US Securities and Exchange Commission accuses former UBS AG adviser Jose Ramirez of misleading investors in sale of $50 million in mutual fund investments tied to Puerto Rican municipal bonds - @Reuters
Puerto Rico (English /ˌpɔrtəˈriːkoʊ/ or /ˌpwɛərtəˈriːkoʊ/; Spanish: [ˈpweɾto ˈriko]), officially the Commonwealth of Puerto Rico (Spanish: Estado Libre Asociado de Puerto Rico, literally the "Free Associated State of Puerto Rico"), is a United States territory located in the northeastern Caribbean. Puerto Rico is an archipelago that includes the main island of Puerto Rico and a number of smaller islands. The capital and largest city is San Juan. The territory does not observe daylight saving time, and its official languages are Spanish, which is predominant, and English. The island's population is approximately 3.6 million.
Puerto Rico's rich history, tropical climate, diverse natural scenery, renowned traditional cuisine and attractive tax incentives make it a popular destination for visitors from around the world. Its location in the Caribbean, combined with centuries of colonization and subsequent migration, has made Puerto Rican culture a distinct melting pot of Amerindian, Spanish, African and North American influences.
Originally populated by the aboriginal Taíno people, the island was claimed in 1493 by Christopher Columbus for the Kingdom of Spain, enduring several invasion attempts by the French, Dutch, and British. During the four centuries of Spanish rule, the island's cultural and physical landscape were transformed, with European knowledge, customs, and traditions being introduced, especially Roman Catholicism and the Spanish language. In 1898, following the Spanish American War, Spain ceded the island to the United States under the terms of the Treaty of Paris.
Puerto Ricans are natural-born citizens of the United States. The territory operates under a local constitution, and its citizens elect a governor. Puerto Rico's residents are unable to vote in the U.S. Congress, which has plenary jurisdiction over the territory under the Puerto Rico Federal Relations Act of 1950. A 2012 referendum showed a majority (54% of the electorate) disagreed with "the present form of territorial status," with full statehood as the preferred option among those who voted for a change of status. Following this vote, the Legislative Assembly of Puerto Rico enacted a concurrent resolution to request the President and the Congress of the United States to end the current status and to begin the process to admit Puerto Rico to the Union as a State. As of 2015, Puerto Rico remains an unincorporated U.S. territory.