Passenger traffic at LMM airport exceeds pre-pandemic levels for May
June 8, 2021
Passenger traffic at Puerto Rico’s main air hub, the Luis Muñoz Marín International Airport (LMM), bounced back in May, when it exceeded pre-pandemic results for the same month in 2019. In its most recent monthly report, Grupo Aeroportuario del Sureste (ASUR), the parent company of Aerostar — which operates the LMM — disclosed that the […]
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Puerto Rico Ports Authority releases RFQ to build new Aguadilla airport runway
June 7, 2021
The Puerto Rico Ports Authority has opened a Request for Qualifications process to find candidates to rebuild the 11,700-foot Runway 8-26 at the Rafael Hernández Airport in Aguadilla, a $90 million project to be paid for with federal funding. In an interview with News is my Business, Ports Authority Executive Director Joel Pizá-Batiz confirmed that […]
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El Señorial Plaza sold for $20.4M to undisclosed buyer
June 4, 2021
Retail Value Inc., owner of El Señorial Plaza in San Juan, announced it closed the sale of the shopping center on June 3, for $20.4 million. The buyer was undisclosed, and RVI said the sale amount is “prior to closing costs, prorations and other closing adjustments.” The company used the net proceeds to repay mortgage […]
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Municipality of Caguas gets $19.2M credit line to finance recovery projects
June 2, 2021
The Caguas municipal government has locked down a $19.2 million non-revolving line of credit from Banco Popular to finance expenses related to the recovery projects related to the damages caused by Hurricane María in 2017. Caguas Mayor William Miranda-Torres confirmed that the town’s administration approved an ordinance authorizing the financing. The town will use the […]
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Puerto Rico looks to Congress to secure increased manufacturing activity
May 26, 2021
Representatives of the island’s pharmaceutical, aerospace, medical devices, and accountants, among other private sectors, expressed their support for the Medical Manufacturing, Economic Development and Sustainability Act, submitted in Congress by Puerto Rico Resident Commissioner, Jenniffer González. The bill was touted as “an ideal route to strengthen Puerto Rico’s position as a national manufacturing center.” The […]
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Puerto Rican businesses, consumers ‘optimistic’ on economic recovery post COVID-19
May 21, 2021
The word “optimism” was repeated a number of times during the Puerto Rico Chamber of Commerce’s presentation of the 2021 studies establishing the level of confidence by local entrepreneurs and consumers. In both cases, the research concluded that there are high expectations for improved economic conditions moving forward. While economic analysis firm Estudios Técnicos prepared […]
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SME’s Digital Trends Study pegs Puerto Rico’s online sales at $458M
May 14, 2021
The 2021 edition of the Puerto Rico Sales and Marketing Executives Association’s (SME, in Spanish) Digital Trends Study confirmed that nearly 1.4 million people in Puerto Rico are doing their shopping online, a movement that has grown as a result of the COVID-19 pandemic. The study, commissioned to economic analysis firm Estudios Técnicos, showed that […]
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Roosevelt Roads to undergo $50M infrastructure upgrades before seeking master developer
May 13, 2021
The former Roosevelt Roads Naval Base, which has been in the hands of the Puerto Rico government for about eight years, will undergo a $50 million infrastructure upgrade in preparation for the selection of a master developer for the property, News is my Business confirmed. Nilda Marchán, executive director of the Local Redevelopment Authority for […]
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Puerto Rico’s SME’s eligible for up to $100K in seed funding from gov’t
May 12, 2021
Puerto Rico’s small- and mid-sized businesses (SME’s) looking to grow their operations may be eligible for as much as $100,000 in seed funding from a number of programs under the Department of Economic Development and Commerce (DDEC, in Spanish). During a roundtable discussion to mark small business month, the agency brought together five companies — […]
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DDEC renews membership with int’l film trade group to boost local industry
May 11, 2021
With a number of current and future film production projects being rolled in Puerto Rico, the Department of Economic Development and Commerce (DDEC, in Spanish) announced it has renewed its membership with the Association of Film Commissions International (AFCI). DDEC Secretary Manuel Cidre said belonging to the Association allows the agency’s Puerto Rico Cinematographic Industry […]
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FCC green-lights 2 wireless providers to deploy more spectrum in Puerto Rico
May 10, 2021
The Federal Communications Commission (FCC) has given the go-ahead to Federated Wireless Inc. and Key Bridge Wireless LLC — two companies that will work to deploy more wireless spectrum in Puerto Rico, based, for the first time, on the 3.5 GHz band. In a release, the regulatory agency said the approval will make the “critical” […]
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ASORE: COVID-19 pandemic has Puerto Rico restaurants on the brink
May 5, 2021
Puerto Rico’s restaurant industry saw a 68.2% drop in sales between April and January 2020, when activity plummeted to $50 million from $157 million, “Proyecciones 2021,” a study commissioned by the Puerto Rico Restaurants Association (ASORE, in Spanish) showed. During those months, the island’s government established a series of restrictions, including an almost full lockdown, […]
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Ports Authority begins $6.7M project to rebuild Pier 3 in Old San Juan
May 3, 2021
The Puerto Rico Ports Authority has begun the work to rebuild Pier 3 in the San Juan bay, at a cost of nearly $6.7 million, agency Executive Director Joel A. Pizá-Batiz announced today. For the job, the agency awarded a contract to Del Valle Group LLC, which is expected to complete the repair of a […]
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Restarting direct Jacksonville/SJU air route ‘on the radar,’ says Ports
May 3, 2021
During a recent visit to the port of Jacksonville — one of the busiest maritime connections between Puerto Rico and the US mainland — Puerto Rico Ports Authority Executive Director Joel Pizá-Batiz sat down with the Jacksonville Aviation Authority, to discuss the possibility of resuming a key direct flight that was discontinued in 2015. In […]
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Fitch upgrades Liberty Puerto Rico’s credit rating, as it launches co-branding campaign
May 3, 2021
Liberty Puerto Rico recently got a boost from Fitch Ratings, which upgraded its revolving credit and other financial tools, while affirming its long-term outlook, News is my Business confirmed. The company, which over the weekend entered the co-branding stage of its integration process with AT&T Mobility Puerto Rico, which it acquired last year. As part […]
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