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Honda Civic and HR-V Place First and Second with CR-V Also Highly Ranked in Kelley Blue Book “10 Most Awarded Cars of 2016”

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Honda Civic and HR-V Place First and Second with CR-V Also Highly Ranked in Kelley Blue Book "10 Most Awarded Cars of 2016"

TORRANCE, California, Dec. 8, 2016 /PRNewswire-HISPANIC PR WIRE/ — With multiple recognitions, including the Overall Best Buy of 2016 by Kelley Blue Book’s KBB.com, the 2016 Honda Civic placed first in the Kelley Blue Book 10 Most Awarded Cars of 2016 rankings. Coming in a close second, the 2016 Honda HR-V was named the lowest 2016 5-Year Cost to Own Award winner in the Compact SUV/Crossover category, amongst its numerous awards. Also included and making Honda the most awarded brand on the list, the 2016 Honda CR-V is a multiple award winner including the Best Small SUV/Crossover Best Buy Award.

Honda Civic and HR-V Place First and Second with CR-V Also Highly Ranked in Kelley Blue Book "10 Most Awarded Cars of 2016"

 

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Tom Mohler emphasized the importance of HD Multicultural programming at the Diversity Discussion Panel in New York

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WEST PALM BEACH, Florida, Dec. 8, 2016 /PRNewswire-HISPANIC PR WIRE/ — Olympusat, Inc., one of the largest independent media companies specializing in the ownership, distribution, production and technical services of Spanish- and English-language networks, was present at the Diversity Discussion in New York City, where Olympusat’s CEO, Tom Mohler, was chosen to participate on a panel discussion on Embracing Diversity in Digital Platforms.

On Monday, December 5, 2016, Mr. Mohler offered insight into the television industry transition to Over-the-top (OTT) platforms, as well as the current opportunities presented to content creators, networks, and distributors. The executive also stressed how the TV ecosystem is shifting, and discussed the high demand for high-quality content targeted at multicultural audiences.

“We are witnessing how consumer behavior is changing and the interest for scripted TV is increasing, which is why Olympusat is investing more resources in the production of scripted series and content,” said Mohler. “Distributors are starting to offer more multicultural programming and are dedicating more bandwidth to a number of HD Spanish-language networks.”

Mr. Mohler also took this opportunity to officially announce the launch of Aplauso, a new HD Spanish-language broadcast television network that features top-notch entertainment catered to the Hispanic community, including riveting movies, fan-favorite series, vibrant variety shows, popular music videos, and lifestyle entertainment.

The Diversity Discussion gathers leaders in the TV and media industry, as well as popular on-air-talent to share their individual perspectives on the business of serving multicultural content for diverse audience segments. The event is composed by a number of panel discussions and breakout sessions that address the continued growth and sustainability of multiculturalism within the media.

Olympusat – Editorial Contact:
Jesus Piñango
561-249-5228
[email protected]

Celebrations of the Season Open the Door to Holiday Hazards for Homeowners

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Infographic: Holiday Home Hazards

NORTHBROOK, Illinois, Dec. 8, 2016 /PRNewswire-HISPANIC PR WIRE/ — Festive, joyful and togetherness are just a few words that come to mind when thinking about the holidays. However, a new Allstate poll – released just in time for the 2016 holiday season – shows “hazardous” should be at the top of the list, too.

Infographic: Holiday Home Hazards

Allstate’s fourth annual national holiday home hazards surveyi also reveals first-time homeowners are often slightly ahead of their more experienced counterparts, as well as renters, when it comes to preparing their homes for potential holiday hazards. Still, each group has room for improvement, especially since more than half of adults say their home is one of their most important possessions.

“It’s easy for people to get so wrapped up in decorating, cooking and making other holiday preparations that they forget to take important precautions,” said Steve Sorenson, Allstate’s executive vice president of product operations. “We urge you to prepare your home for the holidays now, so you can safely enjoy the season with the people most important to you.”

