Economist: GDB liquidation could be messy proceeding
May 5, 2016
A liquidation of the Government Development Bank for Puerto Rico could be a messy proceeding, because there is no precedent for determining how debt responsibilities and assets would be assigned, Economist and Professor Antonio Fernós-Sagebien predicted Wednesday.
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P.R. Statistics Institute launches transparency website
May 5, 2016
Signaling its commitment to transparency, the Puerto Rico Institute of Statistics today presented www.transparenciafinanciera.pr, a website through which citizens can obtain a total breakdown of the agency’s transactions since it began operations.
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EVERTEC unveils updated mobile payment solution
May 5, 2016
Electronic transaction processing firm EVERTEC announced Wednesday the availability of the new version of its mobile payment solution, EVERPay mPOS.
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P.R.-based e-transactions firm Paytech becomes Accepta
May 4, 2016
PayTech Corp., a Puerto Rican operation with a track record of more than 12 years in the electronic payment processing and financial technology industries, announced Tuesday the sale of its assets to Accepta LLC., through $2 million capital investment deal.
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Honeywell opens $40M aerospace testing lab in Moca
May 4, 2016
Honeywell Aerospace announced Tuesday the opening of a new environmental testing laboratory in Puerto Rico’s Las Américas Technology Park, which will create 335 new jobs on the island.
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DIRECTV, AT&T Mobility consolidate P.R. operations
May 4, 2016
José Juan Dávila, vice president and current CEO of AT&T Mobility has been named the head of both the wireless carrier and DirecTV, which will begin consolidating their Puerto Rico operations as part of the $50 billion merger agreement completed last year.
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Politicians, analysts, creditors react to gov’t debt default
May 3, 2016
The Puerto Rico government’s decision to default on a portion of the $470 million in debt service payments due Monday drew reactions from politicians, analysts and creditors alike, who both urged Congress to act on the Commonwealth’s behalf and predicted long court battles ahead.
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Bankruptcies skyrocket in April, with individuals leading
May 3, 2016
The number of bankruptcy cases filed in Puerto Rico skyrocketed last month, when an astounding 19.5 percent more petitions for protection from creditors were filed at the local court, research firm Boletín de Puerto Rico revealed Monday.
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SBA launches growth accelerator fund competition
May 3, 2016
For the third year, the U.S. Small Business Administration is launching an Accelerator Growth Fund competition for accelerators and other entrepreneurial ecosystem models to compete for prizes of $50,000 each, totaling $3.95 million.
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Guayacán opens call for SPRINGBOARD program
May 3, 2016
Grupo Guayacán Inc. (GGI) announced Monday it has opened the applications process for SPRINGBOARD, the organization’s newest program, which is sponsored by the Small Business Administration’s Growth Accelerator Fund Prize, and will be delivered in partnership with the Angel Resource Institute (ARI).
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Codetrotters Academy graduates 17 new tech pros
May 3, 2016
Codetrotters Academy, the first programming school in Puerto Rico and the Caribbean, announced Monday the graduation of 17 more students from its “Intro to Web Development” course, totaling 34 students that have graduated from the academy since it opened its doors last Fall.
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Puerto Rico media firm joins Local Planet network
May 3, 2016
A consortium of the world’s leading independent media agencies have joined forces to launch Local Planet, a new global media agency network. Puerto Rico’s Media Management & Partners among Local Planet’s founders agencies, the group announced Monday.
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P.R. gov’t will fall $367M short in May debt payment
May 2, 2016
Calling on Congress to take swift action to create a debt restructuring mechanism and saying resources are “scarce,” Puerto Rico Gov. Alejandro García-Padilla confirmed Sunday he has ordered a moratorium on the debt service payments due from the Government Development Bank.
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Wine business thriving despite tanking P.R. economy
May 2, 2016
The island economy is in the tank, some 200 Puerto Ricans get on a plane each day to seek opportunities elsewhere, and today the cash-strapped government expects to default on $470 million in payments to creditors.
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M. Holland closes P.R. acquisitions of sibling companies
May 2, 2016
M. Holland Company, a distributor of thermoplastic resins, has completed the previously announced acquisition of sibling companies Able International Corp. and Tril Export Corp., both headquartered in San Juan.
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