WELCOME Wednesday, December 3rd, 2008 Sign in
Doral Financial, First BanCorp downgraded
B. Riley analyst Joe Gladue downgrades the ratings of the bank holding companies of Doral Bank and FirstBank to Neutral from Buy based on valuation ...
W Holding Co. Inc. executes one-for-50 reverse stock split
Parent company of Westernbank tops the list of biggest percentage decliners on the New York Stock Exchange Tuesday. ...
Montserrat volcano erupts, fires in former capital
SAN JUAN,(AP) _ The volcano on the tiny Caribbean island of Montserrat has burst into action, hurling hot rocks that set buildings ablaze in the...
Court halts construction of gas pipeline
Judge Lauracelis Roques Arroyo renders order after lawsuit stemming from project’s environmental impact document ...
Prepa board won’t quit
Puerto Rico Electric Power Authority (Prepa) Board Chairman Luis Avilés said he will not resign his position as Gov.-Elect Luis Fortuño has requested...
Charges reduced against five Acevedo Vilá codefendents
Five of the persons accused in the federal case against Gov. Aníbal Acevedo Vilá also had charges dismissed against them as part of the actions of...
Mayors opposed to Figueroa Sancha’s proposal
PDP mayors in an uproar over designated police superintendent’s plan to consolidate municipal and state police ...
Transition Committee continues hearings Tuesday
The eighth day of the Transition Committee hearings will see appearances by the Ports and Maritime Transport authorities. ...
Federal prosecutors deny lack of evidence in AAV case
U.S. Attorney says dismissals resulted from interpretation of Puerto Rico electoral law ...
Fortuño rejects support of gas pipeline
Governor-elect says he has concerns regarding environmental and safety issues in controversial project ...
Judge Barbadoro dismisses 15 charges against Gov. Aníbal Acevedo Vilá
Charges dismissed after prosecutors admitted they didn’t have sufficient evidence to sustain them on trial ...
Acevedo Vilá en route to Philadelphia
Puerto Rico governor to participate in meeting with U.S. President-elect Barack Obama ...
Fortuño meets with Legislature leaders
Leaders from both delegations agree to work jointly to straighten island’s economy ...
Employees owe Education Department $60 million
Agency secretary aims to “rescue” unjustified employee absences that were nevertheless paid for ...
Río Mar Hotel lays off close to 25% of staff
As reported last month by caribbeanbusinesspr.com, the Wyndham Hotel Río Mar is going through hard times and is expected to lay off at least 200 of...
Ponce seeks to legislate against problematic businesses
Mayor seeking to extend Code of Public Conduct to problematic establishments following Sunday morning massacre ...
González says committee he will preside is now a “triviality”
Senator feels “humiliated” of being passed over for Héctor Martínez to preside powerful committee ...
Judge could make decision on gas pipeline Monday
Ponce court could make decision regarding request from Juana Díaz mayor to stop construction of controversial project ...
NY leader Ramón Vélez passes
Ramón S. Veléz Veléz, former president of the Puerto Rican Day Parade in New York City, has died at the age of 75. Cause of death was said to be...
Santini retakes claim to turn ports over to municipality
San Juan mayor also requests extensive restructuring of Ports Authority ...
Farmers don’t want an agronomist to head Agriculture
The Farmers Association Sunday asked Gov.-elect Luis Fortuño that rather than name an agronomist to head the Agriculture Department he should...
PR actress Roselyn Sanchez marries Eric Winter

SAN JUAN (AP) _ Puerto Rican actress Roselyn Sanchez has gotten married at  historic Fort San Cristobal in front of 250 guests that included...
Arecibo school bus companies to strike Monday
School transport companies in the Arecibo region will go on strike Monday for an indefinite time and are threatening to extend their protests...
Vega backs returning to Spanish as official language
Institute of Puerto Rican Culture Director José Luis Vega said Saturday he favors that Spanish once more be declared the official language of Puerto...
Camuy mayor wants secret Federation vote
Camuy Mayor Edwin García Feliciano, who is hoping to be the next president of the Mayors Federation, is asking that the voting be done through secret...
Some 53 employers request exemption from Christmas bonus payments
Numbers are surprisingly low compared with last year, according to Labor Secretary ...
NY Times says "Puerto Rico Governor Promises Changes "
(EDITOR'S NOTE: Following is a story that appeared in Friday's New York Times)

