BUSINESS

Next  Proposed legislation would limit ability of US Caribbean territories to finance economic development projects Saturday, January 30, 2010 WASHINGTON, USA -- A Congressional Research Service analysis of the rum excise tax cover over program, from which Puerto Rico receives about $400 million annually and the US Virgin Islands about $90 million annually, finds that proposed legislation by the Puerto Rico Resident Commissioner would be detrimental. read more... Puerto Rico agency boosts tax-exempt bond sale to $1.84 billion Thursday, January 28, 2010 NEW YORK, USA (Bloomberg) -- Puerto Rico’s Sales Tax Financing Corp., created in 2006 to help the island commonwealth lower borrowing costs, sold $1.84 billion of bonds after attracting enough buyers to boost the sale by almost 32 percent. The offering was the largest tax-exempt deal of 2010 so far. read more... Puerto Rico bank parent posts narrower Q4 loss Saturday, January 23, 2010 SAN JUAN, Puerto Rico (Reuters) -- Popular Inc, the parent of Banco Popular, posted a narrower fourth-quarter loss on lower loan loss provision, but said it expects adverse economic conditions to continue to hurt its earnings. Net loss applicable to common shareholders for the quarter was $213.2 million. read more... Spanish bank to buy out Puerto Rico unit Tuesday, December 15, 2009 MADRID, Spain (Reuters) -- Spain's Santander said on Monday it plans to launch a bid in the United States for the remaining 9.4 percent of its Puerto Rico division Santander BanCorp which it does not own. Spain's biggest bank will offer $12.25 for every share of its Puerto Rican unit in a deal valued at about $50 million. read more... Puerto Rico bank parent plunges on Q2 loss, dividend suspension Friday, July 31, 2009 (Reuters) -- First BanCorp swung to a second-quarter loss, as the amount it set aside to meet rising loan losses soared, and the Puerto Rico lender suspended its common and preferred dividends to conserve capital. Shares of the company fell as much as 25 percent. read more... Puerto Rico bank parent posts fourth straight loss Friday, July 17, 2009 NEW YORK, USA (Reuters) -- Popular Inc, the parent of Banco Popular, posted its fourth straight quarterly loss, hurt by a deteriorating housing market in Puerto Rico and an increase in bad loans. Puerto Rico's largest bank reported a second-quarter net loss of $183.2 million, or 74 cents a share. read more... Puerto Rico targets six public-private deals in 2009 Saturday, June 20, 2009 (Reuters) -- The Puerto Rico government will soon activate a new Public Private Partnership Authority and aims to have six PPP projects underway by year's end, according to the head of the Government Development Bank. Puerto Rico officials hope to complete the first projects over the next five years. read more... Bank shares fall on proposed share exchange offer Thursday, June 11, 2009 (Reuters) - Shares of Popular Inc fell as much as 16 percent on Tuesday, a day after the Puerto Rico-based bank set a plan to boost its Tier I common equity by about $1.2 billion through an exchange offer and said it will suspend dividends on its common and preferred stock after June 30. read more... Financial services group adjusts dividends to preserve capital Saturday, March 14, 2009 The Board of Directors of Puerto Rico-based financial services group, Oriental Financial Group, on Friday adjusted dividends to an annualized rate of $0.16 per share to align it to current price levels of Oriental’s stock and to preserve approximately $9.7 million a year in capital. read more... Moody's Investor Services to keep an eye on the economy Saturday, March 14, 2009 Even as Governor Luis Fortuño signed into law three bills aimed at stabilizing the government’s “difficult fiscal situation” and jump start the island’s economic development earlier this week, Moody’s Investor Services warned the central government that although they recognize the challenges... read more... Bank announces new management team Thursday, January 29, 2009 Government Development Bank President Carlos M García announced Wednesday the institution’s new management team that will work hand in hand with him to help safeguard Puerto Rico's economy. García announced that Fernando Batlle was tapped as the GDB’s Vice President. read more... Centennial Puerto Rico and Tele Communication Systems sign new contract Wednesday, January 28, 2009 Centennial Puerto Rico signed a four year contract Tuesday with Tele Communication Systems, Inc. for end-to-end location-based services (LBS) including customized Spanish and English navigation and mapping applications. With this new contract, TCS now supports more... read more... Parent of Banco Popular of Puerto Rico reports $702m loss for 2008 Friday, January 23, 2009 Popular Inc, the parent of Banco Popular of Puerto Rico, reported a net loss of $702.9 million for the quarter ended December 31, 2008, compared with a net loss of $294.1 million in the same quarter of 2007 and a net loss of $668.5 million for the quarter ended September 30, 2008. read more... First BanCorp completes sale of $400m preferred stock to US Treasury Tuesday, January 20, 2009 First BanCorp, the