The U.S. Department of Veterans Affairs will break ground later this year on what will be a new Mental Health and Recovery Center in Hato Rey, at a cost of $46.6 million. The facility is slated to open in November 2022, this media outlet confirmed. The facility will be part of a mixed-use complex planned […]
The Puerto Rico Restaurants Association sent a letter to Gov. Wanda Vázquez asking her to ease the conditions under which they will operate after the current Executive Order restricting economic activity to curb the spread of COVID-19 expires on Aug. 15. In the letter, the trade group — which represents about 4,500 local commercial establishments […]
This edition of Climbing the Corporate Ladder includes executive appointments in the insurance and medicinal cannabis industries, as well as a federal government agency. Triple-S Management names new exec VPTriple-S Management CEO Roberto García has named Juan Serrano as executive vice president and chief strategy and healthcare delivery officer, a new position within the company. […]
The Federal Communications Commission announced it will accept proposals from telecommunications companies in Puerto Rico to receive funding from the “Uniendo a Puerto Rico Fund.” The fund has $504.7 million available during a 10-year period to support fixed broadband projects by companies in the Puerto Rico market. Another $186.5 million is available under the Connect […]
The Buenos Ayres Argentinian Bar & Grill, a 21-year resident of the Condado sector in San Juan, will be moving to another familiar location in Punta Las Marías, occupied by the former Che’s restaurant, this media outlet confirmed. The move is slated to happen in December. The new restaurant will be part of a broader […]
Four months after closing its merger with Sprint, wireless carrier T-Mobile announced it has wrapped up unifying the brands as one across the U.S. mainland and Puerto Rico. T-Mobile rebranded 20 Sprint stores across Puerto Rico and the U.S. Virgin Islands, pushing its new number of stores, kiosks, mobile units and trailers to 70, company […]
First BanCorp., parent company of FirstBank Puerto Rico, announced results for the second quarter and six months ended June 30, reporting net income of $21.3 million and $41.2 million for the periods, respectively. The second quarter result reflects a growth from the $2.2 million reported for the three-month period ended March 30, and a 48% […]
First BanCorp., the parent company for FirstBank Puerto Rico, announced it has received the requisite regulatory approvals local and federal banking regulatory agencies to wrap up its acquisition of the Puerto Rico operations of Banco Santander Puerto Rico. First BanCorp. got the go-ahead from the Board of Governors of the Federal Reserve System, Federal Deposit […]
OFG Bancorp, the parent company of Oriental bank, reported net income available to common shareholders totaled $20.2 million or $0.39 per share fully diluted, for the second quarter ended June 30. As other banks did, Oriental “faced a number of Covid-19 pandemic related challenges during the second quarter, but acting promptly and with foresight, we […]
Puerto Rico may soon have a new player in the specialty carbonated drinks category, with the launch of The Pop’d Shop soda brand, a product manufactured by a startup currently participating in business accelerator Parallel18’s Generation 8 cohort. Company founder Mark Wieder said the handcrafted soda pop line — which features four different flavors: citrus, […]
Puerto Rico and federal government officials unveiled plans for the De Diego Village, a $34 million affordable and multifamily housing complex to be located in the Río Piedras urban center that will include a commercial area to promote the revitalization of the once active area of San Juan. The investment includes $18.1 million in Community […]
Puerto Rican startup ZERO Damage announced it will begin shipping ready-to-assemble flat pack building kits for two types of outdoor gazebos and a greenhouse starting in August. The kits are the result of two years of research and development of an unwelded connection system that allows people to install steel frames without requiring screws. Next […]
Popular Inc., parent company of Banco Popular de Puerto Rico, reported net income of $127.6 million for the quarter ended June 30, 2020, a 25% drop from the $171.1 million on record for the same quarter in 2019, but a significant jump from the $34.3 million reported for the first quarter of the year. For […]
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