WASHINGTON, Aug. 26, 2014 /PRNewswire-HISPANIC PR WIRE/ — Dr. Robert J. Shapiro, chairman of the advisory firm Sonecon and former U.S. Undersecretary of Commerce for Economic Affairs, held a media teleconference today with Doral Chief Legal Counsel and Gibson, Dunn and Crutcher Partner Matthew D. McGill to discuss the Government of Puerto Rico’s recent abandonment of negotiations with Doral Financial Corporation. 

On the call, Shapiro announced the release of his latest study– A “Penny-Wise and Pound-Foolish” Policy: The Costs to Puerto Rico of the Treasurer Nullifying its Agreements with Financial Institutions, Including the Possibility of a Sovereign Debt Default – which concludes that the Puerto Rican government’s failure to settle with Doral could lead to losses in investment, economic growth, and revenues that will far exceed the cost of simply paying Doral what the company is owed.

“It is an expensive proposition for Puerto Rico to renege on its agreements, and as a result, the Government is squandering what little credibility it has left with investors.  It is the people of Puerto Rico that will bear the brunt of the costs.  Governor Padilla can be a leader – he can resolve this, and I sincerely urge him to do so.”

Regarding the failed negotiations, McGill described the Doral legal team’s disappointment with Hacienda’s abandonment of negotiations, but noted its confidence in the subsequent trial.

“The government has walked away from an agreement and has sent us back to the course of litigation and a trial.  It is a disturbing trend and an unfortunate result because there could have been an amicable resolution to this matter.  The government owes Doral money and the government does not want to pay.  We will go to court to make them pay.”

Dr. Shapiro’s paper, as well as a recording of the call, is available on the Doral Puerto Facts Website, www.doralpuertoricofacts.com, which is a resource for information regarding the Doral Financial Corporation, LLC legal case against the Puerto Rican government.  

About Doral Financial Corporation: Doral Financial Corporation is a bank holding company engaged in banking, mortgage banking and insurance agency activities through its wholly-owned subsbidiaries Doral Bank, with operations on the mainland U.S. (New York metropolitan area and northwest region of Florida)  and Puerto Rico. Doral Financial Corporation’s common shares trade on the New York Stock Exchange under the symbol DRL. Additional information about Doral Financial Corporation can be found at www.doralpuertoricofacts.com.

MEXICO CITY, Aug. 26, 2014 /PRNewswire-HISPANIC PR WIRE/ — FIBRA Prologis (BMV: FIBRAPL 14), the leading owner and operator of Class-A industrial real estate in Mexico, today announced that in the first half of the third quarter it signed 18 lease agreements, primarily related to renewals, totaling more than 1.8 million square feet.

Leasing activity is strong across global markets, particularly in Mexico City, where 1.3 million of the 1.8 million square feet were signed. 

Notable leasing activity included:

Mexico City:

• 1.2 million square feet at Encino, Agave, Prologis Park Tres Rios and Prologis Park Carrizal.

Reynosa:

• 100,000-square-foot lease at Colonial Industrial Center.

“I am pleased with activity thus far in the quarter,” said Luis Gutierrez, chief executive officer, FIBRA Prologis. “This is a testament to our portfolio and skilled team. We are on our way to reaching our operating objectives for the back half of the year.”

ABOUT FIBRA PROLOGIS

FIBRA Prologis is the leading owner and operator of Class-A industrial real estate in Mexico. As of June 30, 2014, FIBRA Prologis was comprised of 177 strategically-located logistics and manufacturing facilities in six industrial markets in Mexico totaling 29.7 million square feet (2.8 million square meters) of gross leasable area.

The statements in this release that are not historical facts are forward-looking statements. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which FIBRA Prologis operates, management’s beliefs and assumptions made by management.  Such statements involve uncertainties that could significantly impact FIBRA Prologis financial results. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature.  All statements that address operating performance, events or developments that we expect or anticipate will occur in the future — including statements relating to rent and occupancy growth, acquisition activity, development activity, disposition activity, general conditions in the geographic areas where we operate, our debt and financial position, are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) national, international, regional and local economic climates, (ii) changes in financial markets, interest rates and foreign currency exchange rates, (iii) increased or unanticipated competition for our properties, (iv) risks associated with acquisitions, dispositions and development of properties, (v) maintenance of real estate investment trust (“FIBRA”) status and tax structuring, (vi) availability of financing and capital, the levels of debt that we maintain and our credit ratings, (vii) risks related to our investments (viii) environmental uncertainties, including risks of natural disasters, and (ix) those additional factors discussed in reports filed with the “Comision Nacional Bancaria y de Valores” and  the Mexican Stock Exchange by FIBRA Prologis under the heading “Risk Factors.” FIBRA Prologis undertakes no duty to update any forward-looking statements appearing in this release.

