MCS Foundation makes $50K donation to benefit P.R.’s elderly
July 3, 2019
MCS Foundation announced its first donation under its initiative to improve the quality of life of the elderly in Puerto Rico with a $50,000 donation to the Sociedad de Educación y Rehabilitación (SER) de Puerto Rico during its recent telethon. The donation will make possible the launching of the entity’s aquatic therapies program, created to […]
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Rosselló signs P.R. Incentives Code into law
July 2, 2019
Gov. Ricardo Rosselló has signed Act 60-2019, known as the “Puerto Rico Incentives Code,” which will establish a new process for granting and overseeing all of the government’s allocated incentives. Among the new incentives is the Student Savings Plan Program through which the government will establish an account and deposit $1,000 for each kindergarten student […]
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DMO: P.R.’s year-to-date tourism revenue of $445M set to break records
July 2, 2019
Discover Puerto Rico, the island’s Destination Marketing Organization, marked its one-year anniversary, announcing that tourism is the strongest it’s ever been, as the destination tracks toward a record-breaking year. Year-to-date revenue is the highest in the island’s history, with $445 million reported through May, Brad Dean, CEO of Discover Puerto Rico, said. The island has […]
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14,800 PREPA customers benefiting from utility’s net metering program
July 2, 2019
Some 14,800 Puerto Rico Electric Power Authority customers are benefiting from Net Metering Billing, representing about 70 million-kilowatt hour of energy consumption through renewable energy sources including solar, wind and geothermal. Under net metering, renewable energy system supplies all or part of the client’s electricity consumption; excess energy, if any, is exported to PREPA’s electrical […]
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Op-Ed: The printer, a vulnerable point for cyber attacks
July 2, 2019
** Paid advertorial ** Companies are increasingly exposed to losses due to the increasing sophistication of cyber attacks and the emergence of internal threats. Companies face a dilemma to balance productivity with the need for privacy and security. One area of the IT ecosystem that is often overlooked is the printing infrastructure. Most organizations rely […]
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SBA small business contracts awarded in P.R./USVI reach $914M in Fiscal ’18
July 2, 2019
The U.S. Small Business Administration announced that the federal government exceeded its small business federal contracting goal for the sixth consecutive year, awarding 25.05% in federal contract dollars to small businesses, totaling $120.8 billion — an increase from the previous fiscal year of nearly $15 billion. In Puerto Rico and the U.S. Virgin Islands, the […]
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Middle States reaffirms Sacred Heart University’s accreditation for 8 years
July 2, 2019
The Middle States Commission on Higher Education accrediting agency reaffirmed Sacred Heart University’s accreditation for the maximum period of eight years, university President Gilberto J. Marxuach-Torrós said. The accreditation, approved through 2026, validates the institution’s compliance with the seven standards the agency evaluates and the institution’s commitment to its mission, he said. “This reaffirmation of […]
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Cooperativa Arco-op launches credit education program for members
July 2, 2019
Cooperativa Arco-op has launched an orientation program for its members, focused on providing credit education services that evaluates their current credit capacity. This service evaluates the credit capacity of the individual to determine the maximum amount that can be borrowed according to their current income status, commitments and credit history. The main focus of the […]
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Oversight Board sues PREPA fuel suppliers, laboratories over fraudulent payments
July 1, 2019
The Special Claims Committee of the Financial Oversight and Management Board for Puerto Rico today filed a complaint against several fuel suppliers and laboratories seeking to recover potentially billions of dollars in fraudulent payments made by the Puerto Rico Electric Power Authority. The Oversight Board’s complaint alleges that between 2002 and 2015 certain fuel suppliers […]
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P.R. Community Foundation awards $95K in grants to Vieques, Culebra nonprofits
July 1, 2019
Seven nonprofit organizations in Vieques and Culebra received $95,000 in donations from the Hispanic Federation of Puerto Rico Recovery and Relief Fund, established by the Hispanic Federation in the Puerto Rico Community Foundation, to promote economic development and the conservation of the environment in both island municipalities. The organizations benefited in Vieques are: Vieques en […]
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Silver Airlines/Seaborne Airlines, Crowley name new execs in P.R.
July 1, 2019
A trio of executives has been named to new posts at Silver Airways and Seaborne Airlines and Crowley logistics, to serve the Puerto Rico market, the companies announced. Silver Airways and Seaborne Airlines have new VP Silver Airways has promoted Captain Jesús Medina to vice president of the Caribbean for Silver Airways and Seaborne Airlines. Medina […]
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Evertec to enter Chilean payments market through agreement with Banco Santander Chile
June 28, 2019
Evertec Inc. announced the signing of an agreement with Banco Santander Chile under which the Puerto Rican firm will provide acquiring processing services as well as other solutions and regional expertise as Banco Santander enters the merchant acquiring business in Chile. “We’re extremely pleased to provide our products and services to Banco Santander, the first […]
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Workers in P.R.’s metro area earned 42% less an hour vs. U.S. counterparts
June 28, 2019
Workers in the San Juan-Carolina-Caguas Metropolitan Statistical Area had an average (mean) hourly wage of $14.61 in May 2018, about 42% below the United States average of $24.98, the U.S. Bureau of Labor Statistics said Thursday. Chief Regional Economist Martin Kohli noted that, after testing for statistical significance, wages in the local area were lower […]
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Op-Ed: The far-reaching effects if P.R. snubs precedent and the rule of law
June 28, 2019
The current Financial Oversight and Management Board for Puerto Rico is attempting to invalidate more than $6 billion of general obligation bonds and to initiate clawbacks of principal and interest payments to bondholders. It claims that the bonds were issued in excess of a Puerto Rico constitutional debt limit, notwithstanding the Commonwealth’s specific representations to […]
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Congressmen ask for funds disbursement to rebuild electrical grid in P.R/USVI
June 28, 2019
U.S. Congressman Darren Soto (FL-09) led a bipartisan, bicameral letter signed by 47 members of Congress to President Trump’s Administration requesting the disbursement of funds, which were already appropriated, to improve and build a more resilient electric grid in Puerto Rico and the U.S. Virgin Islands. After more than two years since Hurricane María devastated […]
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