Puerto Rico Treasury starts cutting $1,200 checks to 2018 tax return filers
May 21, 2020
The Puerto Rico Treasury Department has begun the second phase of the Economic Impact plan, which calls for sending $1,200 to taxpayers who filed their 2018 returns. Those deposits follow the disbursements to taxpayers who filed their returns for 2019, and provided their banking information to the agency. On Tuesday, the agency disbursed nearly $48 […]
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Study: Auto industry could see effects of COVID-19 for years to come
May 20, 2020
The global auto industry is facing an economic context that will affect sales processes and customer relations for years to come, according to a study by San Juan-based research firm Abexus Analytics. That trend will be no different in Puerto Rico, where new car sales have plummeted by 96% since the island went into lock-down […]
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Caribbean Produce Exchange lands ‘Farmers to Families Food Box Program’ contract
May 19, 2020
Puerto Rican consumer food and fresh food distributor, Caribbean Produce Exchange Inc., announced the creation of a coalition of multiple food industry sectors and the local Agriculture Department to participate in the U.S. Department of Agriculture’s “Farmers to Families Food Box Program.” Through the initiative, the coalition will use $107 million in grant funding to […]
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Liberty Puerto Rico reports $105M in revenue in 1Q20, adds 9K clients
May 12, 2020
Liberty Puerto Rico reported $105 million in revenue, representing a 3% growth during the first quarter of 2020 compared to the same period in 2019. The company added some 9,000 customers to its broadband division in the recent three-month term. Liberty Latin America CEO Balan Nair said during an earnings call with analysts that the […]
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Las Brisas Property Management adds Paseo Caribe in San Juan to its portfolio
May 8, 2020
Editor’s UPDATE: Las Brisas Property Management is the new manager of Paseo Caribe, which has been sold to a new company called Paseo Caribe Commercial, LLC. Guaynabo-based Las Brisas Property Management quietly closed on the purchase of the mixed-use oceanfront property Paseo Caribe, for an undisclosed amount, from former operator Caribbean Property Group LLC, several […]
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Luxury retailer Nordstrom closes San Juan store amid COVID-19 crisis
May 8, 2020
A little more than five years after making its debut in Puerto Rico, luxury retailer Nordstrom will close its only store at The Mall of San Juan, as it downsizes in response to the impact the COVID-19 has had on its operation. “Our goal is to best position ourselves to serve customers in each market […]
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New Fortress Energy short-listed for PREPA temporary power generation bid
May 7, 2020
Liquified Natural Gas provider New Fortress Energy confirmed it has been put on the short-list of proponents participating in the Puerto Rico Electric Power Authority’s temporary emergency generation RFP (Request for Proposals) released in March. During a call with analysts to discuss its most recent quarterly results, New Fortress CEO Wesley R. Edens confirmed the […]
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Private sector, federal government appoint new executives
May 5, 2020
This edition of Climbing the Corporate Ladder includes executive appointments at the Bravo Family Foundation, the U.S. Small Business Administration, MCS, StoneMor and AON. Bravo Family Foundation names new executive directorBravo Family Foundation announced the appointment of Blanca Santos as its new executive director. Santos, who has more than 24 years of experience working in […]
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Demand for industrial warehouse space remains high during COVID-19 emergency
May 4, 2020
The COVID-19 pandemic that brought most of Puerto Rico’s economic activity to a screeching halt in mid-March has created a very specific niche for industrial warehouse operators, which are providing much-needed square footage to emergency response companies. Demand for short-term leases — from three months to a year — for warehouse space to store specific […]
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Puerto Rico Gov. Vázquez extends curfew to May 25, allows gradual reopening of economy
May 1, 2020
Gov. Wanda Vázquez announced the extension of the islandwide curfew to May 25, while allowing a limited reopening of certain industries, businesses and services under specific conditions. In a pre-recorded message, Vázquez said the gradual reactivation of the island’s economy — which has been under shelter-in-place and business lock-down orders since Mar. 16 to fight […]
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Banco Popular receives 127K applications for loan moratoriums
May 1, 2020
Banco Popular de Puerto Rico has received a total of 127,000 moratorium applications, split between auto, personal and mortgage loans, Popular Inc. CEO Ignacio Álvarez confirmed. Of that number, 100,000 are in its own portfolio, and the remaining 27,000 are mortgage loans owned by third-parties such as Fannie Mae, Freddie Mac and the Federal Housing […]
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Puerto Rico lands ‘air hub’ status from U.S. Dept. of Transportation
April 30, 2020
The U.S. Department of Transportation has granted a waiver to allow foreign air carriers to provide certain expanded cargo and passenger transfer services at Puerto Rico’s international airports over a two-year term, the agency announced. With its decision, Puerto Rico becomes the first U.S. territory in the Caribbean to become a “hub” for foreign air […]
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Oversight Board unveils plan to help municipalities pay retirement benefits
April 29, 2020
The Financial Oversight and Management Board for Puerto Rico today presented the Municipal Revenues Collection Center (CRIM, in Spanish), Puerto Rico’s municipalities, and the government of Puerto Rico a repayment plan for towns to reimburse the Commonwealth for the retirement benefits paid to municipal retirees. The repeal of Puerto Rico Law 29-2019 by the U.S. […]
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Apple Maps expands COVID-19 testing location database to Puerto Rico
April 29, 2020
Puerto Rico residents can now find COVID-19 testing locations in Puerto Rico through the Apple Maps database, which has been extended throughout the U.S. mainland and the island, tech giant Apple announced. A few weeks ago, the company released a mobility data trends tool for Apple Maps “to support the impactful work happening around the […]
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Puerto Rico’s film industry takes $80M hit from COVID-19 pandemic
April 27, 2020
Puerto Rico’s thriving film industry has taken an $80 million hit from the measures taken to fight the spread of the COVID-19 virus, as have many other jurisdictions favored by Hollywood producers. The shelter-in-place and business lock-down orders the island’s government issued on Mar. 16, have meant the cancellation of some 21 production projects that […]
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