First Bank’s Alemán: ‘2015 seemed like two years in one’
February 1, 2016
First BanCorp. wrapped up what top executives called a “very busy year” with net income of $21.3 million, or $0.10 per diluted share for 2015, compared to $392.3 million, or $1.87 per diluted share, for the year ended Dec. 31, 2014.
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Gov’t, debt insurers trade barbs over ‘clawback’ lawsuit
January 12, 2016
In the days since Assured Guaranty filed a lawsuit jointly with monoline insurer Ambac against the commonwealth of Puerto Rico over the constitutionality of revenue clawbacks, the parties have been defending their corners via public statements.
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Law passed to increase gov’t buys from small businesses
January 11, 2016
A bill amending Law 62 of 2014 calling for an increase in government purchases from local small and mid-sized businesses from 20 percent to 30 percent starting this year has been signed into law, House Speaker Jaime Perelló announced.
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García-Padilla: P.R. to make most of debt payment in Jan.
December 31, 2015
The government of Puerto Rico will make most of its $1 billion debt payment due Jan. 1, defaulting only on some $37 million of the amount, Gov. García-Padilla said Wednesday.
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Despite falling liquidity, gov’t to pay Christmas bonus
December 21, 2015
With an estimated $700 million in the Government Development Bank’s coffers and a Treasury Department that reported $488.6 million in revenue collections in November, Gov. Alejandro García-Padilla announced Sunday public sector employees will receive their Christmas bonuses, as established by law.
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P.R. revenue collections $15.4M below estimates in Nov.
December 15, 2015
Puerto Rico General Fund collections reached $488.6 million in November, falling $15.4 million short of estimates, but $36.7 million above what the government shored up during the same month in 2014, Treasury Secretary Juan Zaragoza said Monday.
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Microsoft in line to harmonize gov’t accounting systems
November 19, 2015
Microsoft Corp. could be close to landing a contract to implement a unified accounting system across Puerto Rico government agencies, which currently are unable to share data with each other, making reporting a challenge.
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Gov’t ‘has faith’ it will pull Puerto Rico out of fiscal hole
October 21, 2015
Government Development Bank President Melba Acosta said Tuesday the administration “has faith” it will pull Puerto Rico out of the fiscal abyss it is currently in, and will set up mechanism to avoid a repeat of the island’s current $73 billion debt scenario.
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Puerto Rico gov’t defaults, halts monthly GO transfers
August 4, 2015
Investors in Puerto Rico debt got double-whammied by the island’s government Monday, which missed a $58 million debt payment as it had predicted it would, and separately told creditors it has temporarily suspended monthly deposits to its General Obligation (GO) bonds redemption fund.
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Banking exec: Gov’t must act with ‘conviction, urgency’
July 27, 2015
The Puerto Rico central government is facing pressure to “act with more conviction and with more urgency” to address its dwindling liquidity, crushing debt and anxiety building up over the island’s fiscal problems.
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Puerto Rico trade groups ready to work with gov’t
July 15, 2015
Representatives from 20 Puerto Rican trade associations said Tuesday they are ready to work with the government to jump-start the island’s economic development, proposing specific strategies to move things along.
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Leading economist: Growth essential to P.R.’s recovery
July 10, 2015
The loss of Section 936 tax breaks, combined with overly indulgent local labor laws and a federal policy that encourages people to stay on the dole rather than work, have all contributed to Puerto Rico’s current fiscal nightmare.
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P.R. governor creates work group to restructure debt
June 30, 2015
Puerto Rico Gov. Alejandro García-Padilla announced Monday a multi-pronged plan to address the island’s fiscal crisis to work with creditors on restructuring what he described as the “unpayable” $73 billion debt.
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PRMA suggests remedial steps for gov’t fiscal problems
May 29, 2015
During the opening day of its annual convention Thursday, the Puerto Rico Manufacturers Association delivered a list of recommendations — including cutbacks, government restructuring and fiscal measures — to administration officials, in hopes of doing its part to help the island pull out of its economic crisis.
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Experts: Puerto Rico on right track in use of tech tools
May 14, 2015
Puerto Rico’s current financial crisis might just be the opportunity for the government to stay on track with its strategy of collaborating with private-sector technology companies to find solutions to its problems and improve services to citizens.
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