Deck the Halls to Prevent Hazards
First-time homeowners are particularly excited about showing off their new homes, as nearly 90 percent expect to host holiday celebrations, compared to 62 percent of experienced homeowners and fewer than half of renters. A few precautionary measures can better protect the hosts and their guests. Allstate’s survey found:

  • Unalarmed about alarms. Just 56 percent of first-time homeowners, compared to only 47 percent of more experienced homeowners and 37 percent of renters, have tested or plan to test their smoke alarms and/or carbon monoxide detectors to prepare their homes for the holidays.
  • Unaddressed home damage. Only 46 percent of first-time homeowners, compared to one-quarter of adults, have or plan to prepare for the holidays by inspecting and repairing their home interiors for leaks or damage. Likewise, 47 percent of first-time homeowners, compared to 23 percent of adults, have or plan to inspect and repair their home exteriors – including windows, roofs, gutters and chimneys.
  • Fearless about freezing. Only 56 percent of experienced homeowners and 44 percent of renters typically keep their homes heated above 65 degrees to prevent pipes from freezing, although this is common practice for 62 percent of first-time homeowners.
  • Circuit overload. Just 37 percent of first-time homeowners, 23 percent of experienced homeowners and 21 percent of renters usually limit the number of lights per outlet or power strip to prevent a live Christmas tree fire.
  • Too close for comfort. Placing their live tree away from heat sources to minimize fire risk also is more common among first-time homeowners. A total of 45 percent say they typically do this, compared to just over a quarter of adults.

Not taking proper precautions can lead to costly damage. Allstate claims data show the following are among the hazards that strike more often during the holiday season:

Increase During
Holidaysii

Most Costly
Holiday Claimiii

Median Cost of
Holiday Claim

Burst Pipes From Freezing

396%

$1,199,173

$5,500

Fireplace-Related Fires

133%

$849,705

$10,149

Candle Fires

68%

$388,381

$12,915

Electrical Fires

22%

$1,067,456

$22,683

Weight of Ice and Snow

6%

$338,694

$1,854

 

‘Tis the Season for Theft
Nearly 60 percent of consumers will do their holiday shopping online, with the majority taking advantage of free delivery, according to the National Retail Federation.iv Allowing those packages to be left out on the porch makes them easier to steal. More than 20 million Americans have had deliveries swiped from their doorsteps, according to a study conducted by Princeton Survey Research Associates International.v 

Allstate found that, when ordering items online or by telephone during the holiday season:

  • Packages for the taking. Nearly four in 10 homeowners – both first-time and experienced – frequently allow delivered packages to be left out on their porch or stoop. About three in 10 renters do the same.
  • Unsafe delivery. Only 41 percent of first-time homeowners often make sure someone will be home to accept the package, something that happens even less with more experienced homeowners and renters.
  • Work is not an alternative. Just 13 percent of first-time homeowners, compared to 10 percent of experienced homeowners and 9 percent of renters, frequently have packages delivered to them at work.

Holiday trips also may become holiday home hazards. While travelers take some precautions before departing, they may also leave behind opportunities for theft:

  • Nobody home. Just 16 percent of first-time homeowners, 17 percent of renters and 27 percent of experienced homeowners say they plan to stop their mail and/or newspaper delivery before taking a holiday trip.
  • Unlocked homes. Eighty-one percent of first-time homeowners, compared to 80 percent of renters and 77 percent of experienced homeowners, plan to ensure all of their doors and windows are locked before they leave on a holiday trip.
  • Unlocked vehicles. Nearly 70 percent of first-time homeowners, but only 59 percent of experienced homeowners and 45 percent of renters, say they will make sure vehicles left in their driveway or garage are locked.

