FirstBank reports net income of $41.3M in 2Q19 as CEO remains optimistic
July 24, 2019
First BanCorp. reported net income of $41.3 million, or $0.19 per diluted share, for the second quarter of 2019, compared to $43.3 million, or $0.20 per diluted share, for the first quarter of 2019, and $31.0 million, or $0.14 per diluted share, for the second quarter of 2018. First BanCorp CEO Aurelio Alemán described the […]
chat_bubble0 Comment
visibility1386 Views
Oversight Board calls for swift resolution of P.R.’s governance crisis
July 24, 2019
The Financial Oversight and Management Board for Puerto Rico issued a statement calling for a swift resolution to the island’s current governance crisis so “Puerto Rico can move forward to rebuild trust and to focus government on those it is here to serve.” “The public outcry by residents of Puerto Rico over the last two […]
chat_bubble1 Comment
visibility1473 Views
CBP agent, officer recruitment orientation returns to Plaza del Caribe
July 24, 2019
U.S. Customs and Border Protection is recruiting for the positions of CBP Officer, Border Patrol Agent and Air Interdiction and Maritime Interdiction Agents in select localities throughout the continental United States, the agency announced. To answer questions and inquiries, CBP will have an orientation table at Plaza del Caribe in Ponce, July 25-27. The process […]
chat_bubble0 Comment
visibility1272 Views
IEEFA letter urges U.S. inspectors general to scrutinize PREPA contracting
July 23, 2019
In a letter to federal inspectors general, IEEFA director of finance Tom Sanzillo and energy analyst Cathy Kunkel urged increased scrutiny of any contracting involving the Puerto Rican government. The analysts warned that the latest scandals involving Puerto Rican officials raise serious questions about the legality and propriety of contracts relying on federal funds, in […]
chat_bubble1 Comment
visibility1217 Views
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 […]
chat_bubble0 Comment
visibility1573 Views
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 […]
chat_bubble0 Comment
visibility1296 Views
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 […]
chat_bubble0 Comment
visibility1323 Views
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 […]
chat_bubble0 Comment
visibility1470 Views
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 […]
chat_bubble0 Comment
visibility1857 Views
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, […]
chat_bubble0 Comment
visibility1579 Views
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 […]
chat_bubble0 Comment
visibility1459 Views
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 […]
chat_bubble0 Comment
visibility1551 Views
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 […]
chat_bubble0 Comment
visibility1635 Views
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 […]
chat_bubble0 Comment
visibility1631 Views
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 […]
chat_bubble0 Comment
visibility1314 Views
A Dow Jones/Factiva content provider since 2014
Subscribe to our Dollars & Sense podcast!
NIMB ON SOCIAL MEDIA