Treasury collections fall $442M short of April estimates
May 9, 2014
Puerto Rico’s revenue collections for the month of April fell significantly below estimates, short by $442.3 million at $1.18 billion, but up by $196 million year-over-year, the Treasury Department said in a release distributed after the end of business Friday.
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Red Mango’s 1st local restaurant exceeds sales by 40%
May 9, 2014
A little over a month after opening its first restaurant in Puerto Rico, frozen yogurt and smoothie retailer Red Mango said this week that sales have exceeded initial expectations by 40 percent and announced the development of a second location is underway.
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Experts agree, early childhood is a good investment
May 9, 2014
Investing in early childhood is a good business deal. That was the conclusion of a panel of economic experts gathered for the Childhood Investment Meeting that took place during the 10th edition of the Global Forum on Early Care and Education that wraps up at the Sheraton Convention Center Hotel today.
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USDA announces $40M in funding to spur rural growth
May 9, 2014
The U.S. Department of Agriculture announced Thursday the availability of close to $40 million in funding to promote long-term economic growth and community vitality in rural areas, and is seeking applications through three community and economic development programs administered by its Rural Development division.
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S&P downgrades Doral to ‘CC’ in wake of capital breach
May 8, 2014
Two days after Doral Financial Corp. disclosed its weakened capital position, Standard & Poor's Ratings Services said Wednesday it lowered its issuer credit rating to 'CC' from 'CCC-' and placed the rating on CreditWatch with negative implications.
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Puerto Rico Treasury has cut $147.2M in tax refunds
May 8, 2014
The Puerto Rico Treasury Department announced Wednesday it has cut $147.2 million in tax refunds corresponding to 247,744 tax returns during the current tax cycle, representing $80 million more than what was disbursed at this time last year.
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Triple-S reports $584.8M in revenue for 1Q14
May 7, 2014
Triple-S Management Corp. managed care company announced Tuesday consolidated revenues of $584.8 million and consolidated operating income of $10 million for the three months ended Mar. 31, 2014.
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Energy trade group to meet in Puerto Rico May 14-16
May 7, 2014
The World Alliance for Decentralized Energy (WADE) announced Tuesday its first annual Caribbean Energy Conference, to be held May 14-16, 2014 at the Sheraton Hotel.
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Oriental hosts innovation in entrepreneurship talk
May 7, 2014
Álvaro Fischer, president of Fundación Chile, was recently invited to address entrepreneurs from Oriental Bank’s commercial banking division, on the topic of innovation in entrepreneurship and available opportunities for Puerto Rico’s economic development.
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Bayer AG picks up Merck Consumer Care unit for $14.2B
May 6, 2014
Two pharmaceutical giants, Bayer AG and Merck, announced this morning a deal through which the first has agreed to pay $14.2 billion for the latter’s Consumer Care Unit, picking up global trademark and prescription rights for a number of recognized brands, including Claritin and Afrin.
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Economist: Indication of economic growth is a ‘mirage’
May 6, 2014
The indication by members of Gov. Alejandro García-Padilla’s administration of a slight economic recovery over the past two fiscal years is “simply a mirage,” and it will take significant adjustments to achieve the growth predicted for coming years, economist firm H. Calero Consulting Group Inc. said in its most recent monthly publication.
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Gov. signs order extending public agency service hours
May 5, 2014
Gov. Alejandro García-Padilla signed Sunday an executive order to extend service hours for certain Puerto Rico government agencies, as was established by law more than a decade ago.
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Advertising creativity rewarded at Cúspide 2014 festival
May 5, 2014
J. Walter Thompson San Juan, Badillo Saatchi & Saatchi and DDB Latina were the runaway winners of this year’s 32nd edition of the Cúspide Festival, an annual awards competition sponsored by the Puerto Rico Association of Advertising Agencies.
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Waste Management Puerto Rico gets new owner
May 2, 2014
A new ownership team led by Post Capital Partners and 30-year waste management industry veteran Randy Jensen has acquired the solid waste operations of Waste Management Inc. in Puerto Rico, for an undisclosed amount.
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Gov’t talks options to slash costs while keeping workers
May 1, 2014
Gov. Alejandro García-Padilla's administration is contemplating a number of austerity measures to scale back government expenses, including proposing an across-the-board $600 Christmas bonus for all public employees and eliminating payments of excess or unused sick days.
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