SAN JUAN, P.R. — Republicans in Washington cheered when...
Prepa says incoming administration supports gas pipeline
Public corporation’s government board decides to go ahead with project after meeting with Fortuño and taking into account economic consequences of...
DACO inspectors out at dawn
Some 60 Consumer Affairs Department (DACO) inspectors fanned out Friday morning checking that heavily advertised so-called Black Friday sale prices...
Legislator criticizes passing unpaid tax accounts to GDB
Treasury Commission President Antonio ‘Toñito’ Silva Thursday criticized the outgoing government for passing bills for old, unpaid taxes from the...
Rullán issues warning to pharmacies
Secretary of Health Johnny Rullán Thursday reminded pharmacies of the need to comply with Law 247, which protects the health of patients, or face...
Héctor Martínez to preside Judiciary Committee
Incoming Senate president cites past rumors linking Martínez with alleged drug dealer as one of the main reasons for the designation ...
Governor writes to Richard Carrión
Acevedo Vilá proposes various projects left hanging in his administration to Economic Advisory Committee chief ...
Aponte requests contract audits for AAV’s lawyers
Law firms representing Acevedo Vilá have had their contracts expanded with local government in recent times, says outgoing House speaker ...
AAV gives Friday off
Gov. Aníbal Acevedo Vilá declared Friday – the day after Thanksgiving – will be given to government employees as a day off to be counted against...
Rivera Schatz calls party colleagues to order
Incoming Senate President urged party colleagues on Monday to “keep quiet” about aspirations to occupy Sen. Jorge de Castro Font’s seat ...
Environmental Quality chief summoned on gas pipeline controversy
Opposition to gas pipeline project intensifies among southern area residents ...
Extraordinary session requested on liquefied gas issue
NPP representative says overpricing on product should be attended in a prompt manner ...
Acevedo Vilá collects close to $300,000
--> In a radio marathon to collect money for the $1.3 million still owed to his Washington attorneys for his February federal trial on 24 counts of...
5.1 magnitude earthquake strikes off Puerto Rico
SAN JUAN, Puerto Rico (AP) _ The U.S. Geological Survey says a moderate earthquake with a preliminary magnitude of 5.1 struck before dawn off the...
October auto sales experience biggest drop in 22 months
Auto sales in Puerto Rico for October fell 25.9% compared with the previous October, the eighth consecutive month sales have dropped in what has been...
AAV receives donations for his legal defense
Gov. Aníbal Acevedo Vilá was an active participant Saturday in a radio marathon to collect funds for his defense of the 24 federal counts of campaign...
Planning Board projects improvements for 2009
The Planning Board is projecting modest growth for 2009 with a Gross National Product (GNP) similar to that of 2007. ...
Fajardo Airport to close Sunday

As previously reported by caribbeanbusinesspr.com, the Diego Jiménez Torres Airport in Fajardo will close its operations this Sunday and, beginning...

