Popular Inc. reports $168.4M in 3Q20 net income; Closing 11 NY branches
October 29, 2020
Popular Inc. reported net income of $168.4 million for the quarter ended Sept. 30, 2020, up from net income of $127.6 million for the quarter ended June 30, 2020, but flat when compared to the $164.3 million reported during the third quarter in 2019. “We generated $168.4 million in earnings in the third quarter, reflecting […]
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FEMA grants $26.2M to PREPA to improve infrastructure
October 29, 2020
The Federal Emergency Management Agency, in coordination with the Puerto Rico Central Office for Recovery, Reconstruction and Resilience, or COR3, obligated more than $26.2 million in funds to the Puerto Rico Electric Power Authority (PREPA) under the Agency’s Hazard Mitigation Grant Program. These funds are for the engineering and design phase to install a new combined cycle […]
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Molina offers production economy as a financial solution for Puerto Rico
October 29, 2020
Puerto Rico’s “Conciencia Movement” independent gubernatorial candidate Eliezer Molina believes the production economy can be a strategy of economic development for Puerto Rico, according to several interviews he has granted in the media. “We will propel economic development in all sectors of Puerto Rico using manufacturing as part of the industry’s growth,” Molina said in […]
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Puerto Rico Tourism Co. contributes $68K to reopen Camuy Caves attraction
October 29, 2020
The Puerto Rico Tourism Co. and the Department of Natural and Environmental Resources signed an agreement to speed up the reopening of the iconic Río Camuy Caves Park, which has been closed since Hurricane María hit in 2017. Through the agreement, the Tourism Co. assigned $68,000 in materials and equipment needed to recondition the attraction […]
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Nonprofits partner to create $2.4M tourism education scholarship fund
October 29, 2020
The Kinesis Foundation announced its alliance with the Scholarship Foundation for Hospitality and Tourism Studies Inc., to create and run the Hospitality and Gastronomy Studies Scholarship Fund, which has $2.4 million available. The Hospitality and Gastronomy Studies Scholarship Fund will grant scholarships, financial assistance, and incentives to Puerto Rican students with limited resources who are […]
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Economists rank gubernatorial candidates’ fiscal platforms
October 28, 2020
The economic platforms presented by the candidates running for governor of the island “leave much to be desired,” Alba Brugueras-Fabre, president of the Puerto Rico Economists Association (AEPR, in Spanish) said, after evaluating each of the plans. In a report, the professional association said the platforms of the six candidates: “are reduced to a list of […]
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Independence Party’s Dalmau says Puerto Rico ‘ready for a transformation’
October 28, 2020
Juan Dalmau, the candidate running for governor under the Puerto Rican Independence Party (PIP, in Spanish), insists the island is ready for a “transformation” related to who gets to run the island. As part of his strategy, he released his “Patria Nueva” political platform on his website before any other candidate in the gubernatorial race that will […]
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Lúgaro envisions ‘eco-friendly and modern economy’ for Puerto Rico
October 28, 2020
As the 2020 elections approach, the candidates running for governor of Puerto Rico have revealed their political platforms, which in the case of Alexandra Lúgaro of the Movimiento Victoria Ciudadana (MVC), dedicates two chapters to the economy. In them she states from the start that she envisions creating systems favorable to nature, therefore, “efficient and dynamic.” […]
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39 startups receive investment from parallel18’s Business Continuity Fund
October 28, 2020
As part of its mission to support innovative entrepreneurship and impact Puerto Rico’s economy, parallel18 — along with its parent organization, the Puerto Rico Science, Technology and Research Trust — announced the 39 startups that will benefit from its $1 million Business Continuity Fund. The BCF is an investment vehicle created to help graduated companies from the program […]
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DoorDash launches $0 delivery fee strategy across Puerto Rico
October 28, 2020
Delivery platform DoorDash is implementing $0 delivery fee in Puerto Rico, where it believes the economy has been more affected by the COVID-19 pandemic, compared to the U.S. mainland, said Roberto Figueroa, general manager of the company on the island. This will apply to existing and new customers on the platform. With a recent funding […]
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Local entrepreneurs launch MyCloudMenu tech for contactless service
October 28, 2020
Looking to provide a safe experience to customers, three marketing and technology experts launched MyCloudMenu, an interface that enables the consumer to build a cart using their mobile device, select a time of pick-up and pay a business with ATH Movil, minimizing the physical contact and risks. “We all have a responsibility to protect ourselves […]
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Puerto Rico Treasury Department unveils online appointment system
October 28, 2020
The Puerto Rico Treasury Department unveiled a new online appointment system through which taxpayers can schedule time with the agency and conduct their transactions at a given date. “With great satisfaction I announce that we already have our online appointment system available to continue serving the needs of taxpayers in an agile and safe manner, […]
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Tropizen launches new cannabis-infused fruit chewables
October 27, 2020
After months of planning, Tropizen announced the start of the production of Puerto Rico’s first cannabis-infused fruit chewables, as part of its ongoing partnership with U.S. multi-state cannabis and hemp operator MariMed. The company will also manufacture a new cannabis infused chewable tablet. “We’ve seen Puerto Rico’s medical cannabis market evolve and grow exponentially. Patients are […]
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Delgado proposes STEM-based Project 3i as basis of economic plan
October 27, 2020
Popular Democratic Party gubernatorial candidate Carlos “Charlie” Delgado-Altieri wants to transform Puerto Rico’s economy based on Science, Technology, Engineering and Mathematics (STEM) through a proposal he calls Project 3i. This project consists on establishing a scientific business ecosystem that can allow developed ideas to manufacture and market locally. The plan will promote education in these […]
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NRCS delivers emergency conservation assistance, healthier natural resources in ’20
October 27, 2020
In 2020, USDA’s Natural Resources Conservation Service (NRCS) continued its tradition of working in partnership with farmers, ranchers, and forest landowners in the Caribbean area — Puerto Rico and the U.S. Virgin Islands — despite hardships from earthquakes to COVID-19 to tropical storms. “Our data and science-based surveys of our work show that we and […]
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