TOLIC invests $10M to open 1st operation outside Puerto Rico, in Orlando
March 4, 2021
Puerto Rico-based Trans-Oceanic Life Insurance Co. is expanding its reach outside the island with the opening of a new operation in Orlando, seeking to cater to the large Hispanic population in that central Florida city. TOLIC, as the firm is known, has invested $10 million to grow its business there, which may also serve as […]
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Estudios Técnicos predicts better economic outlook during 2nd half of ’21
March 3, 2021
In a recent overview of Puerto Rico’s economic panorama, analysis firm Estudios Técnicos predicted that fiscal conditions on the island could improve during the latter half of this year. In the research, the firm acknowledged that Puerto Rico’s economy continues to experience declines, but external factors such as the distribution of the COVID-19 vaccine, the […]
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Liberty Puerto Rico to pump $70M into local, USVI network this year
March 2, 2021
As it moves into serving more than 1 million new wireless customers through its acquisition of AT&T, Liberty Puerto Rico will be investing close to $70 million to integrate the networks and systems. Liberty took over the wireless carrier’s assets on Oct. 31, 2021, after which it began the process of managing and merging both […]
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Evertec reports $510.6M in Fiscal ’20 revenue; $134.2M in 4Q20
March 2, 2021
San Juan-based Evertec disclosed its financial results for the fourth quarter and full year ended Dec. 31 2020, reporting a 6% quarter-over-quarter revenue increase to $134.2 million and 5% revenue growth of 5% to $510.6 million year-over-year. For the fourth quarter, the firm stated that GAAP net income attributable to common shareholders was $32.3 million, […]
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Liberty Puerto Rico reports $624M in revenue for ’20; $296M in 4Q20
March 1, 2021
Saying that the “integration of AT&T’s Puerto Rico and USVI operations [are] progressing well,” Liberty Latin America announced that its subsidiary, Liberty Puerto Rico, generated $624 million in revenue during the 12 months ended Dec. 30, 2020, representing a 9.9% increase year-over-year. In its latest financial report, Liberty Puerto Rico was also attributed $296 million […]
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T-Mobile Puerto Rico customer base exceeds 1M after fusion with Sprint
February 26, 2021
The culmination of its integration with Sprint, and the sale of AT&T’s wireless operation in Puerto Rico, has boosted T-Mobile’s business, which at the end of 2020 exceeded 1 million in customers for the first time, T-Mobile Puerto Rico General Manager Jorge Martel said. While sharing 2020 results, Martel said T-Mobile saw an 8% growth […]
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Tesla opening 1st service center in Puerto Rico in March
February 24, 2021
Electric automobile and renewable energy solutions manufacturer, Tesla, is opening its first vehicle service center in Puerto Rico and the Caribbean in March, this media outlet confirmed. “It’s pretty amazing that we finally got approved to open something down here to bring business to Puerto Rico, which is much-needed. So, we’re excited all-around,” said a […]
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Altamira Reserve mixed-use complex under construction in Guaynabo
February 23, 2021
Altamira Reserve, an 80,133 square-foot mixed-use complex in Guaynabo next to the busy Econo Altamira grocery store, is currently under construction with plans to open in the first quarter of 2022. The project is already visible from Martinez Nadal Ave. (PR-20) and is being developed by Bellagio Corp. for owner Rúa, LLC, which is also […]
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A La Orden Discount moving to former Downtown restaurant location in Hato Rey
February 22, 2021
Puerto Rican furniture and appliance retailer A La Orden Discount — an industry fixture for 45 years — is moving from where it has done business next to Plaza Las Américas mall for 37 of those years, to a new location in the heart of Hato Rey, this media outlet learned. The retailer will take […]
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Iconic Hacienda Tamarindo hotel in Vieques on the block for $3.3M
February 22, 2021
Hacienda Tamarindo, the longest-running hotel in Vieques, is up for sale for $3.3 million, according to the listing published by Paraíso Realty, the real estate firm handling the transaction. The property sits on a hilltop overlooking Esperanza Bay, and features 17 rooms, a pool, a 1,200 square-foot owner’s penthouse, a separate “casita” with its own […]
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3rd Coast Guard Exchange store to open in Caguas
February 19, 2021
The third Coast Guard Exchange location in Puerto Rico is scheduled to open in the summer in Caguas, the Coast Guard confirmed to this media outlet. The new 22,000 square foot CGX store is located at the Las Catalinas North Shopping Center, next to Burlington. CGX expects to hire 40 employees from the local area […]
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Trio of appointments and a retirement in this week’s Corporate Ladder
February 19, 2021
A long-time executive is retiring and is being succeeded at Popular Inc., while two executive appointed at a credit card company and the Puerto Rico Junior Chamber of Commerce are featured in this edition of Climbing the Corporate Ladder. Rullán to retire from Popular Inc.; González-Noguera to succeed herTeruca Rullán, senior vice president in charge […]
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SBA has approved $283.8M in PPP loans in Puerto Rico since Jan. 11
February 18, 2021
The U.S. Small Business Administration’s Paycheck Protection Program has approved $283.8 million in loans in Puerto Rico and another $171.2 million in the US Virgin Islands through the week of Feb. 15, it confirmed in a report. The second round of funding began on Jan. 11, and so far, participating local credit unions and banks […]
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Cuba Libre restaurant opening in Plaza Las Américas still on, despite delay
February 15, 2021
Philadelphia-based Cuba Libre Restaurant & Rum Bar, which was slated to open in Plaza Las Américas last month, will still make its debut in Puerto Rico, but with a delay of about a year, this media outlet confirmed. The construction and opening of Cuba Libre San Juan, a GuestCounts Hospitality LLC brand, was set back […]
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Treasury Dept. seeks exclusion from federal Foreign Tax Credit public policy
February 11, 2021
The Puerto Rico Treasury Department has asked its federal counterpart to clarify whether a new regulation under consideration concerning credits granted for taxes paid by corporations doing business abroad would apply to Puerto Rico. In a letter sent to US Treasury Secretary Janet Yellen, the local government asked for the proposed “Guidance Related to the […]
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