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By Brendan A. McGrail and Matt Robinson

March 8 (Bloomberg) — Puerto Rico, the U.S. territory that reduced its budget deficit by more than a third since 2009, is selling $250 million of debt after its first credit-rating upgrade since Standard & Poor’s began coverage in 1986.

S&P yesterday boosted the commonwealth’s general-obligation rating one level to BBB, the second-lowest of 10 investment grades, because of improved tax collections. Puerto Rico is graded BBB+ by Fitch Ratings, one level above S&P, and A3 by Moody’s Investors Service, two levels higher.

Puerto Rico is more reliable because Governor Luis Fortuno, who took office in January 2009, has cut spending and controlled debt, said Richard Larkin, director of credit analysis at Herbert J. Sims & Co. in Iselin, New Jersey, which manages about $1 billion.

“I’m not surprised about the upgrade,” Larkin said in a telephone interview. “What he’s done could be a model for other governors.” Read the rest of this entry »

Por Julia Cortazar, Policy Analyst

¿Qué pasará con los pequeños empresarios del turismo en Puerto Rico en los próximos 10 años? Si te preguntas cuál será su futuro, entonces aquí te dejamos algunos puntos para que imagines hacia donde podría dirigirse el negocio.

En los últimos años la actividad económica del turismo se ha convertido en una de las que más ha crecido alrededor del mundo y lo que está sucediendo en Puerto Rico puede confirmarlo. Se estima que la economía del turismo genera cerca de $1,100 millones, sostiene alrededor de 60,000 empleos directos e indirectos y tiene una aportación aproximada al Producto Nacional Bruto (PBN) que sobrepasa el 7%. Además, la relevancia que está ganado el Turismo Sustentable, entendido como la actividad que contribuye a generar ingresos y empleos en el sector turístico para la población con un bajo impacto sobre el medio ambiente y la cultura local, al interior del sector. Por lo que el tamaño y la competitividad que la actividad del turismo está adquiriendo aumentan la confianza en ella como motor de crecimiento de la economía puertorriqueña.

Entonces, ¿Cómo pueden los pequeños empresarios beneficiarse con estos datos tan esperanzadores? Observemos el caso de los empresarios dueños de Paradores. Read the rest of this entry »

You read correctly.  In reaction to record budget shortfalls on the island, the Puerto Rican legislature passed a bill raising taxes on some of the largest companies within its borders.  Then on Monday, the governor announced plans to reduce taxes on businesses and personal incomes, in an effort to jumpstart the economy.

We will provide an analysis in the coming days, but in the meantime you can read more in the following articles submitted through Reuters, respectively titled “Puerto Rico slaps new tax on offshore business” and “Puerto Rico unveils tax cuts to reignite economy.”  Read the rest of this entry »

The SBA’s yearly Global Entrepreneurship and Development Index was released this month and had some surprising results for both the U.S. and Puerto Rico.

The index, according to the executive summary released with the report:

. . . builds on and improves earlier measures by capturing quantitative and qualitative aspects of entrepreneurship. It measures entrepreneurial performance in 71 countries over three sub-indexes, 14 pillars, and 31 individual and institutional variables. The United States appears among the top entrepreneurial economies and ranks third on the GEDI.

It has long been held that the U.S. is the land of opportunity, especially for budding businesspeople, so this new finding brings a shocker to our country.

But perhaps, just as shocking is Puerto Rico’s rise to number #17. Read the rest of this entry »

How did an agreement to direct $6 billion to a foreign liquor conglomerate in exchange for 40 jobs get Congressional consent and Administration approval?

as posted at prnewswire.com:

WASHINGTON, Sept. 14 /PRNewswire/ — The National Puerto Rican Coalition (NPRC) will hold a press conference on Thursday, September 16, at the National Press Club to discuss the organization’s requests to the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) to investigate a deal between Diageo, a UK-based liquor conglomerate, and the U.S. Virgin Islands.

“Diageo has structured an unusual and highly suspect agreement with the government of the U.S. Virgin Islands,” said NPRC Chairman Miguel Lausell. “Through this ‘deal’ more than $6 billion in U.S. tax funds will be assigned directly to Diageo over the next 60 years to assist in the creation of 40 jobs. Read the rest of this entry »

Despite severe economic distress and real unemployment reaching 30% in Puerto Rico, the annual rankings of competitive economies by the World Economic Forum (WEF) has moved Puerto Rico up to 41st in the world.

Although we consistently stress the economic despair we see on the island, we often forget that, despite the relatively gloomy outlook when compared to the rest of the U.S., Puerto Rico is doing fairly well compared to other Latin American countries.

In fact, according to the WEF, Puerto Rico came in higher than all Caribbean and Latin American countries except Chile.  It is also important to note that the U.S. actually fell to 4th in the rankings.

Maybe its time investors and small business opportunists take another look at Puerto Rico’s economic advantages.

Read the full story here: http://tinyurl.com/28kvd4x

If you are from Puerto Rico, or have any ties to the island at all, you know about Diageo.  What was once considered a proud corporate partner to the island, contributing almost 200 good-paying jobs to the economy and millions in revenues and taxes, has become quite the pariah in the eyes of Puerto Ricans everywhere.

The issue revolves around Diageo’s (a British-owned liquor conglomerate) decision to move its operations from the U.S. territory to another nearby territory, The U.S. Virgin Islands, all at U.S. Taxpayers’ expense. Read the rest of this entry »

Written by Alan Bromley – Staff Writer New Patriot Journal

Congress Gives U.K. Rum Manufacturer a $2.7 Billion U.S. Taxpayer Funded Gift

Wrapped inside the Troubled Asset Relief Program (TARP) lies a provision that gives a British rum-making corporation, Diageo, a tax break of $2.7 billion to move their facilities from Puerto Rico (where they resided for 30 years) to the U.S. Virgin Islands – and Puerto Rican politicians and activists are up in arms, finding Congress unwilling to make the tax laws comparable in both places, and even unwilling to be transparent about which politicians in Congress, if any, may have benefitted from the unusual tax break.

But they do know that embattled New York Congressman Charlie Rangel (D) as (past) chairman of the Ways & Means Committee, refused Read the rest of this entry »

Read this article which  highlights the characteristics of the Puerto Rican Entrepreneur.  It was written in 1994, but is not outdated.

You will have to create an account and log in to see the whole article, but it is worth a read if you are studying the island’s entrepreneurial prospects: http://www.jstor.org/pss/25613237

But be sure to contact us at The National Puerto Rican Chamber of Commerce, we have either already been through it, or know someone who has. Read the rest of this entry »

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