Retail Value Inc. sells off remaining 9 shopping centers in Puerto Rico for $550M
July 16, 2021
Retail Value Inc., the owner of nine shopping centers in Puerto Rico, has agreed to sell its remaining properties in Puerto Rico to Kildare Acquisitions for $550 million in cash. This is the third time in the last six months that the independent publicly traded company has announced the sale of a local property. In […]
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San Juan Superior Court strikes down adult gaming machine regulations
July 16, 2021
The San Juan Superior Court has struck down several regulations related to the operation of adult gaming machines outside government-approved hotel casinos, as a resolution to a lawsuit filed by Electronic Games Inc. against the government of Puerto Rico last year. In her decision dated July 14, 2021, Superior Court Judge Glorianne M. Lotti-Rodríguez declared […]
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GP Strategies sues 4 Puerto Rico towns to collect nearly $3.7M in unpaid fees
July 15, 2021
GP Strategies, a firm dedicated to providing solutions to improve organizational effectiveness, is suing four Puerto Rico municipal governments for non-payment of some $3.7 million, News is my Business learned. In separate lawsuits filed at the Superior Courts in San Juan, Caguas, Carolina and Mayagüez, GP Strategies basically exposes the same cause for going after […]
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Marvel International Inc. backs local basketball league with 1st-time sponsorship
July 15, 2021
Marvel International Inc., a subsidiary of B. Fernández Holdings Inc., announced the production of a special collectible box of its familiar hamburgers El Gordito as part of its sponsorship agreement with Puerto Rico’s basketball league. The company employs 50 people at its production plant in Guaynabo who produce over 150,000 pounds of meat, soups, stir […]
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Tru by Hilton opening 2 hotels in Puerto Rico by ’23
July 14, 2021
Tru by Hilton, the hotel chain’s midscale brand will make its Puerto Rico debut in 2023, when it will fly its flag on two hotel properties set to be built in San Juan and Arecibo, the company confirmed. Both properties will be independently owned and operated, but the names of the developers were not disclosed, […]
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Puerto Rico public schools to serve locally harvested products
July 13, 2021
The Puerto Rico Agriculture Department and the Education Department have reached an agreement through which public school lunchrooms will serve locally harvested products when students return to the classrooms in August, the agencies announced. The contract represents some $30 million in annual purchases that will benefit some 300 farmers, News is my Business confirmed. Funding […]
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RB’s Puerto Rico opens 1st local Arby’s restaurant in Cayey
July 13, 2021
Local franchisee RB’s Puerto Rico officially opened the first Arby’s— a US-based drive-thru sandwich chain — on the island, in the mountain town of Cayey, where it is generating 40 new jobs. Company officials refrained from revealing the investment made in the new 2,600 square-foot restaurant that will feature Arby’s iconic sandwiches, wraps, sides, and […]
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Pierluisi designates Marrero to Secretary of State post
July 13, 2021
Gov. Pedro Pierluisi announced the designation of Omar Marrero as Secretary of State, who if confirmed, would steer two government offices. Marrero, who is currently the executive director of the Fiscal Agency and Financial Advisory Authority (AAFAF, in Spanish), working directly with the Financial Oversight and Management Board for Puerto Rico to finish the restructuring […]
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Hertz sells local operation to Best Rate Car & Truck Rental Inc.
July 9, 2021
The Hertz Corporation, which operates the Hertz, Dollar and Thrifty vehicle rental brands, has sold its local operation to long-time franchisee partner Best Rate Car & Truck Rental Inc., News is my Business confirmed. The financial terms of deal that closed July 1 were undisclosed. However, this media outlet learned that as a result of […]
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SBA grants $69.2M in aid to 339 bars, restaurants in Puerto Rico
July 8, 2021
The U.S. Small Business Administration recently announced the end of the Restaurant Revitalization Fund (RRF) program, which awarded $69.2 million in payments to 339 bars and restaurants in Puerto Rico, the agency confirmed. There was a total of 2,396 applications from Puerto Rico establishments, which requested a little more than $419 million in funding. Over in the […]
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Passenger traffic at LMM up 13.7% in June ’21 vs. ’19’s pre-pandemic levels
July 7, 2021
Passenger traffic at the Luis Muñoz Marín International Airport (LMM) exceeded the 1 million mark in June, which reflected a 13.7% increase over the 888,007 on record for June 2019, prior to the COVID-19 pandemic hit. Last month’s total is nearly a five-fold jump from the 214,008 on record for June 2020, when passenger movement […]
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Film Industry fund exhausts full $38M FY22 tax credit budget on 4 projects
June 29, 2021
The Department of Economic Development and Commerce’s (DDEC, in Spanish) Film Industry Development Program has already assigned the full $38 million in tax credits available for Fiscal 22 to just four productions, before the start of the year on July 1, News is my Business confirmed. The situation has surprised local industry executives and drawn the attention of […]
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SBA awards $625K in Shuttered Venue Operators Grants to 5 Puerto Rico businesses
June 23, 2021
The U.S. Small Business Administration confirmed it has awarded $625,639 in Shuttered Venue Operators Grant program funding to five businesses in Puerto Rico. This grant provides emergency assistance for eligible venues affected by COVID-19. Eligible applicants may qualify for grants equal to 45% of their gross earned revenue, with the maximum amount available for a […]
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HP Enterprise cogeneration plant in Aguadilla is the co.’s 1st in the world
June 21, 2021
The liquified natural gas facility that Hewlett Packard Enterprise is building in Aguadilla will be the first in the world for the technology giant, which is preparing to stay in Puerto Rico for the long-run, Mark Bakker, general manager of Global Operations for HPE, told News is my Business. HPE´s facility in Aguadilla is a […]
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27 Puerto Rico credit unions receive $47.3M in funding from US Treasury
June 16, 2021
The US Department of the Treasury today announced the allocation of $47.3 million in relief funds to 27 Puerto Rico-based credit unions, through its CDFI Rapid Response Program (CDFI RRP). The goal is to provide necessary capital for community development financial institutions (CDFIs) to respond to economic challenges created by the COVID-19 pandemic, particularly in […]
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