Treasury collections down $40M year-over-year in Aug.
September 20, 2013
The Puerto Rico Treasury Department collected $40 million less last month with $472.7 million in net revenue, down from the $513.5 million in net revenue in the books for the same month last year, according to figures the agency released Thursday.
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Puerto Rico Treasury collects $495M in July
August 30, 2013
Puerto Rico Treasury Secretary Melba Acosta said Thursday the government collected $495 million in General Fund revenue in July, the first month of the current fiscal year.
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Slot operators: ‘We’re not to blame for casino loses’
August 22, 2013
The president of the Union of Electronic Machine Operators (UDOME by its Spanish acronym), Rafael Hernández-Cañete, said Wednesday they are not to blame for casino revenue losses as a result of illegal slot machines, as the Puerto Rico Hotel and Tourism Association claimed recently.
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Puerto Rico Tourism Co. revisiting casino rules
August 12, 2013
The Puerto Rico Tourism Company’s Gambling Division is revisiting casino regulations in response to hoteliers who have spent the better part of the last year lobbying for amendments to temper the rules to current economic conditions and provide more flexibility they say would prevent a wave of casino closings.
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Puerto Rico gov’t unveils fixes for Highway Authority finances
June 21, 2013
The Puerto Rico government’s economic team presented four measures to shore up $280 million for the Highway Authority, which is deep in the hole with the Government Development Bank, to which it owes $2.1 billion.
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Puerto Rico Treasury shores up $612M in May, up 2.6% YOY
June 19, 2013
The Puerto Rico Treasury Department reported Tuesday that net revenue General Fund collections for the month of May reached $612 million, exceeding by $15 million, or 2.6 percent, the collections on record for the same month in 2012.
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Treasury cuts collections deficit through June by 69%
May 23, 2013
Treasury Secretary Melba Acosta said Thursday that revenue collections so far this year — July 2012 through April 2013 — totaled $6.8 billion, or $321 million less than originally included in the general budget. The projection of a deficit through June 30, including certain transactions that will close before then, is $295 million, or 69 percent less than the original $965 million projected deficit, one of the components of the $2.2 billion structural deficit.
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Treasury wants cigarette excise revenue to go straight into the General Fund
May 13, 2013
Puerto Rico Treasury Department officials told lawmakers Friday that collections stemming from the proposed increase in the excise tax on cigarettes and tobacco should go in their entirety to the General Fund and not distributed for other purposes, as proposed by the three measures under consideration by the Legislature.
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Villamil: Eliminating ‘B2B’ tax exemption ‘bad idea’
May 10, 2013
The Puerto Rican government’s proposal to eliminate the business-to-business sales tax exemption is not a good idea and does not guarantee the $800 million in new revenue Gov. García-Padilla’s administration has predicted, because oversight and collections related to these transactions is a difficult task to achieve, Economist José J. Villamil said Thursday.
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Evertec reports $27.5M in 1Q13 adjusted net income
May 7, 2013
Transaction processing firm Evertec Inc. announced $27.5 million in adjusted net income, or a 37 percent year-over-year increase, for the first quarter ended March 31, during which it completed two key transactions: an initial public offering and debt refinancing in April.
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Triple-S reports $592M in 1Q13 revenue
May 2, 2013
Triple-S Management Corporation, a managed care company in Puerto Rico, announced Wednesday consolidated revenues of $592 million and consolidated operating income of $22.7 million for the three months ended March 31, 2013.
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Puerto Rico lawmakers begin reviewing proposed budget
May 1, 2013
Puerto Rico Government Development Bank President Javier Ferrer told lawmakers Tuesday that without the necessary measures, the institution he heads will not have the capacity to float petitions by public corporations by summer.
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St. Regis Bahía Beach makes $30M in 2nd year
January 7, 2013
The St. Regis Bahía Beach Resort in Río Grande, Puerto Rico’s only “AAA Five Diamond Rating” recipient, closed its second year of operations with about $30 million in revenue, representing a 10 percent year-over-year growth, hotel officials said.
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CNE: Gov’t will have 90 days to lay out fiscal plans
December 5, 2012
Come January, when the new administration headed by Gov.-elect Alejandro García-Padilla takes over the reins of the government, it will have 90 days or so to present stateside credit agencies a “viable and concrete” plan outlining its strategy to tackle Puerto Rico’s fiscal problems, executives from the Center for the New Economy said Tuesday.
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Profit-growth guru shares insight with local executives
November 8, 2012
WorldNet Telecommunications recently invited business consultant Kent Billinsley, founder and president for The Revenue Growth Company, to share his knowledge, secrets and strategies on how to improve business revenue with local business leaders.
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