Top Local News Headlines

These are the top local news stories from News is my Business for Tuesday, May 24, 2016.

Governor pitches $9.1B budget, reserves $209M for debt

Published 24 May 2016, 5:03 am
Puerto Rico Gov. Alejandro García-Padilla on Monday unveiled a proposed budget for Fiscal 2017 of $9.1 billion, down $700 million from the original budget that was approved last year and $192 million less than the adjusted current budget. Read More →

Avara Pharmaceutical Services marks 1st year in Arecibo

Published 24 May 2016, 5:02 am
Avara Pharmaceutical Services, which arrived on the island last year after picking up the assets of the former Merck plant in Arecibo, is marking its first year of operations with plans to expand production at the site, a high-ranking company official said this week. Read More →

UPR student wins Singularity University competition

Published 24 May 2016, 5:01 am
Simara Laboy-López, a 22-year-old Biochemistry doctoral student from the University of Puerto Rico, beat out two other competitors to win the first local edition of the Singularity University Global Impact competition, the Puerto Rico Science, Technology and Research Trust announced Monday. Read More →

OFG’s Oriental unveils 1st mobile app for P.R. businesses

Published 24 May 2016, 5:00 am
OFG Bancorp recently announced that its Oriental Bank subsidiary has become the first financial institution in Puerto Rico to launch a mobile banking app for commercial clients. Read More →

GDB bondholders sue P.R. gov’t over Moratorium Act

Published 23 May 2016, 5:01 am
A group of Government Development Bank for Puerto Rico creditors have filed an amended complaint in the U.S. District Court for the District of Puerto Rico challenging the constitutionality of certain aspects of the Puerto Rico Emergency Moratorium and Financial Rehabilitation Act, and certain related executive orders. Read More →

AccessLatina announces winners of accelerator program

Published 23 May 2016, 5:00 am
AccessLatina, the first multi-market accelerator that provides capital and resources to Latina entrepreneurs in the high-growth industries of STEAM (Science, Technology, Engineering, Arts, Math), social innovation and agriculture announced the winners of its first cohort. Read More →

U.S. Congress submits revised Puerto Rico legislation

Published 19 May 2016, 5:05 am
The U.S. House of Representatives submitted late Wednesday H.R. 5278, the “Puerto Rico Oversight, Management, and Economic Stability Act,” which includes several revisions to the original bill proposing an oversight board and a debt-restructuring framework for the island. Read More →

Backyard Bondholders support fiscal control board

Published 19 May 2016, 5:04 am
Backyard Bondholders, a nonprofit organization representing individual Puerto Rico creditors, on Wednesday said it favors the adoption of a fiscal control board to facilitate an orderly debt restructuring process. Read More →

DOJ, FTC urge P.R. to expand scope of optometrist duties

Published 19 May 2016, 5:03 am
The Department of Justice’s Antitrust Division and the staff of the Federal Trade Commission issued a joint statement Wednesday encouraging the Puerto Rican legislature to consider expanding the services that optometrists can provide. Read More →

FirstBank launches new ‘Experiences’ brand campaign

Published 19 May 2016, 5:02 am
As a result of its successful business growth strategy, FirstBank is launching the new “Experiences” brand campaign that for the first time delivers its message through the bank’s clients, while integrating diverse products and services. Read More →

PRHTA ‘surprised’ by video lottery case comments

Published 19 May 2016, 5:01 am
Puerto Rico Hotel and Tourism Association Chairman Miguel Vega expressed surprise Wednesday by the statements made by the Treasury Secretary questioning how long the trade group’s case against the agency on the validity of the regulation to authorize video lottery in Puerto Rico has been in the court. Read More →

CBP to fund small-scale port infrastructure projects

Published 19 May 2016, 5:00 am
U.S. Customs and Border Protection announced Wednesday the “Small-Scale Donation Proposal Process,” a more streamlined and simplified avenue for stakeholders interested in investing in and expediting small-scale, high impact border infrastructure, technology and other related improvements. Read More →

Bristol-Myers pumps $85M into Manatí plant expansion

Published 18 May 2016, 5:02 am
Global biopharmaceutical company Bristol-Myers Squibb, accompanied by Puerto Rico government officials, confirmed Tuesday an $85 million investment to expand its manufacturing plant in Manatí. Read More →

P.R. loses another major convention over Zika fears

Published 18 May 2016, 5:01 am
The Internet Corporation for Assigned Names and Numbers (ICANN) confirmed Tuesday the cancellation of its upcoming convention slated to take place in San Juan, due to concerns related to the Zika virus, Akram Atallah, first president of ICANN's global domains division, said. Read More →

Tax season boosts Treasury collections to $1.2B in April

Published 17 May 2016, 5:02 am
The Treasury Department confirmed Monday net revenues recorded by the General Fund in April 2016 totaled $1.28 billion, $76.2 million above revised estimates, and $47.7 million below net revenues in April 2015. Read More →

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