Ports opens bidding process for $1.5M Vieques airport renovation
February 12, 2020
As part of its capital improvement program, the Puerto Rico Ports Authority has opened the bidding process to renovate the Antonio Rivera-Rodriguez airport in Vieques, at a cost of $1.5 million, the agency’s Interim Executive Director Joel A. Pizá-Batiz announced. The improvements include the replacement of the terminal’s metal roof, reconditioning the roof of the […]
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Bankruptcies down 2.3% year-over-year in Jan., with Ch. 13 leading
February 11, 2020
A total of 496 bankruptcy cases were at the U.S. Bankruptcy Court in Puerto Rico during the month of January, representing a 2.3% drop from the same month last year, according to statistics released by analyst firm Boletín de Puerto Rico. The report shows that Chapter 13 personal reorganization cases prevailed, with 303 cases on […]
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Plaza Carolina owner, Simon Property, to buy The Mall of SJ owner Taubman Centers
February 10, 2020
Simon Property Group Inc. and Taubman Centers Inc. have entered into a definitive agreement under which Simon will acquire an 80% ownership interest in The Taubman Realty Group Limited Partnership (TRG), the companies announced. In Puerto Rico, Simon Property Group owns the Puerto Rico Premium Outlets in Barceloneta and the Plaza Carolina shopping center. […]
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Spirit Airlines exec: P.R. market ‘doing quite well’
February 7, 2020
Low-cost carrier Spirit Airlines confirmed that Puerto Rico is “doing quite well” from an earnings perspective, although the positive results are not attributed to post-earthquake traffic. During an earnings call with analysts to discuss fourth quarter results, Matthew Klein, chief commercial officer of Spirit Airlines said while “we have seen some impact in Puerto Rico, […]
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OCIF orders P.R. financial institutions to report quake-assistance efforts
February 6, 2020
The Office of the Commissioner of Financial Institutions (OCIF, in Spanish) released a Circular Letter requiring Puerto Rico’s financial institutions helping customers affected by the recent earthquakes to report on their efforts. In the document, the regulatory body orders mortgage lenders and services specifically to file monthly reports of the steps they are taking to […]
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Low-cost carrier Allegiant Airlines pulling out of P.R. market in May
January 30, 2020
Less than four years after making its local debut with flights between San Juan and Orlando, low-cost carrier Allegiant Airlines will be pulling out of the market, ending service in May, this media outlet confirmed. “Allegiant’s business model is based on providing low-cost, affordable service to leisure travelers when they need it, which means our […]
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Popular Inc. reports $671M in ’19 net income; $166M in 4Q19
January 29, 2020
Popular Inc. reported net income of $166.8 million for the quarter ended Dec. 31, 2019, compared to net income of $165.3 million for the quarter ended Sept. 30, 2019. In the report, Banco Popular de Puerto Rico’s parent company, confirmed it generated net income of $671.1 million for the year 2019, compared to net income […]
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P.R. loses major tourism conference due to earthquakes
January 29, 2020
The World Travel & Tourism Council (WTTC) announced its decision to move its WTTC Global Summit, slated to take place April 21-23, from San Juan to Cancún, Mexico. The local government, headed by the Destination Marketing Organization, Discover Puerto Rico, had reportedly set aside some $6 million to host the event, which will be reallocated […]
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JetBlue to temporarily reduce seat capacity in P.R. post-earthquakes
January 24, 2020
In the wake of the earthquakes that have rattled Puerto Rico since late December, JetBlue will be “temporarily reducing capacity” to protect its revenue base at least through the first quarter, COO Joanna Geraghty said during a call with analysts to discuss the carrier’s fourth quarter 2019 results. “We remain committed to the island, but […]
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Vive La Van PR to offer unique camping experience on wheels
January 23, 2020
Vive La Van PR, a new option for camping aficionados, is about to make its debut in Puerto Rico, where it will offer local residents and tourists the opportunity to experience the island differently. On Feb. 1, the startup will roll out its 22-foot luxury van, which has been customized entirely to offer the “camping […]
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Negotiations underway to open 1st full-service IKEA store in Bayamón
January 21, 2020
Negotiations are underway between the operators of the Santa Rosa Mall in Bayamón and the owners of the IKEA franchise to open the first full-service store in Puerto Rico at the former Sears location, this media outlet learned. The mall’s operator, CCM Puerto Rico, is in talks with Santo Domingo-based Sartón Dominicana, owners of the […]
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Retailers join nonprofit to deliver aid, entertainment to earthquake evacuees
January 17, 2020
The members of the Puerto Rico Retail Trade Association (known as ACDET) and the Association of Emergency Managers and Security Professionals (known as AMEPS) joined forces to deliver entertainment for children and adults living in shelters after earthquakes hit the island’s southern region. Walgreens, Best Buy, Pepe Ganga, Walmart, Novus, Bakers, Pueblo and Sam’s Club, […]
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40 people fined $1M+ for selling, distributing counterfeit Playero products
January 16, 2020
U.S. District Court Judge Pedro Delgado-Hernández ruled against 40 defendants for selling and distributing counterfeit Playero Inc. products, slapping them with a global fine of more than $1 million for the infringements, this media outlet learned. According to the default judgment and permanent injunction issued Wednesday, the defendants were found guilty of breaching the familiar […]
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P.R. co’s open wallets to help earthquake-hit towns; Serrallés donates $1M
January 14, 2020
Four of Puerto Rico’s largest businesses are opening their corporate wallets to help victims of the earthquakes that have hit the island’s southern towns recover. The group includes Ponce-based Destilería Serrallés, Inc., producer of Don Q rum, which announced it will contribute $1 million to provide immediate disaster relief and essential services. “We stand in […]
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Former Sagrado Corazón parking in Hato Rey to become Wagons 27 Food Truck Lot
January 13, 2020
A little more than two years after the government sold it, the former Sagrado Corazón Urban Train station parking lot will become the Wagons 27 Food Truck Lot, where some 30 food trucks and small restaurants will open in early March, this media outlet confirmed. Randolph Rivera-Aulet, who is in charge of the operation, explained […]
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