More government debts to be divulged today
Assistant Secretary of State Marta Beltrán Friday asked the heads of all agencies that have not appeared before the Transition Committee to deliver a...
Oriental files shelf registration for capital planning purposes
Banks says action could be for one or more offerings of common stock, series...
Antonio Silva charges UCW América is only a warehouse operator
Rep. Antonio Silva Thursday charged that the company selected to operate Puerto de Las Américas in Ponce is actually a container warehouse operation. ...
PIP can’t register as party until 2009
State Elections Commissioner President Ramón Gómez said Thursday that the Puerto Rican Independence Party (PIP) cannot begin the process to reregister...
More than 30 horses to be auctioned Saturday
A total of 32 horses will be auctioned at Camarero Race Track in Canóvanas Saturday at 11 a.m. ...
Transition Committee work continues Thursday
The Management and Budget Office will testify Thursday in what is the fifth day of hearings by the government Transition Committee. ...
Royal Caribbean's newest Freedom-Class ship to visit P.R.
Royal Caribbean International's newest Freedom-class ship, Independence of the Seas, made her US debut Thursday at Port Everglades in...
Cap Cana victim of global financial crisis
PUNTA CANA, Dominican Republic (AP) _ The ocean glows a milky turquoise. Tiny waves lap at the powder-beige sand, in no rush to reach the line of...
SBA injecting $69 million into P.R. and Virgin Islands economies this year
The federal Small Business Administration says it will inject a total of $69 million into the Puerto Rico and U.S. Virgin Islands economies during the...
Statehood think thank organizes congressional forum in Washington
Puerto Rico Senate President Kenneth McClintock, recently appointed secretary of State by Governor-elect Luis Fortuño, arrived Wednesday morning in...
NY jury convicts opera-loving P.R. philanthropist
NEW YORK (AP) _ A Manhattan jury has convicted Puerto Rican opera philanthropist Alberto Vilar, the investment adviser who allegedly swindled...
Accumulated bankruptcies through October hit 7,459, 15% more than 2007
A total of 865 filings in October, 13% higher than same month last year, Chapter 13 and 7 filings for year up 11% and 27% respectively, Chapter 11...
Universidad del Este Hotel School has new name
The Hotel School of the Universidad del Este (UNE) has a new name today…The José A. (Tony) Santana International School of Hospitality and Culinary...
Run government like a business!
The Food Marketing, Industry and Distribution Association (MIDA) has recommended to Gov.-elect Luis Fortuño that he create the position of General...
Dos Mares Resort in court again
The coalition in favor of the Northeast Ecological Corridor Wednesday morning said a lawsuit filed by proponents of the Dos Mares Resort could have...
Banco Popular cuts jobs, N.A. head retires
Roberto R. Herencia, president of Banco Popular North America, is retiring at yearend as the North American arm of the bank undertakes further staff...
Gov.-elect Fortuño against south coast gasoduct
--> Gov.-elect Luis Fortuño and the Puerto Rico Senate both presented motions Tuesday afternoon at Ponce Superior Court opposing the South Gasoduct...
Possible casino closings to take place
--> While Tourism and other officials took great pleasure Monday in welcoming the stunning new La Concha Resort’s Casino del Mar Casino to the...
Aruba police pursue new evidence in Holloway case

SAN JUAN, Puerto Rico (AP) _ Investigators in Aruba are pursuing new evidence in the 2005 disappearance of American teenager Natalee Holloway. ...
December light bill to drop 21%

The Puerto Rico Electric Energy Authority (Prepa) will decrease its rates 21% in its December billing compared with November due to the drop in the...

Aqueducts head first recycled Cabinet member
Aqueducts and Sewers Authority (AAA) Executive Director José Ortiz has been reappointed to his post by Gov.-elect Luis Fortuño. ...
Popular receives preliminary approval for $950 million federal injection
Popular Inc. Tuesday received preliminary approval from the U.S. Treasury Department to participate in its Capital Purchase Program (CPP) under the...
Victor Suárez named PDP secretary general
Department of Consumer Affairs (DACO) Secretary Victor Suárez has been appointed secretary general of the Popular Democratic Party, according to PDP...
La Concha Resort opens casino
La Concha Resort opened its Casino del Mar Monday where Tourism Co. Executive Director Terestella González Denton pointed out that just during the...
Empresas Vassallo goes into Chapter 11
After close to 50 years of existence, Empresas Vassallo has filed for Chapter 11 protection under the U.S Bankruptcy law. ...
Western establishes ratio for reverse stock split
W Holding Co., the bank holding company for Westernbank Puerto Rico, announced Monday the board of directors has established a ratio of one share for...
Migrant vessel missing with dozens of Dominicans
SAN JUAN, Puerto Rico (AP) _ The Coast Guard is searching the waters off western Puerto Rico for a boat that is reportedly missing with more than 40...
AAV makes surprise appearance before Transition Committee
Gov. Aníbal Acevedo Vilá showed up unexpectedly Monday at the Transition Committee hearings to defend his economic policies. ...
AAV attorneys threaten to abandon case
The law firm hired by Gov. Aníbal Acevedo Vilá to defend him against federal charges could well be off the case Nov. 30 if they are not paid pending...
Fortuño to name FBI assistant director chief of Police
Gov.-elect Luis Fortuño is expected to name FBI Assistant Director José Figueroa Sancha as superintendent of Police Monday. ...
Gas station owners in court against Total
Some 50 gasoline retailers will appear in San Juan Superior Court Monday fighting a contract with wholesaler Total Petroleum following a refusal by...
Three PDP reps turn backs on sovereignty
Three elected Popular Democratic Party (PDP) representatives Sunday backed the status options of newly elected party President Héctor Ferrer to...
Arecibo mayor asks employees to resign
Unhappy with the work that has been done over the past four years re-elected Arecibo Mayor Lemuel Soto Santiago has asked some 20 employes to hand in...
Doral posts $1.8 million loss in 3Q
Expanded interest margin, raised net interest income and opened 90,000 retail deposits accounts in 2008, including over 34,000 accounts in the third...
NPP to eliminate Electoral Fund
(AP) The incoming New Progressive Party (NPP)-majority Legislature will eliminate the Electoral Fund as soon as the next session begins in January,...
New House speaker hands out committee chairs
Jenniffer González also reduces number of committees  to “speed up” processes ...
Fajardo airport slated to close before year’s end
Transfer of operations to airport in former Roosevelt Roads naval base in Ceiba scheduled in three to four weeks, barring any mishaps ...
Crisis looming for Health Insurance Administration
Agency to be left without funds to cover insurance premiums starting in March, according to executive director ...
Oriental posts $46.1 million third quarter loss
Excluding non-cash loss of $55.8 million, a net of tax loss of $4.1 million and income tax benefit of $500,000, the group had income available to...
More transition hearings set for Friday

