Bankruptcy filings down 31.1% in Puerto Rico in September
October 6, 2020
A total of 443 petitions were filed at the U.S. Bankruptcy Court in Puerto Rico during the month of September, representing a 31.1% drop from the same month in 2019, according to a report released by research firm Boletín de Puerto Rico. In September 2019, the court received 629 bankruptcy cases, according to the report. […]
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MIDA: Puerto Rican consumers spent 18% more on groceries this year
October 5, 2020
Puerto Rican consumers spent an average of $500 a month on groceries, or 18% more than the average $422 spent last year, the Chamber of Marketing, Industry and Food Distribution’s annual Consumer X-Ray revealed. “Spending appears to be driven by an increase in the frequency of visits to supermarkets, which registered an average of eight […]
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Puerto Rico’s retail sales up 14.8% Y-O-Y in July, -11.4% in 1st 6 months of ’20
October 5, 2020
Puerto Rico’s retail sales increased by 14.8% in July, compared to the same month of the previous year, according to the Retail Sales Report issued by the Department of Economic Development and Commerce’s Office of Economic Analysis. Retail sales reached $2.8 billion in July, four months into the restrictions on the economy put in place […]
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ICANN names Rúa-Jovet for third term
October 5, 2020
The Internet Corporation for Assigned Names and Numbers (ICANN) 2020 Nominating Committee announced the selections for seven leadership positions, including Javier Rúa-Jovet, who is occupying a position within the organization for the third time. In this appointment, Rúa-Jovet will participate in the Country Code Names Supporting Organization (ccNSO) Council, the transnational entity that establishes policies regarding country […]
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P3 Authority moves ahead on projects despite pandemic-related delays
October 2, 2020
Fermín Fontanés, executive director of the Puerto Rico Public-Private Partnerships Authority, provides an update on several proposals in the pipeline in the areas of energy and transportation, as well as the effects of the COVID-19 pandemic on the proceedings.
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U.S. Treasury assigns $6M to 32 Puerto Rico-based credit unions
September 25, 2020
A group of 32 credit unions in Puerto Rico received about $6 million in assignments from the U.S. Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund) to expand their services to economically disadvantaged communities. The allocation constitutes the largest amount granted by the U.S. Treasury to co-ops in Puerto Rico, reaching $10 million […]
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Moody’s: $13B federal injection for power, education is ‘credit positive’
September 24, 2020
The announcement last week that Puerto Rico will receive almost $13 billion in new disaster aid from the Federal Emergency Management Agency, primarily to rebuild the island’s power grid, is credit positive, Moody’s Investors Service said. “The announcement is credit positive for both Puerto Rico Electric Power Authority (PREPA: Ca, Neg) and the Commonwealth of […]
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Retailers are 96% compliant in preventing COVID-19 contagions in their stores
September 24, 2020
The Puerto Rico Retailers Association (ACDET, in Spanish) announced the results of the Collaborative Surveillance Program that the sector has integrated into its efforts to minimize the risks of COVID-19 contagion, which revealed that 96% of participating establishments are 96% compliant in their protocols. The conclusion stems from a sample involving 45,000 observations by 15 […]
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Up-and-coming start-ups complete Rising Entrepreneurs program
September 24, 2020
The Bravo Family Foundation will choose today the three local startups that will receive additional prizes for their successful participation in the first edition of the Rising Entrepreneurs Program that seeks to promote business growth in Puerto Rico. In all, 10 businesses took part in the Bravo Family Foundation’s initiative to promote business creation within […]
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The Ritz-Carlton San Juan hotel on track to reopen in mid-2022
September 23, 2020
The Ritz-Carlton San Juan, a hotel that has remained shuttered since Hurricane María clobbered Puerto Rico in 2017, is set to reopen in mid-2022, following the completion of a multi-million dollar renovation, this media outlet confirmed. The owners of the luxury beachfront property in Isla Verde, RCPR Acquisition Holdings, LLC, have reportedly reached a settlement […]
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Puerto Rico casino operators concerned about another potential shutdown
September 23, 2020
Saying that Puerto Rico’s casino operations are abiding by “strict and efficient” security protocols to ward off the spread of the COVID-19 virus, sector executives represented by the Puerto Rico Hotel & Tourism Association sent a letter to island’s Health Secretary expressing concern about another potential closure. In the letter, the trade group spoke for […]
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41 Puerto Rico towns among recipients of $91.4M in FEMA grants
September 23, 2020
The Federal Emergency Management Agency and the Puerto Rico Central Office for Recovery, Reconstruction and Resilience, or COR3, announced the obligation of more than $91.4 million in additional funds for 135 projects related to the recovery and reconstruction of Puerto Rico after Hurricane María. These grants were assigned during the week of Sept. 11-17, the government agencies confirmed. Among the […]
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Puerto Rican Chef Edgardo Noel launches product line, plans to export
September 23, 2020
Puerto Rican Chef Edgardo Noel Rivera has diversified his talent in the kitchen into manufacturing, with the launching of a new condiment line for which he has invested nearly $50,000. Inspired by his grandmother Rosangélica’s cooking and seasoning, Rivera embarked on this venture that includes a variety of refrigerated “sofrito,” and minced garlic products under […]
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Face mask maker Made in America to donate 2M units in Puerto Rico
September 23, 2020
Local face mask manufacturer Made in America is donating two million masks to Puerto Rico residents to support their fight against COVID-19, the company announced. The Act 20/22 decree holders established the manufacturing facility in the town of Carolina to produce disposable three-ply masks to promote access to affordable, quality masks manufactured locally, and not […]
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5 Puerto Rico-based telecom providers apply for FCC funding
September 21, 2020
The Federal Communications Commission confirmed that five Puerto Rico-based telecommunications service providers have filed applications to receive funding from the “Uniendo a Puerto Rico” pool, which has $504.7 million available during a 10-year period to support fixed broadband projects. In a notice, the FCC’s Wireline Competition Bureu confirmed it received complete applications from: Aeronet Wireless […]
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