Think no one will notice you’re not home? Think again – and don’t risk making your home and valuables easy targets, especially since Allstate found the following happens more frequently during the holidays:

Increase During
Holidays

Most Costly
Holiday Claim

Median Cost of
Holiday Claim

Missing Property from Garage

37%

$5,919

$1,697

Burglary

6%

$153,505

$2,911

Theft From Unlocked Vehicle

2%

$24,002

$1,177

 

Social Media Oversharing
Social media also can unlock opportunities for holiday home hazards. First-time homeowners – about three-quarters of those surveyed are millennials – are more likely to take risks on Facebook, Instagram, YouTube and other popular sites over the holidays.

Forty percent of first-time homeowners spend more time on social media during the holiday season, compared to the rest of the year. This is the case for only a quarter of experienced homeowners and 24% of renters. Those who post may provide very personal details:

  • Look at me! Seventy-one percent of first-time homeowners say they’re likely to go on social media to share pictures or video of themselves at their holiday travel destinations, compared to half of renters and 44 percent of experienced homeowners.
  • On the road again. About a third of first-time homeowners say they’re likely to share details about their travel itinerary, such as being at the airport or on their way home – information that only 22 percent of renters and 19 percent of experienced homeowners say they’re likely to share.
  • Showing off presents. And 65 percent of first-time homeowners, versus 38 percent of adults, say they’ll probably post presents they received.

Oversharing on social media can send a message to criminals that a home may be unoccupied – information holiday travelers should keep confidential. Allstate found:

Increase During
Holidays

Most Costly 
Holiday Claim

Median Cost of
Holiday Claim

Theft of Silverware, Flatware

64%

$15,462

$3,216

Theft from Locked Vehicle

7%

$35,021

$1,408

Jewelry Missing From Home

5%

$25,000

$1,712

 

Allstate’s Top 10 Tips for Holiday Home Safety
To help make the holidays festive, joyful and safe, visit Allstate’s Holiday Decorator for a fun, interactive lesson on how to avoid disasters that can come with decking out your home. Other tips to protect against potential holiday hazards include:

  1. Install new batteries in and test smoke alarms and carbon monoxide detectors.
  2. Inspect the inside and outside of your home for leaks or other needed repairs to avoid home damage and insurance claims.
  3. To prevent frozen pipes, keep your home heated above 65 degrees and open cabinet doors to expose pipes to warm air.
  4. Have chimneys and furnaces inspected annually before the holidays to make sure they’re safe for use.
  5. Read the fine print on your holiday lights to avoid overloading outlets or power strips, and when lighting up the outside of your home, only use lights and extension cords specified for outdoor use.
  6. Schedule deliveries for when someone will be home – or have packages delivered to a neighbor or friend who is home during the day.
  7. Routinely lock your home and vehicle, even if you’re only leaving for a short time.
  8. Stop mail and newspaper deliveries during holiday travel, or have a friend or neighbor pick them up daily.
  9. Avoid “checking in” to vacation locations or activities on social media.
  10. Wait until you return home to post photos and/or video of your holiday trip, and ask family and friends not to tag you on vacation photos they post while you’re away.

For more home safety tips and information, visit The Allstate Blog. Also, Mayhem, a familiar face in Allstate ads, is getting into the holiday spirit with the release of his original holiday album “A Very Mayhem Holiday.” The album will feature seven original holiday songs and will be available to enjoy at MayhemCarols.com or www.pandora.com/AllstateMayhemCarols.

About Allstate
The Allstate Corporation (NYSE: ALL) is the nation’s largest publicly held personal lines insurer, protecting approximately 16 million households from life’s uncertainties through auto, home, life and other insurance offered through its Allstate, Esurance, Encompass and Answer Financial brand names. Now celebrating its 85th anniversary as an insurer, Allstate is widely known through the slogan “You’re In Good Hands With Allstate®.” Allstate agencies are in virtually every local community in America. In 2015, The Allstate Foundation, Allstate, its employees and agency owners gave $36 million to support local communities.