parent corporation of FirstBank Puerto Rico, a state-chartered commercial bank with operations in Puerto Rico, the Virgin Islands and Florida, announced that it has completed the sale of $400 million of preferred stock to the US Department of the Treasury. read more... Popular Inc Bank appoints new chief operating officer Wednesday, January 14, 2009 Popular Inc Chairman and CEO Richard Carrión has announced the appointment of David H Chafey, Jr, as President and Chief Operating Officer of Popular Inc, in charge of business operations in both Banco Popular of Puerto Rico and Banco Popular in North America. read more... Trump development in Puerto Rico to be eco-friendly Friday, January 2, 2009 RIO GRANDE, Puerto Rico: While Trump International Golf Club and Residences, Puerto Rico (TIPR) has already established itself as one the top golf courses and residential resorts in the Caribbean, the property’s focus has been on a different kind of “green” that of an eco-friendly development. read more... Puerto Rico's Sol Melia Vacation Club begins Phase two Wednesday, December 31, 2008 RIO GRANDE, Puerto Rico: Sol Melia Vacation Club, an international leisure vacation membership club with locations in the Caribbean, Mexico, Central America and Europe, has begun Phase two of its Gran Melia Puerto Rico member resort at Coco Beach in Rio Grande, Puerto Rico, with 63 additional suites. read more... Another Puerto Rico bank to participate in federal bailout Friday, December 26, 2008 First BanCorp, the parent company of FirstBank Puerto Rico, has received preliminary approval from the US Treasury Department to participate in its capital purchase program. As a result, the corporation expects to issue and sell to the Treasury approximately $400 million in newly issued shares. read more... Puerto Rico bond sale tops expectations Wednesday, December 24, 2008 (Reuters): The Government Development Bank for Puerto Rico said it sold $1.23 billion in bonds on Tuesday to local investors, double the amount initially expected. The funds will be used to provide the government with credit for the balance of fiscal 2009, GDB President Jorge Irizarry said. read more... Pharma-Bio acquires assets and operations in Puerto Rico Thursday, December 18, 2008 Pharma-Bio Serv, Inc., a global regulatory compliance and consulting services provider to the health sciences industry, announced on Wednesday the acquisition of the operations and assets of Puerto Rico-based Integratek Corp. through its wholly owned subsidiary Pharma-Bio Serv PR, Inc. read more... Puerto Rico mortgage corporation completes sale of servicing rights Monday, December 15, 2008 R&G Financial Corporation announced on Thursday that R&G Mortgage Corporation, the company's wholly owned Puerto Rico mortgage subsidiary, completed the previously announced sale of its servicing rights and advances related to approximately $3.8 billion and $1.3 billion of mortgage loans. read more... Puerto Rico bank to participate in US bailout Monday, December 15, 2008 Banco Popular of Puerto Rico, Inc announced that it has received preliminary approval from the US Department of the Treasury to participate in its Capital Purchase Program (CPP) under the Troubled Assets Relief Program (TARP). The Treasury will purchase $950 million newly issued shares. read more... Drop in remittances, tourism to hit Caribbean, says IMF Thursday, December 11, 2008 (Reuters): Caribbean nations are likely to feel the impact of the global financial crisis through a drop in remittances from overseas workers and tourism revenues, the head of the International Monetary Fund said. While Jamaica has a small island economy, it has been directly hit by the global liquidity squeeze. read more... Housing Finance Authority wins bond buyer 'Deal of the Year Award' Tuesday, December 9, 2008 The Government Development Bank of Puerto Rico (GDB) announced that the Puerto Rico Housing Finance Authority (PRHFA) -- a GDB Subsidiary - was honored with The Bond Buyer’s 2008 Deal of the Year award last week. The PRHFA was recognized for a $384 million capital fund program subordinate bond issue read more... Puerto Rico pharmaceuticals and healthcare report Q4 2008 out now Friday, December 5, 2008 Research and Markets has announced the addition of the "Puerto Rico Pharmaceuticals and Healthcare Report Q4 2008" report to their offering. Puerto Rico Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Puerto Rico's pharmaceuticals and healthcare industry. read more... Puerto Rico issues $887 million TRANS notes Monday, November 24, 2008 The Commonwealth of Puerto Rico issued $887 million in Tax Revenue Anticipation Notes (TRANS) last week at the favorable interest rate of 4.65 percent, that is according Government Development Bank of Puerto Rico (GDB) President Jorge Irizarry. A group of four banks guaranteed the TRANS notes through maturity. read more... President of Banco Santander leaves post to accept position in government Tuesday, November 18, 2008 Santander BanCorp announced on Monday that Carlos Garcia will leave his position as President of Banco Santander Puerto Rico. Garcia's departure is related to his nomination as