AIG joins ‘Jóvenes de Puerto Rico en Riesgo’ to rehab school
July 29, 2019
As part of its commitment to the community, AIG Puerto Rico joined the Jóvenes de Puerto Rico en Riesgo Inc., to rehabilitate several spaces at the José Santos Quiñones Middle School in Canóvanas, where they offer school dropout and delinquency prevention services. As part of the initiative, AIG, now celebrating 100 years as a provider […]
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OFG Bancorp clears 1st hurdle in acquisition of Scotiabank’s USVI operations
July 26, 2019
OFG Bancorp, parent company of Oriental Bank, announced the Virgin Islands Banking Board approved the first regulatory step related to the acquisition of Scotiabank’s U.S. Virgin Island operations. The permit authorizes Oriental to organize a bank in the territory. To assume Scotiabank’s operations and start serving customers in the USVI, Oriental will also need a license and approval from […]
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DMO says ‘decision was needed’ to keep P.R. on path of recovery
July 26, 2019
Discover Puerto Rico, the island’s Destination Marketing Organization, said in a statement that a “decision was needed to maintain tourist, investor, and public confidence in Puerto Rico and for the island to continue its strong path to recovery.” The DMO’s comments were in reference to Gov. Ricardo Rosselló’s resignation following nearly two weeks of widespread […]
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Popular Inc. reports $171.1M in net income for 2Q19, vs. $167.9M for 1Q19
July 25, 2019
Popular Inc., parent company of Banco Popular de Puerto Rico, reported net income of $171.1 million for the quarter ended June 30, 2019, compared to net income of $167.9 million for the quarter ended March 31, 2019. But when compared quarter-to-quarter, the financial institution revealed a 39% drop this quarter when compared to the same […]
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Op-Ed: Tourism in times of crisis
July 25, 2019
In recent weeks, our island has experienced moments of great tension that have affected all sectors of our society. We have seen how the central government has collapsed and with it everything, including tourism. The fact that the Tourism Company remained silent and static is not surprising because the goal of this administration’s public policy […]
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Toyota to reduce emissions from North American operations by up to 40%
July 25, 2019
Toyota Motor North America (TMNA) is committing to “aggressively reduce” its carbon output in the United States by entering into Virtual Power Purchase Agreements (VPPAs). It will use them to reduce emissions from its North American operations by up to 40% over the next three years, it said in a press release. Under the VPPAs, […]
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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 […]
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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 […]
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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 […]
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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 […]
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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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