Colombia’s Viva Air gets OK to fly to Luis Muñoz Marín International Airport International Airport
November 5, 2021
Viva Air, Colombia’s low-cost carrier that is part of Grupo Viva, has received the go-ahead from the country’s aviation authority to begin flying from Bogotá and Medellín to the Luis Muñoz Marín International Airport (LMM) in Carolina. As News is my Business first reported late last month, the two direct routes were part of a […]
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Popular Inc. will raise minimum salary to $13/hour starting in January ’22
November 5, 2021
Popular Inc., parent company of Banco Popular de Puerto Rico, will raise the minimum hourly base salary for 68% of its workforce, company CEO Ignacio Álvarez announced during its “Popular Connects” town hall meeting. The hourly base salary in Puerto Rico will increase to $13 in January 2022 and to $15 in January 2023. “Our […]
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Liberty Puerto Rico reports $359M in 3Q21 revenue
November 4, 2021
Liberty Puerto Rico is still reporting positive results from its acquisition of AT&T Puerto Rico’s assets, which nearly tripled its revenues to $359 million during the third quarter ended Sept. 30, when compared to the $114.4 million for the same year-ago period. The report shows that Liberty Puerto Rico’s revenue grew by 214% and 2% […]
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Vieques Sustainable Economic Dev’t Council presents multi-action plan
November 4, 2021
The Vieques Sustainable Economic Development Council — created earlier this year to move the economy of the island municipality forward — presented to Gov. Pedro Pierluisi a multi-strategy plan to develop tourism, jobs, improve transportation, health, infrastructure, energy, security, education, and special projects. One of the steps taken by the Council is to recommend that […]
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Ports Authority unveils fire control system upgrade project at Puerto Nuevo docks
November 3, 2021
The Puerto Rico Ports Authority announced the start of what will be a $4 million to $5 million investment in a full upgrade of the fire suppression system in the Puerto Nuevo loading docks in San Juan. Ports Executive Director Joel Pizá confirmed that the first phase of the project is already underway, with the […]
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Frontier Airlines’ new JAX/LMM route to net $13M/yr. for Puerto Rico
November 2, 2021
Low-fare carrier Frontier Airlines has officially launched nonstop flights from Jacksonville International Airport (JAX) to the Luis Muñoz Marín International Airport (LMM), after announcing it would bridge the destinations in August, as News is my Business reported. The new connection is expected to generate $13.1 million for the island during a year of operations, local […]
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SBA-backed working capital loans to Puerto Rico up 68% in Fiscal ’21
November 2, 2021
The US Small Business Administration backed 411 7(a) working capital loans for $89.3 million in Fiscal ’21, exceeding by 68% the $53.3 million on record for Fiscal ’20 for Puerto Rico, the agency confirmed. The agency also confirmed it saw an increased amount of 7(a) working capital loans in Fiscal ’21 — by count and […]
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Puerto Rico Treasury seizes 136 investment accounts in brokerage houses
October 29, 2021
The Puerto Rico Treasury Department confirmed the seizure of 136 investment accounts in local and US brokerages held by delinquent taxpayers, amounting to more than $3 million. Agency Secretary Francisco Parés said the figure includes interest, surcharges, penalties, and garnishment costs. “This action coordinated by the agency’s Revenue Bureau stemmed from the failure of taxpayers […]
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HealthproMed invests $1.5M in new health facilities in Vieques
October 29, 2021
Private nonprofit health care provider HealthproMed announced a $1.5 million investment to open a primary care clinic on the island municipality of Vieques, which has a population of 9,000 and has been lacking medical facilities. The clinic located in the Isabel II sector will be staffed by a total of 25 health professionals, including clinical […]
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Liberty will apply credits for hours of fixed internet service interruption
October 28, 2021
Liberty Puerto Rico confirmed it will be applying automatic credits to thousands of customers on the island who experienced an interruption of their fixed internet service Wednesday night. In a statement, the company explained the reasons for the fixed internet outage between 8 p.m. and midnight Wednesday. “We experienced a situation with the access routes […]
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Puerto Rican consumers juggling budget to handle price hikes, product shortages
October 27, 2021
The Chamber of Marketing, Industry and Food Distribution’s (MIDA, in Spanish) most recent Consumer X-Ray shows a Puerto Rican consumer who is juggling their budget in the face of price hikes, product shortages and daily expenses. The 29th edition of the study also shows that fluctuations in monthly spending on groceries reflect the greater influence […]
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FCC allocates $5.3M to Puerto Rico schools, libraries through emergency fund
October 27, 2021
The Federal Communications Commission (FCC) has committed $5.3 million to Puerto Rico through its program to fund connected devices and broadband connections through its Emergency Connectivity Fund Program, the agency confirmed. The island has received the funding in three waves, getting $2.6 million during the first round, $2.1 million in the second, and $625,928 in […]
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Puerto Rico residents have bleak outlook on current situation, future
October 22, 2021
A study commissioned by the Puerto Rico Sales and Marketing Executives Association (SME, in Spanish) revealed that 78% of Puerto Rico residents believe that quality of life on the island is worse now than it was five years ago. Of that group, 84% are women mostly between 55 and 64 years of age, as well […]
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OFG reports $41.6M in profits during 3Q21, up 61% YoY
October 21, 2021
OFG Bancorp, parent company of Oriental Bank, reported $41.6 million in net income available to shareholders during the third quarter ended Sept. 30, a 61% improvement from the $25.8 million on record for the same year-ago quarter. The financial institution reported diluted earnings per share of $0.81 during the latest quarter, compared to $0.50 in […]
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Popular Inc. reports $79.7M in YoY net income growth in 3Q21
October 21, 2021
Popular Inc., the parent company of Banco Popular de Puerto Rico (BPPR), reported net income of $248.1 million for the quarter ended September 30, 2021, up $79.7 million in comparison to the $168.4 million reported for the same year-ago quarter. “The third quarter was another strong quarter. We achieved net income of $248.1 million, driven […]
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