Popular going forward with $30M ‘Urban Hub’ project
August 9, 2016
At a time when major construction projects in Puerto Rico are at a standstill, Popular Inc. is moving forward with its $30 million Urban Hub project in Hato Rey, where several pieces were installed over the weekend.
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July is PR’s 4th straight month of positive new car sales
August 9, 2016
Puerto Rico’s new car sales remained on the positive side for the fourth straight month in July, when 6,644 units were sold, reflecting a 17.4 percent year-over-year increase, the United Automobile Importers Group (known as GUIA by its Spanish acronym), said Monday.
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Congressional Task Force seeks input on P.R. growth
August 5, 2016
The Congressional Task Force on Economic Growth in Puerto Rico, which is responsible for identifying impediments to economic growth in the territory and recommending changes, announced Thursday it is seeking input from stakeholders.
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P.R. retail sales down 1.42% YOY in April
August 5, 2016
Puerto Rico retail sales reflected a 1.42 percent drop year-over-year in April, when activity at the cash register $44.4 million, Puerto Rico Trade and Export figures released Thursday showed.
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Expert: P.R. must work quickly in DC in coming months
August 4, 2016
Puerto Rico’s private sector has a one-month window — between Sept. 6 and Oct. 1 — to deliver their proposals to the Congressional Task Force on Puerto Rico to spur economic development initiatives for the island, former Republican Congressman Jerry Weller, said Tuesday.
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Executive appointments in hospitality, tech industries
August 4, 2016
This edition of Climbing the Corporate Ladder features executive appointments both on and off the island in areas of hospitality, technology and agriculture.
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Bacó: GDB should not be liquidated, must be re-focused
August 2, 2016
The fate of the Puerto Rico Government Development Bank should not be liquidation, but rather a refocus to return to promoting growth on the island, Interim President Alberto Bacó said Monday, the day he took on the job of steering the former public fiscal agent.
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July ’16 bankruptcies drop 4.4% YOY in Puerto Rico
August 2, 2016
Puerto Rico’s bankruptcy levels showed a 4.4 percent drop last month, when the total number of companies and individuals who turned to the U.S. Bankruptcy Court for help totaled 818 cases, preliminary data released Monday by research firm Boletín de Puerto Rico showed.
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Bacó confirmed as acting president of GDB
August 1, 2016
Economic Development and Commerce Secretary Alberto Bacó will take on an additional role in Gov. Alejandro García-Padilla’s cabinet effective today, when he starts as acting President of the Government Development Bank.
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Fame Pizza Co. opening 1st restaurant in Bayamón
August 1, 2016
Puerto Rico-based AL Pizza LLC, announced plans to open its first Fame Pizza Company restaurant in Bayamón, near the Bayamón Oeste Shopping Center on Route 2, bringing the chain’s customized pizza to the island.
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Allegiant airlines to launch new Orlando/SJ route in Dec.
July 29, 2016
Las Vegas-based Allegiant airlines announced Thursday the start of nonstop service between Orlando Sanford airport and Luis Muñoz Marín International Airport starting Dec. 14, with four weekly flights.
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Bonistas del Patio blasts GDB debt restructuring law
July 28, 2016
Bonistas del Patio Inc., which groups Puerto Rican bondholders holding about $15 billion in Commonwealth debt, called Gov. Alejandro García-Padilla’s decision to sign a law to restruction the Government Development Bank’s outstanding debt “irresponsible and illegal.”
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First BanCorp reports $22M in 2Q16 net income
July 27, 2016
First BanCorp, the bank holding company for FirstBank Puerto Rico, on Tuesday reported net income of $22 million for the second quarter of 2016, or $0.10 per diluted share, compared to $23.3 million, or $0.11 per diluted share, for the first quarter of 2016 and a net loss of $34.1 million, or $0.16 per diluted share, for the second quarter of 2015.
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Popular Inc. earns $89M in 2Q16, banks on PROMESA
July 27, 2016
Popular Inc., parent company of Banco Popular, on Tuesday reported net income of $89 million for the quarter ended June 30, 2016, compared to net income of $85 million for the quarter ended March 31, 2016.
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Pierluisi: FAA assigns $1.1M to 3 Puerto Rico airports
July 26, 2016
The Federal Aviation Administration has assigned more than $1.1 million in funds to the Puerto Rico Ports Authority for improvements and equipment purchases at three Puerto Rico airports.
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