The Health Services Administration and Port of the Americas Authority will make appearances Friday before the incoming and outgoing government...

Fortuño presents his economic team
Santander president appointed as head of the GDB; Planning Board candidate plans to unravel permits process before dealing with Land Use Plan ...
Oriental to record non-cash charge of $55.8 million in 3Q
Bank comments on preliminary Third Quarter operating results; expects to report a loss of $1.89 per share, to request filing extension for 10-Q ...
Santander BanCorp narrows 3Q net loss to $8.2 million
Spanish bank widened the net interest margin to 4.76% while paring operating expenses nearly 11% ...
Two injured in Isla Grande helicopter crash
Helicopter flying in from St. Thomas suffers malfunction just before landing; passenger gravely injured ...
Fortuño participates in Republican governors’ meeting
Governor-elect vows to work with fellow Republicans to “reformulate our message” ...
Rivera Schatz promises to act “in good faith”
No bad blood between recently-appointed Senate president and Kenneth McClintock, despite earlier controversies ...
Pierluisi announces team

Resident Commissioner-elect Pedro Pierluisi announced Wednesday that Attys. Andrés López and Andrés Guillemard have been selected by him to...

Shredded papers a cause for concern
Eleven trash bags full of shredded paper at State Department raise alarm among government transition committee members ...
Kenneth McClintock appointed State secretary
Former Popular Inc. executive also appointed as Government secretary ...
Parador owners want change

Miguel Rosado, president of the Association of Parador Owners, Tuesday reminded Gov. –elect Luis Fortuño to follow through with promises he made...

Puerto Rican wins Rookie of the Year at MLB National League
Chicago Cubs' catcher Geovany Soto wins top rookie prize in professional baseball ...
Héctor Ferrer to occupy PDP presidency
Legislator to replace Gov. Aníbal Acevedo Vilá as head of the Popular Democratic Party ...
Fortuño names economic advisors
Group headed by Popular Inc. Chairman, President and CEO Richard Carrión ...
Circuit City files for Chapter 11 protection;opens in Hatillo
Circuit City Stores -- which opened its third operation in Puerto Rico this weekend in Hatillo --has filed for bankruptcy about a week after it said...
Ponce mayor will sign Port of the Americas contract
The outgoing Popular Democratic Party government in Ponce will sign a contract for the administration and operation of the Port of the Americas that...
Election propaganda must be removed
(AP) The Department of Transportation and Public Works (DTOP) Sunday called for all political parties and their candidates to remove their propaganda...
Fortuño to talk with millionaires
(AP) Gov.-elect Luis Fortuño confirmed Sunday that he has been in contact with several millionaires who, during the campaign, said they wanted to...
NY Gov. wants closer ties with Puerto Rico
New York Gov. David Patterson, after meeting with Gov.-elect Luis Fortuño Sunday, said he seeks closer ties with the island and proposed opening an...
McClintock named to head Transition Committee;other members announced
Gov.-elect Luis Fortuño announced Sunday, as reported early in the day by caribbeanbusinesspr.com, that Senate President Kenneth McClintock will head...
President, first lady to move to Dallas

