Preliminary net revenues to the General Fund for the recently ended FY2019 totaled $11.3 billion, Puerto Rico Treasury Secretary Francisco Parés-Alicea announced, adding the figure is a “new record number for revenue collections.” On a year-over-year comparison, revenues were up by $2.06 billion, or 22%. In addition, revenues exceeded three projections prepared by the Financial […]
Puerto Rico’s bankruptcy levels showed an 8.26% year-over-year drop last month, when the total number of companies and individuals who turned to the U.S. Bankruptcy Court for help totaled 589 cases, according to data released by research firm Boletín de Puerto Rico. The current number compares to the 642 petitions filed at the local court […]
Oriental recently granted $55,000 to university students as part of its internal scholarship program for employees’ children. The scholarships aim to benefit students in the areas of Science, Technology, Engineering, Mathematics and Business Administration. “In Oriental we support our employees in their most important investment, and we bet on youth investing in their educational development,” […]
Puerto Rico’s film industry could stand to win from the controversy stirring in Georgia, where a proposed anti-abortion measure is already causing major Hollywood actors and movie houses to threaten boycotting the state and moving their productions elsewhere if it passes. Georgia is known for the sweeping incentives it offers the film sector, drawing scores […]
One million people in Puerto Rico shop online, from establishments on and off Puerto Rico, according to the 2019 Digital & Mobile Behavioral Study by the Puerto Rico Sales and Marketing Executives Association. “Conservatively, the estimated amount of spending on online purchases already amounts to $220 million annually and it is important to note that […]
Lodging demand on the island during the first quarter of 2019 is on par with levels reported during the same quarter in 2017, 14 months post-hurricane Maria, signaling an “unprecedented pace of recovery” for a destination, Destination Marketing Organization Discover Puerto Rico announced. Total demand for independent rentals is up 72% from first quarter 2017 […]
A “business as usual” bond deal is about to be foisted upon Puerto Rico’s ratepayers and fledgling economy. It will result in a $400 million annual cash draw for at least the next 20 years. Think about wasting money on overpriced oil, political appointees and useless consultants over the last twenty years and then paying for […]
As part of the campaign “¡Dale color a tu Idea!” Sally Hansen and Walmart Puerto Rico announced the winners of a contest through which participants had the opportunity to submit a business proposal and launch their product with the financial help of both companies. The winning team that submitted their proposals were: Dagmarie Reyes with […]
Puerto Rico’s credit unions have more than 1 million members, according to the latest financial and statistical quarterly report presented by the Public Corporation for the Supervision of Puerto Rico Cooperatives, or COSSEC for its initials in Spanish. This achievement is part of the goals set by past Cooperative Development Commissioner, or CDCoop, Ivelisse Torres-Rivera, […]
Investigations by the U.S. Department of Labor’s Wage and Hour Division have resulted in the recovery of nearly $5.6 million in back wages and benefits owed to 993 employees of nine subcontractors that provided power generator operation support for hurricane recovery efforts in Puerto Rico, the agency announced. WHD investigators found that the subcontractors violated […]
At a meeting of the Clinton Global Initiative Action Network on Post-Disaster Recovery held in Puerto Rico last week, the Clinton Giustra Enterprise Partnership (CGEP) announced a commitment to launch an assessment in Puerto Rico that would evaluate feasibility to increase sourcing from local farmers, connecting new customers and improving incomes for farmers in the […]
Following what he described as a “year of historic performance,” Aurelio Alemán, president of FirstBank —Puerto Rico’s second-largest financial institution — said 2019 the strategy is to maintain a retention and growth strategy to secure 20 percent of the market. To achieve its growth goals, FirstBank plans to invest some $50 million to build on […]
Some of the most prominent Caribbean leaders who participated in the Clinton Foundation’s two-day gathering in San Juan Wednesday agreed that the region is grossly divided, “still split between Elizabeth and Isabela.” With that, they supported their arguments that the region needs to come together more cohesively — be them U.S. mainland, French, Dutch or […]
As part of its strategy to reach customers where they are, AT&T has rolled out a mobile store in the U.S. Virgin Islands. The mobile store will be used at community events, such as holiday events, concerts and festivals. It also will be at the Department of Housing, Parks & Recreation complex at Cruz Bay […]
World Central Kitchen Puerto Rico unveiled an integral support platform to promote sustainable agriculture projects on the island, called “Plow to Plate.” The program, supported by World Central Kitchen — a nonprofit, non-governmental organization dedicated to fighting world hunger and poverty founded in 2010 by Chef José Andrés — offers financial support and training to […]
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