Top Local News Headlines

These are the top local news stories from News is my Business for Sunday, October 4, 2015.

P.R. Energy Commission rejects rate hike petition

Published 2 October 2015, 5:03 am
The Puerto Rico Energy Commission issued a resolution Thursday denying a petition by the National Public Finance Guarantee Corp., which insures $1.4 billion in Puerto Rico Electric Authority bonds, for a rate review and establishment of a temporary rate increase of at least 4.2¢ per kilowatt-hour. Read More →

Pastelería Cidrines partners with SBCC to fuel growth

Published 2 October 2015, 5:02 am
Puerto Rican bread and pastry company Pastelería Cidrines announced Thursday it has entered into a partnership with Small Business Community Capital (SBCC), an investment fund associated with the Small Business Administration, to fuel its growth plans, including the introduction of new products locally and its expansion in the continental U.S. market. Read More →

TransCita trains, certifies reps on mental health first aid

Published 2 October 2015, 5:01 am
Non-emergency health transportation services company TransCita recently started a program to train and certify its passenger service representatives with a course titled “Mental Health First Aid.” Read More →

TMF Group USA expands biz support services to P.R.

Published 2 October 2015, 5:00 am
Global business services provider TMF Group, announced this week it will begin offering corporate secretarial, human resources administration, payroll, and accounting services in Puerto Rico to support companies looking to start or expand operations on the island. Read More →

Nonprofits launch ‘Goal 1B’ to spur local biz networking

Published 1 October 2015, 5:03 am
The National Minority Supplier Development Council (NMSDC) and the Puerto Rico Minority Supplier Development Council (PRMSDC) announced Wednesday the upcoming start of “Goal 1B,” a strategy designed to help Puerto Rican industries expand their market. Read More →

El San Juan Resort & Casino launching $40M upgrade

Published 1 October 2015, 5:02 am
The new operators of the El San Juan Resort & Casino, Aimbridge Hospitality, will be embarking on a $40 million renovation and rebranding of the iconic property, slated to begin in April 2016 and be ready by next fall, the hotel’s new General Manager Jeff Lesker said Wednesday. Read More →

Wovenware CEO to chair Puerto Rico IT Cluster board

Published 1 October 2015, 5:01 am
Software development and engineering company Wovenware, announced Wednesday that its CEO Christian González has been elected chairman of the board of directors for the Puerto Rico IT Cluster, an industry organization that aims to elevate Puerto Rico's status as an IT innovation and services leader. Read More →

FirstBank grants $664K loan to Presbyterian Academy

Published 1 October 2015, 5:00 am
FirstBank announced Wednesday it has granted a $664,112.00 loan to Presbyterian Academy, an educational institution in Carolina, for the purchase and installation of a photovoltaic system on its main buildings, which will reduce the it’s electricity expenses. Read More →

OFG Bancorp sells non-performing commercial loans

Published 30 September 2015, 5:04 am
OFG Bancorp announced Tuesday that its Oriental Bank subsidiary, as expected, has entered into a definitive agreement to sell the remaining covered non-performing commercial loans and real estate owned arising from the 2010 FDIC-assisted acquisition of Eurobank. Read More →

Puerto Rico out of annual WEF competitiveness report

Published 30 September 2015, 5:03 am
Following the changes made by the World Economic Forum, and not for reasons directly related to Puerto Rico, for the first time since 2006, the Global Competitiveness Report will not include data from the island. The GCR will be released today. Read More →

Animus women’s summit slated for this Friday in SJ

Published 30 September 2015, 5:01 am
More than 500 women will meet in San Juan, Puerto Rico, this Friday to participate in Animus, an innovation platform designed to maximize women's economic and personal development. Read More →

P.R. gets $246K for rural start-ups, small businesses

Published 30 September 2015, 5:00 am
The U.S. Department of Agriculture’s Rural Business Development Grant has awarded 387 grants to help support the start-up or expansion of rural small businesses, including six projects in Puerto Rico who will get a combined $246,000, the agency announced Tuesday. Read More →

SEC charges UBS Puerto Rico, 2 people in fraud scheme

Published 29 September 2015, 1:53 pm
The Securities and Exchange Commission charged UBS Financial Services Inc. of Puerto Rico and a former branch manager for failing to supervise a former broker who had customers invest in UBSPR affiliated mutual funds using money borrowed from a UBSPR affiliated bank. Read More →

Moody’s: Weak economy, legal battles expose P.R. banks

Published 29 September 2015, 5:03 am
Puerto Rico's banks can withstand the island's defaults, but the weak economy and upcoming legal battles will expose them to greater asset risk, said Moody's Investors Service in a new report released Monday. Read More →

PDP lawmakers file bill to repeal 4% B2B tax

Published 29 September 2015, 5:02 am
A group of Popular Democratic Party Representatives introduced Monday a bill to repeal the 4 percent "Business to Business" tax scheduled to come into force on Oct. 1. Read More →

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