close to $98 a barrel Friday, prices at the pump on the island also spiked, prompting concerned consumers to scramble to fill up their tanks in case things get worse in coming days.
Puerto Rico’s workforce fell to 41.4 percent in January 2011, representing the lowest participation rate recorded for the month of January since 1983, when the number reached 40.7 percent, the Labor Department informed Friday.
Ford Motor Company is looking to increase its participation in the island’s automobile market to 13 percent this year, selling close to 10,000 units, said Waldo Galán, director of Ford Puerto Rico, on Wednesday.
Puerto Rico businesses are missing out on making millions from federal government contracts each year, a shortcoming that represents a significant loss of growth opportunities. Looking to mitigate that, the Puerto Rico Industrial Development Co. on Tuesday announced the creation of the Federal Contracting Center, an office that will begin operating next month at the agency’s Hato Rey headquarters.
The Economic Development Bank announced Sunday it is looking to boost its loan portfolio for Puerto Rico’s small- and mid-sized businesses by nearly 10 percent, to $275 million, in fiscal ’12, as a result of efficiencies achieved at the agency over the past 23 months.
Expecting it to be a “short sale,” Borders Group on Saturday will begin liquidating everything at the 200 stores it will close as part of its Chapter 11 procedure, including the Carolina and Mayagüez locations.
Local coffee production has dropped by half in the last five years as the sector considered a jewel of Puerto Rican agriculture has battled against natural disasters and a lack of people interested in taking on the arduous task of picking beans.
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