_____________________________
i The 2016 Allstate Holiday Home Hazards survey was conducted by FTI Consulting from October 6-16, 2016. The survey was conducted among N=1,015 adults (home/condo owners and renters) and an oversample of N=224 first-time home or condo owners who purchased their very first home in the past year.

ii Percentage change based on holiday season versus non-holiday season homeowners, condo and renters claim frequency nationally during the three-year period of Jan. 15, 2013-Jan. 15, 2016, with the holiday season from Nov. 15-Jan. 15.

iii Costs are the amount Allstate paid on the reported claims, based on national holiday season homeowners, condo and renters claims data over three years, with the holiday season from Nov. 15-Jan. 15, 2013-2016. 

iv National Retail Federation, https://nrf.com/media/press-releases/retailers-prepare-post-election-holiday-shopping 

v InsuranceQuotes.com, http://www.insurancequotes.com/home/holiday-hazards-120215 

 

 

Avoid Mayhem this season with the Allstate Holiday Home Decorator. (PRNewsFoto/Allstate)

 

Placing their live tree away from heat sources to minimize fire risk also is more common among first-time homeowners. A total of 45 percent say they typically do this, compared to just over a quarter of adults.

 

Just 16 percent of first-time homeowners, 17 percent of renters and 27 percent of experienced homeowners say they plan to stop their mail and/or newspaper delivery before taking a holiday trip.

 

Allstate logo.

 

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New Enterprise, National and Alamo Car Rental Locations Now Operating in Jamaica

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Enterprise Holdings Corporate Brands Logo.

ST. LOUIS, Dec. 7, 2016 /PRNewswire-HISPANIC PR WIRE/ — Enterprise Holdings Inc., the world’s largest car rental company, has opened two locations in Jamaica with its franchise partner, ATL Automotive, an affiliate of the family-operated Sandals Resorts International (SRI) Group.

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Enterprise Holdings’ three brands – Enterprise Rent-A-Car, National Car Rental and Alamo Rent A Car – are now available at the Sangster International Airport as well as at a centrally-located neighborhood location on Queens Drive, Montego Bay. Customers are able to choose from a wide variety of vehicles, whether they are visiting Jamaica for business or vacationing with friends and family.

“Our franchise partnership with ATL Automotive reflects Enterprise’s vision to build an international car rental network that leads the way in providing a consistently superior customer experience,” said Peter A. Smith, Vice President of Global Franchising at Enterprise Holdings. “We look forward to continuing to grow in Jamaica with a partner whose values so closely align with our own.”

ATL Automotive was founded in 1997 and quickly rose to become Jamaica’s leading car dealer, offering some of the world’s top car brands. As a market leader in Caribbean tourism, SRI operates Sandals Resorts, Beaches Resorts and Island Routes Caribbean Adventures. SRI also operates the Sandals Foundation, which supports a wide range of Caribbean causes, with particular focus on community, education and the environment.

“We have hand-picked a seasoned team to provide Jamaica’s leisure and corporate customers with the highest level of service, in addition to Jamaica’s only all-new 2017 model lineup,” said Adam Stewart, Chief Executive Officer and Deputy Chairman of SRI and the ATL Group.

“Opening our Montego Bay locations is an exciting milestone, but it’s just the beginning and we’re expecting to open our Kingston facilities in March 2017,” Stewart noted. “We’re deeply committed to the success of the Jamaican tourism industry and are working closely with our affiliate, Island Routes Caribbean Adventures, to present a full destination Jamaica offering that will encourage more and more visitors to explore this beautiful country.”

Travel Industry Leadership

Enterprise Holdings’ successful global expansion has helped position it near the top of the global travel industry overall, with the company’s annual revenues exceeding those generated by many airlines and most cruise lines, hotels, tour operators and online travel agencies.

As a result, Enterprise Holdings has also teamed up with the World Travel and Tourism Council (WTTC) as a category sponsor of the 2017 Tourism for Tomorrow Awards. The annual WTTC awards are among the highest accolades in the global travel industry and represent the gold standard in sustainable tourism.

