GDB bondholders seek to continue court challenge
July 5, 2016
Puerto Rico Government Development Bank bondholders filed a motion to ensure that they may continue to pursue their constitutional challenges to the Puerto Rico Emergency Moratorium and Financial Rehabilitation Act, Law 21 of 2016, known as the “Moratorium Act.”
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PREPA reaches deal with creditors; S&P cuts rating
July 1, 2016
The Puerto Rico Electric Power Authority announced Thursday its intention to pay all principal and interest due on July 1, 2016 under its power revenue bonds in accordance with the terms of an agreement with creditors holding approximately 70 percent of the utility’s outstanding debt, company officials said.
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AT&T invested $100M in network upgrades in P.R. in ’15
July 1, 2016
Wireless carrier AT&T made 460 wireless network upgrades in Puerto Rico, added four new cell sites, and completed more than 450 network capacity enhancements last year, when it invested some $100 million in its infrastructure, the company said Thursday.
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P.R Premium Outlets gets ’16 TripAdvisor nod
July 1, 2016
Puerto Rico Premium Outlets announced Thursday it has received a TripAdvisor Certificate of Excellence.
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U.S. Senate passes PROMESA, Obama could sign it today
June 30, 2016
The U.S. Senate passed S. 2328, the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), Wednesday with a bipartisan vote that should send the measure to Pres. Barack Obama’s desk for signing today.
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$45M AC Hotel by Marriott breaks ground in Condado
June 30, 2016
The groundbreaking ceremony for the first AC Hotel by Marriott in San Juan took place Wednesday for what will be a $45 million investment by Ashford 1369 Hospitality, LLC, an affiliate of Interlink, which acquired the former Ambassador Plaza & Casino property in Condado.
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AGC hosts construction industry biz matchmaking event
June 30, 2016
The Associated General Contractors of America, Puerto Rico Chapter, recently held the third edition of its Business Match Making to connect general contractors with suppliers of products and services related to the construction industry, including sub-contractors.
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P.R. Telephone Co., parent co. to pay $1.1M FCC fine
June 29, 2016
The Federal Communications Commission announced today that Puerto Rico Telephone Company and its parent company, América Móvil of Mexico, will pay $1.1 million to resolve an investigation by the FCC’s Enforcement Bureau.
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P.R. credit unions have $486M in reserves to face losses
June 29, 2016
Due to the possibility of a government default on some $2 billion in debt service due July 1, Puerto Rico credit unions confirmed they have enough financial capacity to face the situation, with $486 million in reserves to face possible investment losses.
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Walmart introduces ‘Walmart Pay’ at local stores
June 29, 2016
With the goal of making the process of paying for purchases easier and quicker, Walmart Puerto Rico is introducing “Walmart Pay” – a fast, easy and secure way for customers to pay with their smartphones in Walmart and Amigo stores islandwide, starting today.
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Taco Maker to invest $1.5M annually in local beef
June 29, 2016
The owners of the Taco Maker franchise in Puerto Rico, FransGlobal, announced this week its decision to buy the more than 50,000 pounds of beef consumed monthly at its 90 local restaurants from island farmers, representing an annual investment of some $1.5 million.
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Moody’s: New surcharge ‘positive’ for PREPA creditors
June 28, 2016
Moody’s Investors Service said Monday the new surcharge on customers’ electricity bills approved last week by the Puerto Rico Energy Commission to be used to pay debt service on new securitization bonds to be issued as part of the Puerto Rico Electric Power Authority’s debt restructuring is positive for creditors.
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1st trade mission to Mexico in 12 years underway
June 28, 2016
Fusionworks Inc. closed its office in Mexico City earlier this year but that hardly means this Condado-based business and technology advisory firm is out of that market.
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CUD presidential aspirant urges lawmakers to scale back
June 28, 2016
The Puerto Rico Legislature should seek to reduce the increasing load of regulatory, administrative and tax obligations thrust on the island's small business sector, urged a candidate to the presidency of the United Retailers Association (CUD, as the trade group is known by its initials in Spanish).
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Help for delinquent mortgagors headed to Gov.’s desk
June 28, 2016
Mortgage holders behind in their payments just got some help from the Puerto Rico Legislature though the bill still needs Gov. Alejandro García-Padilla's signature.
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