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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Puerto Rico Labor Secretary stepping down Dec. 31
December 15, 2021
Following a year and a half at his post as Puerto Rico Labor Secretary, Carlos Rivera is stepping down for personal reasons effective Dec. 31, he confirmed in an interview with News is my Business. “I’ll be honest when I say that I had to manage an emergency and I wasn’t going to turn my […]
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Coalition vying for $100M in ‘Build Back Better Regional Challenge’ funds
December 14, 2021
The Northwestern Puerto Rico Bio Manufacturing Cluster, led by the Department of Economic Development and Commerce (DDEC, in Spanish), is in the running for $100 million in funds available through the US Economic Development Administration’s “Build Back Better Regional Challenge.” The federal agency confirmed that 60 finalists have been short-listed for the program that has […]
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Dorado Ritz not under contract for sale, but owners open to ‘alternatives’
December 8, 2021
The Dorado Beach, A Ritz-Carlton Reserve is not under contract for sale at this time, but one of the luxury hotel’s developing partners, PRISA Group, confirmed that it is always exploring alternatives for its properties. Federico Stubbe Jr., CEO of PRISA Group, told News is my Business “as developers, after a property is stabilized, we’re […]
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Gov’t drops plan to seek P3 for Puerto Rico Aqueduct and Sewer Authority
December 7, 2021
The Public-Private Partnership Authority announced it will no longer seek a private-sector partner to optimize the Puerto Rico Aqueduct and Sewer Authority’s (PRASA) water consumption measurement system and the management of its commercial operation. This comes more than three years after the P3 Authority published a Request for Qualifications in June 2018 to identify of […]
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PRICEC buys rights of conglomerate of popular culinary events in Puerto Rico
November 25, 2021
The Puerto Rico Culinary Events Conglomerate announced the acquisition of the production rights of several popular culinary events on the island in recent years from Imagenda, a company that is part of CGV Creative Group. The financial terms of the deal were undisclosed. This group of entrepreneurs will now produce several well-known festivals such as […]
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Puerto Rico/USVI businesses approved for $2B+ in SBA COVID disaster loans
November 22, 2021
The U.S. Small Business Administration has approved more than 28,000 loans to businesses in Puerto Rico and the US Virgin Islands exceeding $2 billion through its COVID Economic Injury Disaster Loan (EIDL) program, it announced. When broken down, Puerto Rico-based small businesses have been approved for 26,751 loans, worth $2 billion, while the USVI has […]
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Miami-based Grand Havana Cafe opening shops in Puerto Rico
November 18, 2021
Miami-based Grand Havana Cafe announced it has entered negotiations with AM:PM City Market Corp. to acquire its business portfolio in Puerto Rico, which includes locations in Isla Verde and Hato Rey. After the closing — expected to happen during the first semester of 2022 — the shops will be converted into Grand Havana Cafes, company […]
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Casa Bravada distillery in Toa Baja launches 1st Puerto Rico-made vodka
November 10, 2021
Puerto Rican entrepreneurs Carlos J. López-Vidal and Claudia Ferrer-Tañón inaugurated the first local vodka distillery Casa Bravada — which entailed a $1.5 million investment — and their Bravada Vodka, a 100% artisanal product, manufactured in Toa Baja. “Casa Bravada arises from a dream to establish a family business together with my husband Carlos, with a […]
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ICANN scraps in-person conference planned for March ’22 in Puerto Rico
November 8, 2021
The Internet Corporation for Assigned Names and Numbers (ICANN) announced that it will no longer hold its in-person ICANN73 convention in Puerto Rico on Mar. 5-10, 2022, going virtual instead, citing “continuing impacts of the COVID-19 pandemic.” The ICANN Board of Directors — which first announced plans to come to the island in 2019 — […]
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Executive appointments in Popular, Foxwoods Casino, PR Women’s Foundation
November 8, 2021
This edition of Climbing the Corporate Ladder reports on executive appointments in a cross-sector of industries in Puerto Rico. Popular names COO, chief legal officerPopular Inc. announced the appointment of Javier D. Ferrer as COO and head of business strategy. It also named José R. Coleman-Tió as executive vice president, chief legal officer and general […]
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Passenger traffic at LMM up 14.4% in October, vs. same month in ’19
November 8, 2021
Grupo Aeroportuario del Sureste, known as ASUR — whose subsidiary Aerostar Holdings operates the Luis Muñoz Marín International Airport (LMM) — confirmed that passenger traffic at the facility increased 14.4% in October, in comparison to the same month in 2019. The company compares current results to pre-pandemic numbers, which “reflect a continued overall recovery in […]
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Puerto Rican boxer Trinidad, father, sue Popular Inc. for $175M
November 5, 2021
Puerto Rican boxer Félix “Tito” Trinidad-García and his father, Juan Félix Trinidad-Rodríguez, are suing Popular Inc. — parent company of Banco Popular de Puerto Rico — for no less than $175 million in damages. In the lawsuit filed in the US District Court for the District of Puerto Rico, the Trinidads are “seeking fair and […]
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