For years, Enterprise’s footprint outside of North America was limited to several major markets in Western Europe, until the company’s 2007 acquisition of the National and Alamo brands, which included franchise markets in Latin America and the Caribbean.

In 2012, Enterprise Holdings acquired car rental operations in France and Spain, and made an investment in a leading car rental business in China. Later that same year, the company also announced it was franchising, for the first time in its history, its flagship Enterprise Rent-A-Car brand. The company then launched an aggressive globalization initiative and international franchising campaign.

Along the way, Enterprise Holdings has exported to its international franchisees the power of its renowned Service Quality index (SQi) – a measurement program through which hundreds of thousands of customers each month rate the service they have received. Each location earns a score based on the percentage of customers who say they are “completely satisfied” with their last rental experience.

Once franchises are established, they are evaluated via SQi, ensuring that customers receive a consistently excellent car rental experience, no matter where their travels take them. Enterprise rolled out the SQi measurement program to its European franchise partners in October 2015. The widespread adoption of SQi allows every country to benchmark its service against a companywide, global standard.

Today, the Enterprise, National and Alamo brands operate in more than 85 countries, including 29 in Latin America. Last summer, Enterprise Holdings hosted representatives for a global summit, where franchise partners came together to share best practices and learn more about the Enterprise way.

For more information about Enterprise Holdings, visit www.enterpriseholdings.com.

About Enterprise Holdings
Enterprise Holdings and its affiliate Enterprise Fleet Management together offer a total transportation solution, including extensive car rental and car-sharing services, truck rental, corporate fleet management and retail car sales. Enterprise Fleet Management provides full-service fleet management to companies, government agencies and organizations operating medium-sized fleets of 20 or more vehicles, as well as those seeking an alternative to employee reimbursement programs. Other transportation services marketed under the Enterprise brand name include Enterprise CarShare, Enterprise Rideshare, Enterprise Car Sales, Enterprise Truck Rental, Exotic Car Collection by Enterprise, Zimride by Enterprise and Enterprise Flex-E-Rent.

In total, the annual revenues of Enterprise Holdings and Enterprise Fleet Management rank near the top of the travel industry, ahead of many airlines and most cruise lines, hotels, tour operators and online travel agencies. Enterprise Holdings currently is ranked as one of America’s Largest Private Companies. In addition, among all North American car rental companies, it has the lowest leverage ratio and is the only one with an investment-grade rating. Furthermore, if it were publicly traded, Enterprise Holdings would rank on Fortune’s list of the 500 largest American public companies.

About ATL Automotive
ATL Automotive was formed in 1997 and has served Jamaica for almost two decades, setting the benchmark for automobile sales and service in the island. ATL Automotive now encompasses several divisions exclusively distributing the world’s finest automobile brands, from state-of-the-art showrooms and service facilities in Kingston and Montego Bay, strengthening its undisputed position as the country’s foremost automotive group and changing the face of motoring in Jamaica forever.

About Sandals Resorts
Sandals Resorts offers two people in love the most romantic, Luxury-Included® vacation experience in the Caribbean. With 15 stunning beachfront settings in Jamaica, Antigua, Saint Lucia, The Bahamas, Barbados and Grenada, Sandals Resorts offers more quality inclusions than any other resort company on the planet. Signature Love Nest suites for the ultimate in privacy and service; butlers trained by the English Guild of Professional Butlers; Red Lane Spa®; 5-Star Global Gourmet™ dining, ensuring top-shelf liquor, premium wines and gourmet specialty restaurants; Aqua Centers with expert PADI® certification and training; fast Wi-Fi from beach to bedroom and WeddingMoons®, for dream destination weddings are all Sandals Resorts exclusives. Sandals Resorts is part of family-owned Sandals Resorts International (SRI), which includes Beaches Resorts and is the Caribbean’s leading all-inclusive resort company. For more information about the Sandals Resorts Luxury Included® difference, visit www.sandals.com.

