T-Mobile exploring deploying in-home internet service in Puerto Rico
August 5, 2021
Wireless carrier T-Mobile is looking into taking cable providers head-on in Puerto Rico, with plans to deploy in-home broadband service, which it has already rolled out in several US markets. During a news conference, T-Mobile Puerto Rico General Manager Jorge Martel said the island has a “great need for this type of service.” “Puerto Rico […]
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34K Puerto Rico homeowners sheltered by USDA eviction moratorium
August 5, 2021
The US Department of Agriculture’s decision to extend the eviction moratorium for homeowners of properties financed or guaranteed by the agency through Sept. 30 could offer a reprieve to troubled mortgagees in Puerto Rico. There are 34,000 on that list, but not all are experiencing hardship. Furthermore, the agency announced that the single-family foreclosure moratorium […]
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Execs named to BluHost, MCS, Hilton, Aspira, and Iberia
August 4, 2021
This week’s edition of Climbing the Corporate Ladder includes several executive appointments across a broad range of industries, namely tourism, health insurance, and travel. BluHost names new all-female sales and marketing staffBluHost announced the appointment of five executive women to fill different positions within its sales and marketing departments for Hyatt Place, Hyatt House and […]
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Puerto Rico General Fund net income exceeds projections by $42.9M in May, Treasury says
July 30, 2021
The Puerto Rico Treasury Department informed that net income shored up into Puerto Rico’s General Fund exceeded $1.4 billion in May, beating the government’s projections by $42.9 million. In a press release, agency Secretary Francisco Parés said the projected amount was $1.3 billion, representing a growth of 3.1%. “This projection is included in the new […]
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158K households have signed up to FCC’s Emergency Broadband Benefit program
July 29, 2021
The Federal Communications Commission (FCC) confirmed that 158,333 households in Puerto Rico have enrolled in the Emergency Broadband Benefit Program, joining some 4 million others across the US mainland. The $3.2 billion subsidy program initiated by Congress provides a temporary $50 to $75 discount on eligible households’ internet bills during the duration of the pandemic. […]
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SBA grants $4.2M in Puerto Rico through Shuttered Venue Operator program
July 27, 2021
The U.S. Small Business Administration provided an update on the progress of its Shuttered Venue Operator program, confirming that as of July 26, it has approved 28 awards in Puerto Rico amounting to a little more than $4.2 million. The agency also confirmed it awarded one SVOG grant for $92,956 to a program participant in […]
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First BanCorp. reports $70.6M in net income, up 231% Y-O-Y
July 26, 2021
First BanCorp, the parent company of FirstBank Puerto Rico, reported net income of $70.6 million, or $0.33 per diluted share, for the second quarter of 2021, up 231% from the $21.3 million, or $0.09 per diluted share on record for the same year-ago quarter. The quarter includes a net benefit of $26.2 million recorded to […]
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Luis Muñoz Marín Int’l Airport posts ‘strongest recovery’ for parent company
July 26, 2021
The Luis Muñoz Marín International Airport (LMM) posted the strongest recovery related to passenger traffic, exceeding second quarter 2019 levels by 10% driven by a high double-digit increase in domestic traffic, which more than offset a weaker international performance, Adolfo Castro-Rivas, CEO of Grupo Aeroportuario del Sureste, confirmed The Mexican firm, known as ASUR, is […]
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Popular Inc. reports $218.1M in net income in 2Q21
July 23, 2021
Popular Inc., parent company of Banco Popular de Puerto Rico, reported $218.1 million in net income for the second quarter ended June 30, 2021, compared to the $127.6 million on record for the same period in 2020, representing $90.5M in year-over-year growth. The most recent figure compares to $262.6 million in net income reported for […]
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Rock Solid’s Pérez resigns after 20-yr. tenure
July 23, 2021
Ángel L. Pérez, a well-known entrepreneur and vice president of Rock Solid, recently resigned from his post after 20 years at the San Juan-based software engineering company, News is my Business learned exclusively. Pérez, who officially stepped down on June 24, will stay involved with the company as shareholder. He will also remain as an […]
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Puerto Rico wins $25M settlement from ExxonMobil contaminant suit
July 22, 2021
The US District Court for Puerto Rico approved a $25 million settlement in Puerto Rico’s favor as part of a lawsuit the Commonwealth filed more than a decade ago against ExxonMobil Corp. and Esso Standard Oil Co. claiming the companies contaminated the island’s groundwater. The Commonwealth of Puerto Rico, through the Environmental Quality Board, filed […]
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Oriental CEO: ‘It’s time to pull out of bankruptcy’
July 22, 2021
OFG Bancorp, the parent company for Oriental Bank, reported results for the second quarter ended June 30, 2021, that revealed diluted earnings per share of $0.78 compared to $0.56 in first quarter of 2021 and $0.39 in 2Q20. Total core revenues were $133.3 million compared to $127.7 million in first quarter of 2021 and $128.2 […]
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Puerto Rico Treasury, State Insurance Fund to offer services next week
July 22, 2021
The Puerto Rico Treasury Department and the State Insurance Fund Corp. (CFSE, in Spanish) will continue to offer services next week, when Gov. Pedro Pierluisi gave Wednesday, Thursday and Friday off to government workers. Monday and Tuesday are official holidays, so public sector employees are allowed to take the rest of the week as vacation […]
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Moody’s cites ‘business reasons’ to withdraw Puerto Rico’s credit ratings
July 21, 2021
Moody’s Investors Service announced it has withdrawn the general obligation and related ratings of the Commonwealth of Puerto Rico, citing only “business reasons,” for pulling out. The decision to no longer provide ratings includes those assigned to the Puerto Rico Aqueduct & Sewer Authority, the Puerto Rico Electric Power Authority, and the University of Puerto […]
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3 Puerto Rico nonprofits receive $45K through Airbnb fundraising initiative
July 21, 2021
Three Puerto Rico-based nonprofits — CMV Casa sin Fronteras, La Maraña, and the Programa de Educación Comunal de Entrega y Servicio Inc. — will receive a combined $45,000 through the Airbnb Community Fund. The fund was created to distribute $100 million over 10 years to organizations that are strengthening communities around the world, including $10 […]
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