Historic San Juan Custom House to undergo $44.1M renovation
February 2, 2021
The U.S. Customs and Border Protection has awarded a $44.1 million contract to Framingham, Mass.-based Perini Management Services Inc. to repair and renovate the historic San Juan Custom House, the company announced. Perini Management Services Inc. is a subsidiary of Tutor Perini Corp., a civil, building and specialty construction company. The San Juan Custom House, […]
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Labor Dept. seeking IT provider for new online unemployment solution
February 2, 2021
The Puerto Rico Department of Labor and Human Resources is seeking an IT Solutions provider, to develop a new customizable online platform that “supports all functions and processes” of the agency’s unemployment insurance benefits program. The solution must include unemployment tax, benefits payments, and case management features, the agency said in a press release announcing […]
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Puerto Rico’s manufacturing sector shows growth in December ’20
February 2, 2021
The Puerto Rico Manufacturing-Purchasing Managers Index showed an increase to 51.8 in December, surpassing the threshold level of 50 and suggesting an expansion in the manufacturing sector with respect to the previous month. The manufacturing sector has shown sustained improvement for the past few months, after experiencing one of the most significant drops due to […]
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Popular Inc. reports $176M in 4Q20 net income, $507M for full year
January 29, 2021
Popular Inc. reported net income of $176.3 million for the fourth quarter ended Dec. 31, 2020, and $506.6 million for the year 2020, compared to net income of $671.1 million for the year 2019. “We closed 2020 on a high note, generating net income of $176 million in the fourth quarter, one of our best […]
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jetBlue, Aerostar facilitating COVID-19 testing at LMM airport
January 29, 2021
Puerto Rico’s largest carrier, jetBlue is looking to ramp-up pre-departure and arrival COVID-19 testing at local airports, by relying on at-home options through its partner Vault Health, the airline’s CEO Joanna Geraghty said during a discussion of its quarterly results. “So, Puerto Rico. We definitely see some constraints with testing in that environment. We’ve actually […]
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SBA OK’s $16.8M in PPP loans in Puerto Rico/USVI 2 weeks into 2nd round
January 28, 2021
The U.S. Small Business Administration has approved 516 loans worth some $16.8 million through its Paycheck Protection Program to eligible operations in Puerto Rico and the US Virgin Islands in the first two weeks of the second round of funding. The emergency financing program re-opened Jan. 11 and the numbers provided are through Jan. 24, […]
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$12.5M Foxwoods El San Juan Casino to open by year’s end
January 26, 2021
The Mashantucket Pequot Tribal Nation, owner and operator of the Foxwoods Casino in CT, announced a $12.5 million investment to reopen the iconic casino at the Fairmont El San Juan hotel in Isla Verde, to be known as the Foxwoods El San Juan Casino. During a news conference at the hotel, Rodney A. Butler, chairman […]
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OFG Bancorp reports $132.8M in 4Q20 revenue
January 26, 2021
OFG Bancorp, the financial holding company of San Juan-based Oriental Bank, reported results for the fourth quarter and year ended Dec. 31, 2020, revealing $132.8 million and $519.3 million in revenue, respectively. While the result for the final three month period of last year showed a 35% increase from the versus $98.4 million reported during […]
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Mashantucket Pequot Tribal Nation to reopen casino at Fairmont El San Juan
January 21, 2021
The Mashantucket Pequot Tribal Nation, operators of the famed Foxwoods Casino in Mashantucket, CT, has landed a concession agreement to reopen the casino at the iconic Fairmont El San Juan hotel, this media outlet learned. The announcement is scheduled to take place next week, according to a media notice released Wednesday night. Gov. Pedro Pierluisi […]
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New execs appointed in auto, legal, auditing, advertising sectors
January 21, 2021
This edition of Climbing the Corporate Ladder covers new executive appointments in a broad swath of industries in Puerto Rico, from auto to legal. Jaguar Land Rover names new service managerJaguar Land Rover San Juan dealers appointed Carlos Piñeyrúa as the new service manager for both brands. Piñeyrúa, who already has previous experience in the […]
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$20M passenger building complex planned for San Juan’s Pier 3
January 15, 2021
Construction of a new $20 million passenger building complex on San Juan’s Pier 3 will get underway in March, when Duty Free Americas will break ground on the project, Puerto Rico Ports Authority Executive Director Joel Pizá confirmed. The two-story building — which will house a Duty Free shop on the ground floor and 16,000 […]
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Puerto Rico’s casinos report $54M in pandemic losses
January 15, 2021
Puerto Rico’s 16 casinos lost $54 million from July to December 2020, when compared to the same period in 2019, as a result of the COVID-19 restrictions, Puerto Rico Tourism Co. Executive Director Carlos Mercado said. From July to December 2019 the industry reported $147 million in revenue, which was reduced to $93 million during […]
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Puerto Rico Tourism Co. vows to get tough with unruly tourists
January 14, 2021
The Puerto Rico Tourism Co. is working with municipal authorities in the towns of San Juan and Carolina to crack down on the unruly behavior displayed by groups of visitors to the island, some of which have made the rounds on social media in recent months. Tourism Co. Executive Director Carlos Mercado confirmed in an […]
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Puerto Rico Tourism Co.’s new exec. director taking 3-pronged approach to recovery
January 14, 2021
Carlos Mercado, the newly named head of the Puerto Rico Tourism Co., said the agency has a three-pronged approach to working with the industry as it begins recovering from the COVID-19 business downturn. The official is hitting the ground running, as he had already built a relationship with members of the sector while acting as […]
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Puerto Rico Treasury opts into $325M federal rental assistance program
January 13, 2021
The Puerto Rico Treasury Department has filed an application to participate in the newly announced Emergency Rental Assistance Program run by the U.S. Department of the Treasury that could represent $325 million in aid for the island, this media outlet confirmed. The federal government is making a total of $25 billion available to assist households […]
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