Fitch: ‘Next few months will be critical’ for Puerto Rico
February 12, 2015
Credit ratings agency Fitch Ratings said Wednesday it believes that there are significant challenges ahead for Puerto Rico as it pursues initiatives necessary to maintain a credit profile commensurate with its 'BB-' general obligation junk rating.
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Mycogen Seeds opens new $60M research facility
February 12, 2015
Mycogen Seeds Puerto Rico Corporation, a wholly owned subsidiary of The Dow Chemical Company and an affiliated company of Dow AgroSciences, opened its new $60 million seed research and development facility in Salinas on Wednesday.
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SBA loans up 66% in Puerto Rico, USVI in 1Q15
February 12, 2015
The U.S. Small Business Administration approved 165 loans for $26.9 million in Puerto Rico and the U.S. Virgin Islands during the first three months of fiscal year 2015, an 11 percent and 66 percent increase, respectively, over first-quarter approvals in 2014.
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UBS closing Guaynabo branch, consolidating in Hato Rey
February 12, 2015
UBS Financial Services Inc. will be closing its Guaynabo branch and consolidating the operation with its Hato Rey headquarters effective Feb. 20, the company announced Wednesday.
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ATH network donates $10K to 2 nonprofits in San Juan
February 12, 2015
The Red ATH, Puerto Rico’s main electronic payments and ATM network offered by EVERTEC, recently gave $5,000 each to nonprofits Hogar Ruth and Casa de Niños Manuel Fernández Juncos, collected through its “Share a positive message during Christmas” campaign.
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The House, Wine, Beer & More store opens in Condado
February 12, 2015
The House, Wine, Beer & More, a 6,200 square-foot haven for wine, beers and spirits lovers will open in the Condado sector of San Juan today, to offer more than 1,000 wines and sparkling wines of different wine regions and hundreds of beers and spirits from around the world, company executives announced.
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Governor proposes overhaul of Puerto Rico tax structure
February 11, 2015
Puerto Rico Gov. Alejandro García-Padilla offered a televised speech Tuesday in which he outlined his proposal for overhauling the island’s current tax system to what he described as a “simpler and fair one.”
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Popular’s small business loan activity at $280M in ’14
February 11, 2015
Banco Popular officials said Tuesday commercial lending activity for Puerto Rico’s small and mid-sized business segment reached $280 million in 2014, a 25 percent year-over-year increase that shows “an encouraging picture.”
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Ports Authority gets $6.4M to dredge San Juan bay area
February 11, 2015
Ports Authority Executive Director Ingrid C. Colberg-Rodríguez, announced Tuesday that the federal government has allocated $5.7 million for maintenance of commercial shipping and $700,000 to analyze the dredging the San Juan bay.
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Puma study: LatAm immersed in globalization process
February 11, 2015
Puma Energy, the global integrated midstream and downstream energy company, has commissioned ‘The Changing Face of Latin America,” the latest study in a series of in-depth reports in collaboration with independent economic advisory firm Llewellyn Consulting.
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Op-Ed: Puerto Rico’s IT sector ranks #1 in value in U.S.
February 11, 2015
Yesterday we learned that, according to the Cyberstates 2015 report, published by the Technology Councils of America, Information Technology (IT) salaries in Puerto Rico rank lowest in the United States.
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Anna’s Linens closing 3 of its 7 Puerto Rico stores
February 11, 2015
Home goods retailer Anna’s Linens — which made its local debut less than three years ago — is closing three of its seven stores in Puerto Rico, this media outlet confirmed Tuesday.
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Puerto Rico tech sector does poorly in national ranking
February 10, 2015
Puerto Rico’s technology sector offers the lowest average pays nationwide and is lagging when it comes to job opportunities, according to this year’s Computing Technology Industry Association’s “Cyberstates: State-by-State analysis of the U.S. Tech Industry” report, to be made public later today.
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EDB unveils 2 financing programs for gov’t contractors
February 10, 2015
The Economic Development Bank for Puerto Rico recently unveiled two new financing options for local and federal government contractors, with the goal of promoting procurement, agency President Joey Cancel said.
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SBA, credit unions partner to expand small biz lending
February 10, 2015
U.S. Small Business Administration Administrator Maria Contreras-Sweet and National Credit Union Administration Board Chairman Debbie Matz signed a Memorandum of Understanding to invest in the nation’s entrepreneurial potential by expanding the accessibility of small dollar SBA loans from credit unions.
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