Enterprise Holdings Corporate Brands Logo.

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(Español) La FDA toma medidas para mejorar el acceso a los aparatos auditivos

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U.S. Food and Drug Administration (FDA) logo

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New Book By Walter Molano, When Latins Fight

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New Book By Walter Molano, When Latins Fight

GREENWICH, Connecticut, Dec. 7, 2016 /PRNewswire-HISPANIC PR WIRE/ —

  • South America has a landmass that is almost twice as big as either the U.S. or Europe.
  • Even though it is a major producer of essential raw materials, such as oil, grains and metals, its GDP about half as much as the U.S. or Europe.
  • In order for the region to become a major economic actor on the global stage, it needs to come together as an integrated bloc in order to negotiate better terms for its products.
  • Doing so should be easy, given its common language, religion and colonial ancestry.
  • However, prior to doing so, it must come to grips with the various conflicts that drove the countries apart during the last two centuries.
New Book By Walter Molano, When Latins Fight

This book analyzes the seven major conflicts that shaped the map of South America and established the deep divisions, buffers and rivalries that are act as obstacles to greater cooperation, trade and integration. Overcoming these barriers will help the continent to coalesce and develop into a superpower that will rival the U.S., Europe and China.

Walter Molano, the author of the book, is the Chief Economist of BCP Securities. He holds a PhD from Duke University and is a 1983 graduate of the U.S. Naval Academy. BCP Securities was started in 1989 with a strategic focus on the origination, distribution and trading of Emerging Market securities. Since its inception, it has issued over $15 billion of EM securities. BCP has 75 employees, which include 11 credit traders, 21 salespersons, and 8 sovereign and credit research analysts, located in six global offices — Greenwich, Madrid, Singapore, Miami, Mexico City, and Rio de Janeiro.

AVAILABLE ON AMAZON.COM IN ENGLISH, SPANISH, AND PORTUGUESE

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(Español) AMERICA TEVE presenta su campaña EL TIEMPO; Un enlace de calidad humana con la organización Camillus House

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Puerto Rico Tourism Holds Steady In 2016

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Official Logo of Puerto Rico Tourism Company

SAN JUAN, Puerto Rico, Dec. 7, 2016 /PRNewswire-HISPANIC PR WIRE/ — Despite a challenging year, demand for the destination of Puerto Rico in 2016 remains strong. Coming off of a historic record breaking 2015, The Puerto Rico Tourism Company is reaching its aggressive goal of welcoming ten million passengers to Puerto Rico airports.  Since the start of Zika, total hotel registrations from Jan.-Sept. in 2016 are 1.6% above 2015 and non-resident hotel registrations are 1.4% above the record breaking year. The PRTC’s comprehensive “facts over fear” program to protect its residents and annual visitors continues to be instrumental.

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“Puerto Rico’s tourism in 2016 remained extremely resilient despite a challenging year. Our comprehensive education campaign was instrumental in informing and arming travelers with the facts about Zika for a worry free experience on the island,  mitigating the impact on an essential industry to the island’s economy,” said Ingrid Rivera Rocafort, Executive Director of the Puerto Rico Tourism Company (PRTC). “Additionally, the PRTC, Meet Puerto Rico and the Puerto Rico Hotel and Tourism Association (PRHTA) worked together to ensure the safety of visitors to Puerto Rico.”

