2 more cruise ships cancel stops in San Juan, representing $750K loss
July 22, 2019
Cruise lines MSC and Royal Caribbean canceled the stops for the MSC Seaside and Celebrity Equinox cruises, respectively, today, as thousands are expected to march in San Juan demanding Gov. Ricardo Rosselló’s resignation. The ships scheduled to arrive in the afternoon and leave San Juan at 10 p.m. and 1 a.m., respectively, Puerto Rico Tourism […]
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Op-Ed: Oversight Board admits scandal is a problem, but then ignores it
July 22, 2019
Author Cathy Kunkel ([email protected]) is an IEEFA energy analyst. Author Tom Sanzillo ([email protected]) is IEEFA’s Director of Finance. On Friday, July 12, José Carrión, chairman of the Financial Oversight and Management Board for Puerto Rico, noted that the recent corruption and other scandals over the past couple of weeks would negatively impact the island’s economic […]
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PRITC calls for single private sector voice to face political crisis
July 22, 2019
Given the uncertainty that recent events involving administration officials and chat leaks, which have “affected all sectors of the island,” the Puerto Rico Information Technology Cluster called on private sector trade groups to unite and assume a single stance to guarantee the government’s operation. The co-chairs of the Board of PRITC, as well as its […]
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U.S. Dept. of Commerce invests $1.2M to stoke post-disaster business growth in P.R.
July 19, 2019
U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration is awarding a $1.2 million grant to Operation Hope Inc., to provide up to 300 technical assistance workshops in Puerto Rico to help small businesses and entrepreneurs “grow and succeed” following Hurricanes Irma and María in 2017. The project, to be located […]
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Treasury starts processes to reduce sales and use tax on prepared foods to 7%
July 19, 2019
The Puerto Rico Treasury Department has begun to implement the reduction of the Sales and Use Tax (IVU, for its initials in Spanish) on prepared foods from 11.5% to 7%, which will take effect in October. “We have already started conversations with the Puerto Rico Restaurants Association to delineate the parameters of the implementation and […]
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General Contractors outline strategies to slash illegal gov’t procurement processes
July 19, 2019
The Association of General Contractors, Puerto Rico Chapter proposed a number of strategies to eliminate corruption in public procurement processes, including promoting legislation to ban the government from hiring newly created legal entities, without financial experience, or a history of expertise. In a statement, Alejandro J. Abrams, president of the trade group known as AGCPR, […]
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Economists join claims for governor’s ouster; PRMA asks for ‘swift action’
July 18, 2019
The Puerto Rico Economists Association has joined the chorus of private-sector voices asking Gov. Ricardo Rosselló to step down from his post and make way for “an orderly transition.” Meanwhile, the Puerto Rico Manufacturers Association separately asked the various government branches to do their part and act swiftly to resolve the turmoil currently engulfing the […]
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FirstBank donates $20K to Juan Domingo en Acción Inc. for student programs
July 18, 2019
For the past 40 years, nonprofit organization Juan Domingo en Acción has been dedicated to improving the quality of life and promoting the sustainable development of the families in its community. To this end, FirstBank donated $20,000 to the organization for the arts and music, sports, and summer camp programs for the 400 students at […]
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Open Spaces denounces ‘use and abuse’ of gov’t power
July 17, 2019
Nonprofit Organization Open Space warned that messages in the chat in which Gov. Ricardo Rosselló and others participated in could constitute serious ethical and legal violations through a conspiracy to limit citizen rights to demand transparency and accountability the government. During a sit-down with the media, Open Spaces Executive Director Cecille Blondet said the chat […]
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NY Fed to launch ‘Investment Connection’ program in P.R. this fall
July 17, 2019
The New York Fed announced it is launching its “Investment Connection” program to boost investments in regional community development financing. The program’s first phase will begin in Fall 2019 in Puerto Rico, where the New York Fed is working to rebuild the island’s economic resiliency in the aftermath of Hurricane María. The program will help […]
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New car sales show 6.3% increase in June, vs. same month in ’18, GUIA says
July 17, 2019
The United Automobile Importers Group announced that a total of 10,200 new cars were sold in Puerto Rico last month, representing a 6.3% increase vs. the 9,596 units sold during the same month in June 2018. GUIA, as the trade group is known by its initials in Spanish, said the increase so far this year […]
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Op-Ed: Needed — Independent inspector general, review of all contracts
July 17, 2019
The Puerto Rican government has imploded spectacularly over the last two weeks. Multiple cabinet-level officials have resigned or been fired, and former cabinet officials have been arrested in an FBI corruption probe. The scandal has led to an overwhelming call for Gov. Ricardo Rosselló to resign. Two former cabinet officials, as well as several individuals […]
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College of Engineers, Surveyors warns of loss of funds if gov’t crisis continues
July 17, 2019
The Puerto Rico College of Engineers and Surveyors urged the government to avoid the paralysis of the economy by acting quickly to resolve the political crisis it is going through. “This is not a matter of parties or governors, but of the island. We’re in the international spotlight and our economy is paralyzed,” said Pablo […]
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P.R. Chamber of Commerce, Birling Capital sign collaboration agreement
July 17, 2019
The Puerto Rico Chamber of Commerce and investment and business firm, Birling Capital Advisors, LLC, have signed a collaboration agreement to promote among the trade group’s membership and the local business community the importance of investments. Birling Capital Advisors, chaired by Francisco Rodríguez-Castro, offers advisory and corporate finance services focused on the needs of institutional, […]
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Private Sector Coalition blasts corruption, demands ‘corrective action’
July 15, 2019
https://media.blubrry.com/dollarsandsensenewsismybusines/newsismybusiness.com/wp-content/uploads/2019/07/NIMB-Podcast-GOVERNMENT-CRISIS_mixdown-S1E13.mp3Podcast: Play in new window | DownloadSubscribe: Apple Podcasts | RSSBusiness leaders from the Puerto Rico Private Sector Coalition condemned the arrests of former government officials and collaborators and requested an immediate corrective plan action. For Coalition members, the fact that it is not the first time that a government in power is the subject […]
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