Florida court places National Insurance Co. Coral Gables subsidiary in receivership
August 4, 2011
The Second Judicial Circuit Court in Leon County, Florida ordered National Group Insurance Company, a subsidiary of Hato Rey’s embattled National Insurance Company, into receivership earlier this week, News is my Business learned.
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Oriental’s commercial loan production jumps 126% year-over-year in 2Q
August 3, 2011
Oriental Bank and Trust’s new and expanded commercial banking structure is starting to show the results of the growth that came with last year’s acquisition of the defunct Eurobank, with commercial loan production reaching $46 million during the second quarter, an increase of about 126 percent year-over-year, bank officials said Tuesday.
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Puerto Rico Coffee Expo returns in October
August 3, 2011
Looking to celebrate the Puerto Rican coffee industry's 275th anniversary, dozens of local brands, as well as representatives and suppliers of this important and emerging local industry, will gather for the second edition of the Puerto Rico Coffee Expo, Oct. 8-9 at the Puerto Rico Convention Center.
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Convention Bureau representing P.R. in ASAE convention
August 3, 2011
The Puerto Rico Convention Bureau will represent the Puerto Rico Convention Center during the upcoming American Society of Association Executives Annual Meeting & Expo taking place in St. Louis Aug. 6-9. The event is one of the convention industry’s largest gatherings of meeting planners of the year.
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CNE: Debt ceiling deal harmful to fiscal health
August 3, 2011
The approved plan to increase the United State’s debt ceiling will not solve the country’s fiscal problem, and could actually worsen it by reducing economic activity on the short- and mid-term, Sergio Marxuach, policy director for the Center for the New Economy said Tuesday.
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Ayustar ISP faces $25K FCC fine for crossing signals with LMM safety systems
August 2, 2011
Internet Service Provider Ayustar Corp. is facing a $25,000 fine from the Federal Communications Commission for allegedly operating a transmission system that is interfering with the Federal Aviation Administration’s Terminal Doppler Weather Radar, News is my Business learned.
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P.R. bankruptcy filings drop 30% in July
August 2, 2011
Puerto Rico’s bankruptcy levels continued their downward trend last month, when the total number of companies and individuals who turned to the U.S. Bankruptcy Court for help was reduced by 30 percent in comparison to the same month in 2010.
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La Fortaleza going ‘green’ through $1M investment
August 2, 2011
The hemisphere’s oldest operating governor’s mansion, La Fortaleza, will be going “green” after a $1 million investment to switch out energy-chugging lighting systems and air conditioning units for more efficient ones, government officials said Monday.
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SBA-backed loans up 29% through June, spurring $95M in local financing
August 1, 2011
In what may constitute as yet another sign of economic improvement, the U.S. Small Business Administration confirmed it has approved nearly $65 million in loan guarantees during the first nine months of fiscal 2011, reflecting a 29 percent increase in year-over-year activity in Puerto Rico and the U.S. Virgin Islands.
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U.S. Navy puts 2K acres of former Roosey Roads land on block
July 31, 2011
The U.S. Department of the Navy’s Base Realignment and Closure Program Management Office is putting up for sale some 2,036 acres of land belonging to the former Naval Station Roosevelt Roads in Ceiba, announcing a public online auction on its Web site, where strikingly, it describes the land as ideal “for work or play.”
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Merck’s local operations excluded from global job cuts
July 30, 2011
Merck & Co.’s reported plans to cut back its workforce by about 13,000 by 2015 will not affect its local operations, Frank Gutiérrez, general manager of Merck Puerto Rico and the Caribbean, said Friday.
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AT&T to regulate speeds for ‘unlimited’ heavy users
July 30, 2011
AT&T dropped a bomb Friday on unlimited data plan smartphone customers who use their devices so much they fall into that top 5 percent that clogs up the network during any given billing cycle.
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NY firm to monitor energy use at several public buildings
July 30, 2011
For the second time this year, the Public Buildings Authority has awarded a contract to New York-based utiliVisor to monitoring energy consumption levels at government centers in Aguadilla and Caguas, as well as the Police Department’s Hato Rey headquarters.
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Claro bids $11.2M to pick up additional wireless licenses
July 30, 2011
This week, Claro bid close to $11.2 million for six wireless licenses auctioned off by the Federal Communications Commission, which it could use to improve or expand its mobile services, News is my Business learned Friday.
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Op-Ed: Tales from an evolved ape — my take on debt ceiling debate
July 29, 2011
I grew up hearing a saying, "you missed the forest for the trees" and for the longest time, I wondered exactly what that meant. It wasn't until a funny, skinny and chain-smoking reporter at the defunct The San Juan Star gave me a definition. He said, "It’s simple, the saying means that sometimes we focus on something so much that we lose perspective of everything else.”
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