WASHINGTON (AP) _ First lady Laura Bush says she and President George W. Bush will have a house in Dallas after leaving the White House. ...
Service sector shrinks as new orders fall in Nov.
NEW YORK – The U.S. service sector contracted dramatically in November, as employment, new orders and prices fell precipitously, hurting retailers,...
Stocks rise as investors absorb bad economic news
NEW YORK – Wall Street overcame an early slide and turned higher Wednesday as investors calmly absorbed the latest evidence of a still-weakening...
California Democrat considered for trade job
WASHINGTON (AP) _ California Democratic Rep. Xavier Becerra, a strong proponent of labor protections in free trade pacts, is in discussions with the...
ADP Says U.S. Companies Cut 250,000 Jobs in November
(Bloomberg) -- Companies in the U.S. eliminated an estimated 250,000 jobs in November, the most since November 2001, a private report based on payroll...
Productivity growth slows, wage pressures rise
WASHINGTON (AP) _ Worker productivity slowed in the summer to the smallest advance since late last year while wage pressures increased. Neither...
Harvard's endowment takes $8 billion hit
CAMBRIDGE, Mass. (AP) _ Harvard University says its endowment has tumbled $8 billion in the four months since the end of the last fiscal year. ...
Odetta Passes

NEW YORK (AP) — Odetta, the folk singer with the powerful voice who moved audiences and influenced fellow musicians for a half-century, has died....
Obama to name Richardson for Commerce Wednesday
CHICAGO (AP) _ President-elect Barack Obama is ready to name Bill Richardson as his choice for commerce secretary after passing over his vanquished...
Chicago would get $1.1B in parking meter lease

CHICAGO (AP) _ The city already has deals to lease an airport, a toll road and garages. Now it wants to add parking meters to that list to raise...
Auditors fault Treasury oversight of bailout funds
WASHINGTON – The government must toughen its monitoring of the $700 billion financial bailout to ensure that banking institutions limit their top...
Georgia Sen. Chambliss wins re-election in runoff
ATLANTA – Georgia Republican Sen. Saxby Chambliss handed the GOP a firewall against Democrats eager to flex their newfound political muscle in...
GM says it needs $12 billion loans by late March
WASHINGTON – General Motors Corp. said Tuesday it needs $12 billion in government loans to keep operating, telling Congress in a bluntly worded report...
Wall Street rebounds sharply after big drop
Wall Street rebounds after Monday's massive decline ...
Ford Nov. sales drop 30%,Toyota falls 34%

NEW YORK (AP) _ Ford says its November U.S. light vehicle sales tumbled 31 percent amid a continued slump in consumer spending and tight credit...
Fed Extends Three Emergency Loan Programs to April From January
(Bloomberg) -- The Federal Reserve extended the term of three emergency-loan programs to April 30 from January 30, aligning their expiration dates...
Florida's Mel Martinez won't seek re-election
TALLAHASSEE, Fla. (AP) _ U.S. Sen. Mel Martinez of Florida, who has struggled to boost his approval rating because of close ties to President George...
Obama seeks to assure nervous governors on economy
PHILADELPHIA – President-elect Barack Obama pledged quick work Tuesday on an economic recovery plan to include tax cuts and increased federal...
Stocks rise on reassuring comments from Ford CEO
NEW YORK – A stock market reassured by Ford Motor Co.'s assessment of its financial health bounced back Tuesday, regaining some of the ground lost...
Oil near $50 per barrel

Oil prices recovered to near $50 a barrel Tuesday after falling to a 3-year low earlier in the session as more bleak U.S. economic news and...
Auto Workers to hold emergency meeting on bailout
DETROIT (AP) _ Local United Auto Workers leaders from across the country will hold an emergency meeting in Detroit on Wednesday to discuss concessions...
‘Bernanke-san’ Signals Policy Shift, Evoking Japan Comparison
(Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke signaled he’s ready to dig deeper into the central bank’s toolkit after cutting interest rates...
GE Sees 4th-Quarter Profit at Low End of Range, Plans Charge
(Bloomberg) --General Electric Co. said profit at the GE Capital finance unit will decline to $8 billion this year, less than previously forecast, and...
Stocks point to moderately higher open

NEW YORK (AP) _ Wall Street headed toward a higher open Tuesday, following a now-familiar pattern of snapping back after a huge selloff....
Ga. Senate runoff could decide balance of power
ATLANTA (AP) _ Georgia voters returned to the polls Tuesday to decide one of two unresolved U.S. Senate races that Democrats need to win for a 60-seat...
Governors to press Obama for help with shortfalls

WASHINGTON (AP) _ The nation's governors are meeting with President-elect Barack Obama on Tuesday to press their case for at least $40 billion...
Oil falls to 3-year low on bleak US economic news
Oil prices fell to a 3-year low below $48 a barrel Tuesday as more bleak U.S. economic news and plunging stock markets darkened investor expectations...