Business News Puerto Rico

  • District Judge Laura Taylor Swain, who is hearing Puerto Rico's attempt to restructure about $120 billion of debt and pension obligations through a form of bankruptcy, approved on Thursday a stipulation between the board and an unsecured creditors committee allowing them to jointly pursue litigation ahead of a Monday deadline to file claims.

  • SAN JUAN, May 9- Puerto Rico's financial oversight board on Thursday unexpectedly added the island's towns and cities to its mandate, a move that it said was aimed at trying to help them avoid insolvency. To date, the federally created board has only focused on the central government of the U.S. territory, which filed for bankruptcy in 2017 as it sought to...

  • SAN JUAN, May 9- Puerto Rico's federally created financial oversight board on Thursday took unexpected action, adding town and cities to its mandate, which up until now was focused on the island's central government and related entities. Board officials said the move was aimed at helping municipalities avoid insolvency and not at eliminating local...

  • WASHINGTON, May 7- U.S. Senate Democratic leader Chuck Schumer said on Tuesday that Republicans must treat the territory of Puerto Rico equally to other states slammed by disasters if a disaster aid package is to be passed. "You can't treat Puerto Rico differently than you can treat the other states that need the help... Stop the politics, treat everyone equally and...

  • Appeals Court on Monday gave Puerto Rico's federally created financial oversight board another 60 days to allow for the constitutional reappointment of its members by President Donald Trump and the Senate. However, the board's executive director, Natalie Jaresko, told reporters on Monday the two-month extension may not be sufficient as the Senate...

  • At Milken Global Conference 2019, Petra Nemcova, model and Co-founder of All Hands And Hearts, tells Brian Sullivan, anchor of "Worldwide Exchange" and senior national correspondent, how her organization is filling a gap in disaster areas where there are not enough volunteers.

  • The FDA says the drug may only be given to people aged 9 through 16 who have laboratory-confirmation of a previous dengue infection and live in areas where the disease is prevalent, such as Puerto Rico, the U.S. Virgin Islands and American Samoa. Sanofi had sought a much broader approval that would have included people aged 9 to 45, but an FDA advisory panel in March...

  • CHICAGO, May 1- The U.S. Food and Drug Administration on Wednesday approved Sanofi SA's dengue vaccine Dengvaxia for use in the United States among people aged 9 through 16 who have laboratory-confirmed previous dengue infection and live in endemic areas. Dengvaxia is not approved for use in individuals not previously infected by any form of the dengue virus,...

  • WASHINGTON, May 1- A Republican U.S. senator on Wednesday said President Donald Trump will not waive rules requiring that only U.S.-flagged ships move natural gas from American ports to Puerto Rico and the U.S. Bloomberg News reported last week that Trump was leaning in favor of some kind of waiver. Senator Bill Cassidy, a Louisiana Republican, told reporters on a...

  • WASHINGTON, May 1- A Republican U.S. senator on Wednesday said President Donald Trump will not waive rules requiring that only U.S.-flagged ships move natural gas from American ports to Puerto Rico and the U.S. Bloomberg News reported last week the administration was seriously considering waiving the requirements for some energy shipments and that Trump...

  • SAN JUAN, April 18- A judge on Thursday ordered banks to comply with a request from Puerto Rico's federally created financial oversight board to disclose customer information related to certain debt issued by the bankrupt U.S. commonwealth. The Bank of New York Mellon, Bank of America Corp, JP Morgan Chase Bank, and U.S. Bank objected to the board's request last...

  • CARACAS, April 18- U.S. sanctions on Venezuela have led the New York Federal Reserve to crack down on Puerto Rico's $50 billion offshore banking industry, according to four sources and a document seen by Reuters. The development will prevent the island's offshore banks, several of which are owned by citizens of crisis-stricken Venezuela, from opening accounts...

  • The Official Committee of Unsecured Creditors, which includes Service Employees International Union, American Federation of Teachers, as well as suppliers and contractors to the Puerto Rican government, said the board recently informed the committee it will not pursue claims against advisers, underwriters and public officials involved in debt sales by...

  • CHICAGO, April 12- Four banks on Friday fired back at a move by Puerto Rico's federally created financial oversight board to force them to disclose customer information related to certain debt issued by the bankrupt U.S. commonwealth. The board on Monday asked the U.S. District Court judge hearing the island's bankruptcy cases to compel the banks to submit...

  • The board, which filed bankruptcy for the island in May 2017 to restructure about $120 billion of debt and pension obligations, had sought approval in January to void more than $6 billion of defaulted general obligation bonds sold in 2012 and 2014 on the basis they were issued in violation of debt limits in Puerto Rico's constitution. Other creditor groups in...

  • Senate Minority Leader Chuck Schumer speaks with reporters following the weekly policy luncheons on Capitol Hill in Washington, October 2, 2018.

    Senate Democrats on Monday blocked a Republican disaster aid bill, saying it doesn't do enough to help hurricane-torn Puerto Rico.

  • Trump: Puerto Rico not spending money wisely

    President Donald Trump talks to reporters about funding for Puerto Rico.

  • WASHINGTON, March 28- The White House is preparing to ask the U.S. Senate to confirm the current members of Puerto Ricos fiscal oversight board, the Wall Street Journal reported on Thursday, citing people familiar with the matter. In a move that would disappoint critics of the island's financial supervisors, the Journal said, the Trump administration had begun...

  • CHICAGO, March 28- A decision this week by a U.S. The appeals court affirmed a ruling by U.S. District Court Judge Laura Taylor Swain, who is overseeing the island's bankruptcy, which was filed in 2017 in an effort to restructure about $120 billion of the U.S. commonwealth's debt and pension obligations. Swain had dismissed a lawsuit by insurance companies...

  • SAN JUAN, March 28- The U.S. economy is in "a very good place" and the likelihood of a recession in 2019 or 2020 is "not elevated," a top Federal Reserve policymaker said on Thursday. "I'm not as worried about a recession as some of my colleagues in the private sector," New York Fed President John Williams said at an event in San Juan, Puerto Rico. "I still see the probability of a...