Hotel occupancy predicted at 86% for this holiday weekend
February 12, 2021
Puerto Rico hotels this holiday weekend could reach “the highest level” of occupancy, at 86%, since January 2020 after the closing of all commercial sectors amid the seismic events that began in the southern region and the announcement of the global COVID-19 pandemic. The Puerto Rico Tourism Co. report on reservation numbers reflected that Feb. […]
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KeyBank closes $35M credit facility for commercial equipment finance
February 12, 2021
KeyBank Specialty Finance Lending closed a $35 million credit facility for Commercial Equipment Finance (CEFI), an independent commercial equipment finance company headquartered in Puerto Rico. “CEFI is a leading equipment finance company that we look forward to helping meet its growth targets over time,” Rian Emmett, managing director and group head of KeyBank Specialty Finance Lending, said. “Based […]
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Sacred Heart University opens pre-college STEM internship program
February 12, 2021
Sacred Heart University will hold a pre-college program aimed at high school students interested in pursuing a career in science, technology, engineering, and mathematics (STEM) with an emphasis in neuroscience. The program is aimed at students in 9th through 11th grade, from both public and private schools, with a minimum grade point average of 3.0. The selected […]
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CDBG-DR assigns $20.8M to San Juan for recovery works in the city
February 11, 2021
The Municipality of San Juan will receive $20.8 million from the Community Development Block Grant (CDBG-DR) City Revitalization Program for the restoration of infrastructure in areas still affected by the 2017 hurricanes. The funding is part of a sub-recipient agreement signed between San Juan Mayor Miguel Romero-Lugo and Puerto Rico Housing Department Secretary William Rodríguez-Rodríguez, […]
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MADMi museum hosting Valentine’s Day ‘pop-up’ shop
February 11, 2021
The Miramar Museum of Art and Design (MADMi, as the museum is known), in collaboration with the Modo Consciente collective of designers, will host the “I Love Local Pop Up Shop,” on Feb. 13 in the facility’s Titín Room. “Our mission as an institution is to inspire through art and design, and we also want […]
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Bluhaus Small Business Fund completes $5M investment in Acrecent Financial
February 10, 2021
Bluhaus Small Business Fund, a Puerto Rico-based private equity fund, completed a $5 million investment in Acrecent Financial Corporation, an alternative lender with nearly two decades dedicated to addressing the credit needs of small and medium-sized enterprises. This investment is the Bluhaus’ inaugural transaction after its establishment in March 2020 and being licensed by the […]
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Startup accelerator gener8tor announces launch of gBETA San Juan
February 10, 2021
Startup accelerator gener8tor announced the launch of gBETA San Juan, the first gener8tor program to be offered in both English and Spanish. gBETA is a pre-accelerator for early-stage companies, and gBETA San Juan will add to the 23 existing programs across the U.S. and Canada, it confirmed. gBETA is a free high performance accelerator for […]
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Carrión III to helm MCS; New presidents at B. Fernández Holding subsidiaries
February 10, 2021
This edition of Climbing the Corporate Ladder includes high-ranking appointments in the areas of insurance, manufacturing and healthcare. Carrión III named president of MCS Healthcare Holdings, LLCMCS Healthcare Holdings, LLC CEO Jim O’Drobinak, announced that MCS has appointed José B. Carrión III as the president of MCS Healthcare Holdings, LLC. and a board member at […]
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New car sales accelerate in Jan ’21, with 51.5% YoY growth
February 10, 2021
New car sales in Puerto Rico reached 10,085 units, representing a whopping 51.6% growth versus the 6,653 units sold during the same month in 2020, the United Automobile Importers Group (GUIA) revealed. One of the segments that showed a significant change for the month were minivans, with an increase of 99.1%, followed by vans, with […]
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’21 Series of Wellness workshops for emotional health starts Feb. 15
February 10, 2021
The 2021 Series of Wellness Workshops to strengthen emotional health in the population will be available as of Feb. 15 for groups that request them, organizers Fundación Triple-S and Albizu University announced. “We’re pleased to continue collaborating with the Albizu University to contribute to the wellbeing of our population,” Ivelisse Fernández, executive director of the […]
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Nonprofit Sembrando Sentido unveils gov’t procurement oversight platform
February 10, 2021
Nonprofit organization Sembrando Sentido launched the “Contratos en Ley” online platform that monitors and evaluates the public procurement processes in Puerto Rico. The organization seeks to prevent the “misuse of hundreds of millions of dollars of public funds due to corruption and inefficiency in the hiring processes,” it said in a press release. ContratosEnLey.org is the […]
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PRASA unveils $40M improvement plans for eastern-area water systems
February 9, 2021
The Puerto Rico Aqueduct and Sewer Authority announced the reconstruction of the Caguas Central Laboratory, at an investment of some $40 million. It consists of the construction of a structure designed under the new codes established for earthquakes and atmospheric systems, PRASA Executive President Doriel Pagán-Crespo said. She added that during the last quarter of […]
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Optico Fiber launches ‘Gigabit Duo’ broadband service in Puerto Rico
February 9, 2021
San Juan-based Optico Fiber announces the launch of Gigabit Duo, a new broadband Internet service offering speeds of up to 2 Gigabits per second (2Gbps). The Gigabit Duo service is available in all areas of the Optico Fiber network. Gigabit Duo is “the fastest residential broadband service available in Puerto Rico,” company executives said, adding […]
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Op-Ed: OBoard’s Plan of Adjustment submission deadline looming
February 9, 2021
The Financial Oversight and Management Board for Puerto Rico (FOMB) has until Feb. 10 to present a Plan of Adjustment (POA), or at least a summary of the main terms thereof, to modify the central government’s debts with various groups of creditors. These debts include General Obligation bonds, bonds issued by the Public Buildings Authority, […]
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GAO: Puerto Rico spent most of its ’18 Medicaid budget on contractors
February 8, 2021
The U.S. Government Accountability Office (U.S. GAO) released a report urging the Centers for Medicare & Medicaid Services (CMS) to crack down on Puerto Rico’s procurement process, as in 2018 the Commonwealth paid contractors almost all of its Medicaid spending, or 97% of its $2.5 billion budget. The GAO’s recommendation of a “risk-based oversight approach” […]
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