Tourism contributes nearly $4 billion to Puerto Rico’s economy and is the first industry to come out of the Island’s five-year recession. 2016 highlights that underscore the continued demand for travel, by air and sea, to Puerto Rico include:

  • 10 million passengers will be welcomed by Puerto Rico Airports by the end of 2016
  • 11 new airlines have arrived in 3 years, and over half a million new inbound seats, including Iberia and Allegiant Airlines starting service in 2016
  • 94% room tax collected in 2016 compared to 87% in 2015, collecting an incremental $2 million in tax revenue, a 137% growth from 2012
  • 70.4% hotel occupancy in 2015-16 reported from Jan.-August compared to 67.9% in 2012
  • 1.5 million Cruise passengers arrived to Puerto Rico in 2015 with 1.6 million passengers expected in 2017-18
  • Number one home port confirmed for cruise ships in the Caribbean attracting the world’s newest vessels including the world’s largest cruise ship, Harmony of the Seas (6780 passengers) which is scheduled to arrive in San Juan in December 2016
  • From March to September 2016 Meet Puerto Rico hosted 132 groups with more than 211,000 attendees and not one Zika case reported from those attendees as per the CDC. Key conferences and conventions include the Routes Americas conference, the International Tourism Expo (ETI), the Florida-Caribbean Cruise Association (FCCA) Cruise Conference and Trade Show and the Caribbean Hotel Investment Conference and Operation Summit, Congreso Internacional de la Lengua Española VII, Jehovah’s Witness and National Head Start Association among others, offsetting Zika related cancellations From March to September 2016.

High demand for Puerto Rico can also be attributed to the support of high profile Puerto Rican influencers who came together to spread the word about the island’s beauty and offerings, putting Zika in perspective. Broadway star Chita Rivera, TV Host Maria Celeste and Baseball stars Carlos Correa and Ivan Rodriguez and Olympic Gold Medalist Monica Puig are some of the celebrities who spoke out in support of Puerto Rico. Medical influencers also voiced their support for continued exploration and travel, educating travelers about facts over fear. Doctors who helped spread the word included the late esteemed epidemiologist Dr. D.A. Henderson, Distinguished Scholar at the UPMC Center for Health Security in Baltimore, Maryland, Dr. Jason James, Chief of Obstetrics and Gynecology at Baptist Hospital in Miami; and Dr. Joseph Rosado, a Primary Care and Emergency Care Physician in Orange City, FL.  

The Puerto Rico Hotel & Tourism Association also collaborated with the PRTC to break through the Zika hype with a compelling message and strong voice.  An aggressive media educational outreach program was activated to dissipate the fears and communicate the real facts about Zika. “Starting in February, we worked with the PRTC to change the Zika conversation,” said Clarisa Jimenez, President and CEO of the PRHTA. “The CDC called us “Ground Zero for Zika Virus” and projected that 25 percent of Puerto Rico’s population would have the virus. That has not materialized with currently less than 1 percent of the population reporting Zika.  We have been able to cut through the hype to reassure visitors that Puerto Rico is a destination where anyone can enjoy a worry-free vacation by taking simple precautions.”

The PRTC has continued working closely with the CDC and the local Department of Public Health to ensure visitors are informed about Zika in Puerto Rico. For more information about the Zika virus in Puerto Rico, visit PuertoRicoNow.SeePuertoRico.com.    

About Puerto Rico Tourism Company
The Puerto Rico Tourism Company (PRTC), founded in 1970, is a public corporation responsible for stimulating, promoting and regulating the development of the tourism industry.  It markets Puerto Rico as a tourism destination through advertising, public relations and promotional activities; promotes tourism among visitors and local residents; provides visitor orientation and technical assistance to investors; evaluates tourism facilities and establishes standards of quality; and regulates and oversees gaming operations.  PRTC has offices and representatives in the U.S. mainland, Canada, Europe and Latin America.