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FT. LAUDERDALE, Florida, Aug. 26, 2014 /PRNewswire-HISPANIC PR WIRE/ — Small businesses in Florida are performing well despite lingering concerns about the U.S. economy, according to the inaugural Florida Small Business Pulse Check, a survey commissioned by TD Bank, America’s Most Convenient Bank^®. The regional survey polled small business owners in Central and South Florida about business goals, hiring plans, credit and financial needs and the anticipated impact of the Affordable Care Act (ACA).

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More than 240 business owners in Central Florida’s I-4 corridor (Hillsborough, Polk, Orange, Osceola and Seminole counties) and South Florida (Broward, Miami-Dade and Palm Beach counties) with revenues of $5 million or less participated in the survey. Overall, 81 percent of owners expect to meet or exceed revenue goals in 2014, even though 55 percent indicated the national economy has negatively impacted their business operations in the past year.

“The major metro areas in Central and South Florida have made significant recoveries in the past few years, and our TD Bank Small Business Pulse Check shows that as owners are seeing relief from the recent tight economic conditions, they are still careful,” said Ernie Diaz, Regional President for TD Bank in Florida. “We are seeing more interest from small business owners to prime their companies for future expansion.”

Small Operations, Measured Growth

Businesses in Florida remain very small; nearly one-third have an annual gross revenue of less than $50,000 and an average of 2.4 employees. Central Florida owners are slightly more optimistic about growth than their South Florida counterparts, with 56 percent saying revenue/sales will increase in 2014, compared with 53 percent in the South. Despite this anticipated growth, the majority of business owners reported that they would keep staffing levels the same, with just 17 percent in South and 14 percent of Central Florida expecting to hire.

When thinking about current and future financial needs, more business owners in South Florida are seeking access to credit compared with business owners in Central Florida, at 24 percent vs. 18 percent, respectively. Throughout the state, small business owners named product/equipment costs (53 percent) and marketing/advertising (38 percent) as their reason for needing credit.

“Access to credit is starting to get better in Florida through government-lender economic partnerships and increased SBA activity, and we are seeing more small business owners looking to reinvest in their companies,” Diaz said. “While lenders and business owners remain cautious, there is movement in the market. TD Bank is committed to partnering with small businesses and to be a resource and advisor to help fuel smart growth.”

Minimal Impact from ACA Expected

Just 9 percent of businesses in Central Florida and 25 percent in South Florida are required to provide health insurance to employees under the ACA, owners reported, while 20 percent in Central and 37 percent in South Florida currently provide medical benefits. Business owners remain confident that the ACA will have nominal impact on operations, with 70 percent in Central and 65 percent in South Florida saying the law has had no impact at all. When asked about how they will manage costs related to providing new health care coverage under ACA, 53 percent of owners in Florida expect to absorb or cover costs, 26 percent will reduce staff and 20 percent will reduce benefits or bonuses.

Hispanic Business Owners Faring Better

The same study also surveyed 100 Hispanic business owners throughout Florida about their outlook and small business needs. Sixty percent of Hispanic owners said they expect to grow revenue in 2014, and 30 percent will hire additional employees. Hispanic businesses also report being more profitable than the general market, with 22 percent of Hispanic small businesses having gross revenue/sales of more than $500,000, compared with 18 percent of Florida small businesses overall.

Hispanic owners also indicated the ACA will create more of a strain, as 43 percent of their businesses are now required to provide health care insurance. These owners said the top ways to manage ACA-related costs will be to absorb/cover costs (48 percent) and reduce benefits/bonuses (15 percent). In addition, 31 percent expect to increase the price of their products and services to cover the cost of providing medical coverage, a sharp increase over the general survey population of business owners (4 percent).

Hispanic owners also indicated they are primed to invest more heavily in their operations, with nearly one half of owners saying they have credit needs compared with just 21 percent of Florida business owners overall. Of those Hispanic small business owners seeking credit, 70 percent will use it for equipment costs, 38 percent for marketing/advertising and 10 percent for rent or mortgage.

TD Bank operates in approximately 160 locations in Florida, and offers a wide array of commercial and small business banking and loan products including business checking accounts, corporate credit cards, cash management and payment processing, working capital loans, real estate mortgages, bond purchases and equipment leases. Visit www.tdbank.com for more information.

Survey Methodology

Angus Reid Public Opinion conducted the survey of 241 small business owners, including 100 Hispanic small business owners, for TD Bank July 17-25 in eight Florida counties in the Central and South Florida regions. The Florida Small Business Pulse check has a margin of error of +/- 6.3 percent at a 95 percent confidence level.

About Angus Reid Public Opinion
Angus Reid Public Opinion is the Public Affairs practice of Vision Critical — a global research company. Vision Critical is a leader in the use of the Internet and rich media technology to collect high-quality, in-depth insights for a wide array of clients.

About TD Bank, America’s Most Convenient Bank^®

TD Bank, America’s Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 8 million customers with a full range of retail, small business and commercial banking products and services at approximately 1,300 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth^®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.tdbank.com. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US.

TD Bank, America’s Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol “TD”. To learn more, visit www.td.com.