President and Chairman of the Board of the Government Development Bank for Puerto Rico (GDB). read more... Caribbean exports rise in spite of global crisis Tuesday, October 28, 2008 The repercussions of the global financial crisis are taking its toll throughout the world, and Latin America and the Caribbean are no exception. However, in spite of the unfavourable prospects, exports from the region will continue to increase during 2008 at an estimated 23%. read more... Present economic challenges are an opportunity for Caribbeanpreneurs to shine Monday, October 27, 2008 “Although the reports of a dire tourism season is cause to tighten our belts, it is also a time to free our thinking and move outside the box,” says entrepreneur and author Nerissa Golden. Golden is the founder of the Young Entrepreneurs Symposium and Truly Caribbean Network, a non-profit foundation. read more... Puerto Rico bank to cut US branches, jobs Thursday, October 23, 2008 (Reuters): Popular Inc, the parent of Banco Popular, said on Wednesday it plans to eliminate more than one-fourth of its 139 US branches and cut its US workforce by 600 to cope with the nation's economic downturn. Puerto Rico's largest bank also posted a third-quarter loss of $668.5 million. read more... Puerto Rico's Popular to sell US mortgage assets to Goldman Saturday, August 30, 2008 BANGALORE (Reuters): Puerto Rico's largest bank Popular Inc said it will sell the loan and servicing assets of its US mortgage unit worth $1.17 billion to Goldman Sachs to improve liquidity and reduce risky assets, sending its shares up as much as 27 percent. The transaction is expected to close in the fourth quarter. read more... Aeropostale to open stores in Puerto Rico Sunday, October 19, 2008 NEW YORK, USA (Reuters): Aeropostale Inc said on Monday it will open three stores in Puerto Rico this year, the second international expansion for the US teen clothing chain. The stores will be at Plaza Carolina in Carolina, Plaza Las Americas in San Juan and, later this year, at The Prime Outlet Puerto Rico in Barcelonesa. read more... Puerto Rican bank posts loss Friday, January 25, 2008 NEW YORK, USA (Reuters): Popular Inc., the parent of Banco Popular and Puerto Rico's largest bank, on Thursday posted a fourth-quarter loss, reflecting a write-down to restructure its E-Loan online unit and a near doubling of credit losses. The net loss for the San Juan-based company was $294.1 million. read more... Walgreens acquires 20 drugstores in Puerto Rico Friday, January 18, 2008 DEERFIELD, USA: Walgreens said on Thursday that it will acquire 20 drugstores in Puerto Rico from Farmacias El Amal, a family-owned chain of 61 drugstores based on the island. El Amal will continue operating its other 41 stores in Puerto Rico. Terms of the transaction were not disclosed. read more... Puerto Rico bank named winning bidder for Virgin Islands Community Bank Saturday, January 5, 2008 SAN JUAN, Puerto Rico: Puerto Rico's First BanCorp has announced that it has been named the successful and winning bidder for the acquisition of the Virgin Islands Community Bank (VICB) in St Croix, US Virgin Islands. The closing of this transaction is pending court and regulatory approvals. read more... Puerto Rico bank to take accounting charges, sees '07 loss Saturday, December 22, 2007 NEW YORK, USA (Reuters): Popular Inc , the parent of Banco Popular and Puerto Rico's largest bank, said on Friday that it would take charges due to accounting changes in the fourth quarter and that it expected to report a net loss for the year. The company said it would have to reclassify 21 mortgage loans. read more... Drug maker hobbled by Puerto Rico results Monday, September 10, 2007 TORONTO, Canada (Reuters): Patheon Inc reported a smaller third-quarter loss on Friday, as more charges related to its troubled Puerto Rican operations hampered its performance. The maker of prescription and over-the-counter drugs for pharmaceutical firms said it lost $63.1 million, or 67.8 cents a share during the quarter, read more... Puerto Rico bank pays $120 million for Citigroup branches Saturday, August 11, 2007 NEW YORK, USA (Bloomberg): Citigroup Inc. is selling its Puerto Rico-based branches to Popular Inc., the largest bank on the island by deposits, for $120 million. Popular will pay Citigroup in cash, said spokeswoman Teruca Rullan at Popular headquarters in San Juan. read more... Puerto Rico healthcare company seeks bankruptcy Friday, August 10, 2007 SAN JUAN, Puerto Rico (Bloomberg): Fundacion Dr. Manuel De La Pila Iglesias Inc., which operates a 170-bed hospital in Puerto Rico, has filed for bankruptcy. The Ponce, Puerto Rico-based company listed assets of $55.9 million and debt of $53.5 million in Chapter 11 documents filed on Thursday. read more... Puerto Rico bank pays off $625m in notes after buyout Saturday, July 21, 2007 NEW YORK, USA (Bloomberg): Doral Financial Corp., the Puerto Rican bank-holding company that said it was facing bankruptcy, paid off $625 million in senior notes a day after it accepted a $610 million buyout offer. Doral, based in San Juan, said that the notes, due Friday, have been paid in full. read more... Next