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(Español) AMERICA TeVé gana 4 premios Emmy® en 4 categorias en la entrega anual de los Suncoast Emmy® Awards

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Puerto Rico Investor Represented By Dennin Law, Awarded Record $18.5MM FINRA Arbitration Panel Against UBS And UBS-PR

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SAN JUAN, Puerto Rico, Dec. 6, 2016 /PRNewswire-HISPANIC PR WIRE/ — The Financial Industry Regulatory Association’s Office of Dispute Resolution published a record $18.5MM securities arbitration award on behalf of Puerto Rico investor Rafael Vizcarrondo against UBS Financial Services, Inc. and its Puerto Rico affiliate, UBS Financial Services, Inc. of Puerto Rico (“UBS-PR” individually, and both entities, collectively, “UBS”).  Mr. Vizcarrondo, an attorney and a businessman, filed his claim in August 2014 following the collapse of the Puerto Rico municipal bond market which began in August 2013. This case was prosecuted by prominent securities and investor rights attorney Timothy J. Dennin of Timothy J. Dennin, P.C. (www.denninlaw.com) with offices in Manhattan and Northport, Long Island N.Y.

Mr. Vizcarrondo alleged in his statement of claim and during his twenty-four day arbitration hearing that UBS through it financial advisors recommended purchases of proprietary non-diversified closed-end Puerto Rico municipal bond funds (“UBS FUNDS”) that during 2012 and 2013 resulted in 97% of his UBS liquid assets being allocated into these overconcentrated products.  The stated investment objectives and risk parameters for the UBS FUNDS recommended to Mr. Vizcarrondo and other Puerto Rico investors were to provide “current income” or “high income” exempt from U.S. federal and Puerto Rico income taxes “consistent with the preservation of capital.”  The well known, commonly understood (in academia and by investment professionals) risks associated with the UBS FUNDS’ overconcentration of investments in a single geographic market were amplified by the internal leverage employed by the UBS FUNDS.

In August 2012, Mr. Vizcarrondo began to periodically question his UBS financial advisors about the safety of his principal invested in the UBS FUNDS.  Mr. Vizcarrondo alleged that not only did UBS recommend that he hold on to his existing FUNDS positions but that he should continue to purchase additional shares of the UBS FUNDS through dividend reinvestments and new funds deposited into his accounts.  Mr. Vizcarrondo alleged that UBS’s recommendations of a leveraged portfolio highly overconcentrated in Puerto Rico municipal bond issuers was unsuitable or inconsistent with his investment objective of seeking current income consistent with his articulated desire to protect his principal.

Mr. Vizcarrondo also alleged that UBS failed to disclose to him the existing, growing and specific risk of the illiquidity of the UBS Funds shares that he owned.  At all relevant times during 2012 and 2013, UBS was never a market maker in the UBS FUNDS shares but a “market facilitator” assisting its customers’ sales of their shares through both firm proprietary account purchases and through arranging cross-trades with other UBS customers.  Mr. Vizcarrondo asserted during the arbitration that UBS failed to disclose to him the growing risk that due to the UBS FUNDS’ low and declining daily trading volume, UBS would be unable to liquidate his large positions in certain funds over a period of multiple months.

The above-referenced FINRA $18.5MM arbitration award included compensatory damages ($12.7MM), 9% simple interest ($2.5MM), expert witness fees ($163,000) and attorneys’ fees ($3.179MM).

The case was litigated by former SEC enforcement and longtime investor rights attorney Timothy J. Dennin, Esq. of Northport, NY.  Mr. Dennin’s local Puerto Rico counsel in the case included Rafael Lugo, Esq. and Joseph Marrero-Mathieu, Esq. of Lugo Sotomayor Law & Associates, P.S.C., San Juan, Puerto Rico; Jose A. Andreu Garcia and Jose A. Andreu Fuentes, Esq. of Andreu & Sagardia, San Juan, Puerto Rico; and Thomas F. Shine, Esq., Indialantic, FL. 

Mr. Dennin has successfully represented numerous investors in connection their claims against UBS who sold to them closed-end Puerto Rico municipal bond funds and individual Puerto Rico municipal bonds.

For information, contact:

Timothy J. Dennin, Esq., a former Securities and Exchange Commission Division of Enforcement attorney and former assistant district attorney (New York), 631-261-0250, [email protected], www.denninlaw.com

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