P.R.’s lack of power failure protection policies generate millions in losses
July 25, 2011
The island’s lack of a policy to protect against power failures and outages, energy fluctuations, and electricity quality problems that damage equipment is detrimental to business investments and triggers significant losses, Enrique Chávez, sales director for Mexico, Central America and the Caribbean of Eaton Corporation’s power quality division.
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P.R. pharma industry growth to remain stagnant, research firm says
July 25, 2011
Pharmaceutical companies doing business in Puerto Rico will not show any significant growth this year, pressured by upcoming patent expirations and underperforming economic conditions, Irish research firm Research and Markets said in its most recent industry report.
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S.J. Marriott launches $2.2M lobby renovation project
July 25, 2011
The San Juan Marriott Resort & Stellaris Casino in Condado is pumping $2.2 million into the transformation of its lobby and bar area, ushering in a new modern feel, hotel officials announced.
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P.R. lands major Caribbean tourism convention in ’12, ’13
July 23, 2011
Following a successful event last year, the Caribbean Hotel and Tourism Association and the Caribbean Tourism Organization announced Friday that the annual Caribbean Hotel and Tourism Investment Conference will return to Puerto Rico in 2012 and 2013. The event represents an economic boon for Puerto Rico and draws attention to the island as an ideal convention destination.
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Businesses in 12 rain-affected towns eligible for SBA-backed loans
July 23, 2011
Island small businesses in 12 towns affected by an episode of severe storms that caused flooding, mudslides, and landslides earlier this year can apply for recovery loans of up to $2 million, with U.S. Small Business Administration backing, the agency announced Friday.
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Oriental reports $25.3M in 2Q income
July 22, 2011
Oriental Financial Group Inc. released results for the second quarter ended June 30 that reflected income of $25.3 million, a significant increase from the $4.2 million loss reported for the same quarter in 2010 and a profit of $1.9 million for the first quarter that ended in March.
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Underprivileged P.R. farmers get $1M in federal aid
July 22, 2011
Hundreds of farmers on the island will receive close to $1 million in assistance from the U.S. Department of Agriculture’s Reimbursement Transportation Cost Payment Program, Resident Commissioner Pedro Pierluisi announced Thursday. The reimbursement is the largest amount granted by the federal agency in fiscal 2010.
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AMR makes 2nd attempt to divest American Eagle
July 21, 2011
For the second time in the past five years, AMR Corp., parent company of American Airlines Inc., has announced plans to divest its wholly owned regional carrier American Eagle. The strategy calls for spinning off the operation as an independent business.
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Nielsen: Newscasts favored among island TV watchers
July 21, 2011
Puerto Rico television viewers spend their time in front of the set watching virtually the same number of hours of local and cable television programming, with local newscasts taking the top spot in terms of preference, Nielsen Puerto Rico reported Wednesday.
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Agreement with Treasury pumps Popular Inc.’s 2Q results
July 20, 2011
Popular Inc. reported net income of $110.7 million for the quarter ended June 30, 2011, buoyed by a tax benefit of $59.6 million granted through an agreement with the Treasury Department related to the timing of charge-offs for accounting and financial reporting purposes.
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P.R. stands to gain from sustainable cocoa crops
July 20, 2011
For the past 100 years, worldwide chocolate consumption has reflected a 3 percent annual increase as demand for tasty cocoa-based products has gained ground. Today, the current global market value of annual cocoa crops is estimated at $5.1 billion, according to World Cocoa Foundation statistics.
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Alemán to head Bankers Association
July 20, 2011
Aurelio Alemán, CEO of FirstBank, has been elected president of the Puerto Rico Bankers Association, effective July 1. The executive’s term extends through Sept. 30, 2012.
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Dorado Beach, a Ritz-Carlton Reserve to open in December ’12
July 20, 2011
The luxury Dorado Beach, a Ritz Carlton Reserve property in Dorado is slated to open in December, when it will become the first property to fly that flag in the Americas, developers and government officials said Tuesday.
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BBU Bank rebrands as Banesco in FL, P.R.
July 20, 2011
Ten months after South Florida-based BBU Bank acquired and merged Banesco International Bank Corp. into its mainland U.S. domestic banking operations, it will be changing its name to Banesco USA, the banking institution’s CEO Rafael "Rafo" Saldaña said.
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MIDA balks at proposed Closing Law regulation easing drugstore food sale rules
July 20, 2011
The Marketing, Industry and Food Distribution Chamber expressed its opposition Tuesday to a proposal by Consumer Affairs Secretary Luis Rivera Marín to approve a regulation related to the Closing Law to allow pharmacies to sell more food items on the days that supermarkets must remain closed.
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