Dept. of Veterans Affairs to build new $46.6M mental health clinic in Hato Rey
August 14, 2020
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 […]
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Puerto Rico restaurant owners ask governor for more flexibility
August 13, 2020
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 […]
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Puerto Rican professionals fill insurance, medicinal cannabis, gov’t positions
August 13, 2020
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. […]
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P3 Authority opens RFQ seeking co.’s to manage PREPA’s legacy energy units
August 11, 2020
The Puerto Rico Public-Private Partnership Authority, together with the Puerto Rico Electric Power Authority, issued a Request for Qualifications seeking companies interested in managing, operating, maintaining and decommissioning one or more of the utility’s base-load generation plants and gas turbine peaking plants across the island. This is the second P3 agreement that the government is […]
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FCC opens $504M funding window for telecom upgrades in Puerto Rico
August 10, 2020
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 […]
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Former Che’s in Punta Las Marías to become Buenos Ayres Market & Grill
August 5, 2020
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 […]
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T-Mobile, Sprint merge under one brand across Puerto Rico
August 4, 2020
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 […]
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LUMA Energy CEO offers insights on P3 deal to run PREPA’s grid
July 29, 2020
https://media.blubrry.com/dollarsandsensenewsismybusines/newsismybusiness.com/wp-content/uploads/2020/07/NIMB-Podcast-2020-Luma-Energy_mixdown.mp3Podcast: Play in new window | DownloadSubscribe: Apple Podcasts | RSSIt has been a little more than a month since the Puerto Rico Public-Private Partnership Authority announced that LUMA Energy had been chosen to operate, maintain and modernize the Puerto Rico Electric Power Authority’s electricity transmission and distribution system for the next 15 years. Since […]
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First BanCorp. reports $21.3M in 2Q20 net income; $41M for 1H20
July 29, 2020
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% […]
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First BanCorp. gets regulatory go-ahead to buy Banco Santander Puerto Rico
July 28, 2020
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 […]
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Oriental reports $20.2M in net income for 2Q20, capitalizes on tech during pandemic
July 27, 2020
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 […]
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POP’D Shop specialty bubbly drinks poised to enter Puerto Rico market
July 27, 2020
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, […]
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Gov’t unveils $34M Diego Village multifamily housing complex in Río Piedras
July 27, 2020
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 […]
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Puerto Rican startup ZERO Damage to start shipping ready-to-assemble gazebos
July 27, 2020
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 […]
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Popular Inc. reports net income of $127.6M in 2Q20
July 24, 2020
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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