Popular Inc. reports $206M in 4Q21 net income, up 17% Y-O-Y
January 28, 2022
Popular Inc., parent company of Banco Popular de Puerto Rico, reported net income of $206.1 million for the fourth quarter ended Dec. 31, 2021, compared to net income of $176.3 million in the same period in 2020. The financial institution also reported net income of $934.9 million for the year 2021, compared to net income […]
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First BanCorp. reports $281M in net income in ’21, vs. $102M in ’20
January 27, 2022
First BanCorp., parent company of First Bank, reported net income of $281 million for the year ended Dec. 31, 2021, compared to $102.3 million for the year ended Dec. 31, 2020. In an interview with News is my Business, First BanCorp. CEO Aurelio Alemán attributed the growth to the completion of the acquisition of Banco […]
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Oriental CEO: ‘The stars are aligning for Puerto Rico’s economic growth’
January 20, 2022
The confirmation of Puerto Rico’s debt restructuring plan is one of several positive circumstances that is positioning the island for an economic rebound in coming years, but which will require unity between the public and private sectors. José Rafael Fernández, CEO of OFG Bancorp, said Puerto Rico’s economy is already in a “very different situation” […]
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MasTec North America sues Claro for $10M in breach of contract suit
January 10, 2022
MasTec North America Inc., a FL-based infrastructure construction company, is suing Claro Puerto Rico for $10 million in outstanding pay for the work it did to restore the telecommunications provider’s “devastated” infrastructure following Hurricane María in 2017. In a lawsuit filed last week in the US District Court of Puerto Rico in San Juan, the […]
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Passenger traffic at LMM nears 9.7M in ’21, up 2.5% vs. ’19 pre-COVID levels
January 7, 2022
Passenger traffic at Puerto Rico’s Luis Muñoz Marín International Airport (LMM) approached nearly 9.7 million in 2021, up some 2.5% when compared to the 12-month period ended December 2019, before the COVID-19 pandemic crippled air traffic. When compared to 2020, passengers who used the facility doubled from the 4.8 million reported by its operator, Grupo […]
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LeadPivot Technologies launches finance, investment education app
January 7, 2022
Puerto Rican firm LeadPivot Technologies recently unveiled a new mobile app called “Publicaciones de Birling Capital,” which contains all the finance and investment-related content produced by Birling Capital. LeadPivot Technologies is Birling Capital’s software development division, and its focus is to drive business growth and transform it through digital tools to achieve better services, customer […]
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PRIDCO expects to reap benefits of ‘strategic transformation’ in ’22
January 5, 2022
After wrapping up what he called a “complex year” during which many projects were kicked-off and made possible using Puerto Rico Industrial Development Company (PRIDCO) properties, agency Executive Director Javier Bayón said 2022 brings a loaded agenda in favor of Puerto Rico’s economic development. PRIDCO officials spent the better part of 2021 reshaping the agency’s […]
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UPR researchers assess human and fiscal costs of COVID-19 pandemic
December 30, 2021
A team of researchers at the University of Puerto Rico Cayey Campus recently released the findings of a study that probes the challenges that policymakers face during a pandemic — in this case COVID-19 — regarding the fiscal and human costs associated with different mitigation measures. The research entitled “Balancing fiscal and mortality impact of […]
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Puerto Rico among 30 jurisdictions exploring adoption of Apple Wallet digital IDs
December 28, 2021
Puerto Rico is among 30 jurisdictions that is exploring the possibility of adopting technology giant Apple’s digital ID feature, which would allow citizens to add their driver’s license or state ID to their iPhone’s digital Wallet application. The feature could go live early next year. The ID stored in the Wallet app could be used […]
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Puerto Rico Ports Authority gets $10M grant from US Dept. of Transportation
December 27, 2021
The US Department of Transportation announced it has awarded the Puerto Rico Ports Authority a $10 million grant to fund the reconstruction of the Tender Pier and Dock B in the Pier 15 area in Old San Juan. US Department of Transportation Secretary Pete Buttigieg announced the award of more than $241 million in discretionary […]
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No revelers allowed at Dick Clark’s New Year’s Rockin’ Eve celebration in San Juan
December 23, 2021
Following several days of an uptick in COVID-19 cases related to the Omicron variant registered in Puerto Rico, Gov. Pedro Pierluisi announced a change in plans for the Dick Clark’s New Year’s Rockin’ Eve with Ryan Seacrest 2022 celebration in San Juan, eliminating access to the public. Instead, the lineup of performers will present for […]
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EPA assigns $12M to clean up former pesticide storage facility in Manatí
December 22, 2021
The US Environmental Protection Agency announced it has assigned $12 million to remediate some 2 acres of land in Manatí formerly used as a pesticide warehouse. The EPA will be addressing the most heavily contaminated soil of the Superfund site by digging it up and treating it using a technology that heats the material so […]
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PRxPR has allocated $1.5M in donations since Hurricane María hit
December 22, 2021
Motivated by the devastation that Hurricane María brought upon Puerto Rico when it hit in September 2017, a group of private citizens came together to help via a nonprofit that to this day continues to aid local communities overcome different challenges. In an interview with News is my Business, PRxPR founder Carmen Báez confirmed that […]
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’21 wraps up with exec. appointments across industries in Puerto Rico
December 22, 2021
As Puerto Rico wraps up 2021, industries across the board announced new executive appointments to lead their operations. MCS appoints senior VPMedical Card System Inc. announced the appointment of Gannett Ramos as senior vice president of IT Innovation and Strategy. Ramos’ professional career covers more than 30 years of experience in information systems, and […]
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Gov’t revokes 121 tax incentives decrees under Act 22
December 16, 2021
The Department of Economic Development and Commerce (DDEC, in Spanish) has revoked 121 tax incentive decrees to Act 22 (now Act 60) beneficiaries who failed to submit annual reports to the agency, as the law required. Carlos Fontán, director of the DDEC’s office of business incentives in Puerto Rico, said in April, the agency began […]
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