Nearly seven months after announcing its intention to acquire Puerto Rico-based healthcare services organization Medical Card System (MCS), MHH Healthcare, L.P. announced it has closed the transaction. MHH Healthcare is a platform company formed by Kinderhook Industries, LLC to invest in health plans, health maintenance organizations, and healthcare services organizations. The transaction completes MHH Healthcare’s […]
Beneficiaries of the Individual Investor Incentive program under Law 60, or the Puerto Rico Tax Code, paid nearly $100 million in taxes in 2017 and 2018, according to the Department of Economic Development and Commerce’s (DDEC, in Spanish) “Annual Report on the performance of the incentives granted under the Puerto Rico Incentives Code.” The first […]
The 20/22 Act Society announced the distribution of funds to some 37 nonprofit organizations on in Puerto Rico, who received a combined $1.2 million. “Commitment to charities is the most important pillar of our organization,” said Robb Rill, founder of The 20/22 Act Society. “For the second year in a row and despite the prevailing […]
Several positive indicators point to an economic improvement on the island during 2021 in the face of the great losses caused by the COVID-19 pandemic, Puerto Rico Economic Development Bank President Luis Alemañy said. The agency’s Center for Economic Studies — headed by Economists Gladys Medina and Juan Carlos Gonzalez — offered a rundown of […]
The Puerto Rico Chamber of Commerce (CofC, in Spanish) asked the government — both the Executive and Legislative branches — the schedule to begin “executing” to move from recovery to economic growth, said Luis Gierbolini, president of the private sector trade group. In his statement, Gierbolini said Puerto Rico must move to resolve the issues […]
A team of researchers at the University of Puerto Rico Cayey Campus recently released the findings of a study that probes the challenges that policymakers face during a pandemic — in this case COVID-19 — regarding the fiscal and human costs associated with different mitigation measures. The research entitled “Balancing fiscal and mortality impact of […]
Monllor Capital Partners LLC announced that the Puerto Rico Opportunity Zone Fund, LP private equity fund has made an undisclosed investment in Mayagüez-based Fusion Farms, a vertical indoor aquaponic farm developer and operator. The Puerto Rico Opportunity Zone Fund (PROZ) is reportedly the first private equity firm fund focused on Environmental, Social, and Governance (ESG) […]
The US Department of Treasury and the IRS released the final regulations related to the Foreign Tax Credit under Act 154, which grants an additional transition year to taxpayers who currently pay under that tax system, Puerto Rico Treasury Secretary Francisco Parés confirmed. “The provisions in the regulations, regarding Puerto Rico, are the product of […]
While the Federal Emergency Management Agency (FEMA) maintained a fast-paced obligation of funds last year, construction work leads the way toward the revitalization of many communities throughout the island, the agency said. To date, FEMA has allocated more than $25.7 billion in federal funds, of which more than $19 billion are for permanent work. Hundreds of projects […]
The Puerto Rico Association of Small Inn Owners and Tourism are expecting challenges in 2022, for which they will try to encourage a greater movement of non-resident travelers to the regions outside of San Juan and increase the presence of the group and convention segment in the Porta del Sol and Porta Caribe. “This year […]
Now that 2021 is the year that was…it was, as usual, one with many high-tech advances. Breakthroughs in digital science were not the least deterred by the cataclysmic events of these past year. So, what flows next? There are already clear insights on the horizon of technological developments for 2022 and beyond as applied to […]
Puerto Rico is among 30 jurisdictions that is exploring the possibility of adopting technology giant Apple’s digital ID feature, which would allow citizens to add their driver’s license or state ID to their iPhone’s digital Wallet application. The feature could go live early next year. The ID stored in the Wallet app could be used […]
The Airbnb short-term rental platform confirmed that two hosts in Puerto Rico stood out among the list of hosts who in 2021, during the COVID-19 pandemic innovated and provided better hospitality and boosted safety and hygiene protocols to guarantee comfort and well-being for their guests. Airbnb took on the task of finding the most prominent […]
The Oracle of Ohama Warren Buffet cleverly stated some words that will live forever “Despite some severe interruptions, our country’s economic progress has been breathtaking. Our unwavering conclusion: “Never bet against America.” This statement was part of Berkshire Hathaway’s annual report letter written by Mr. Buffet that has become a yearly event. With the mantra […]
Braemar Hotels & Resorts, a real estate investment trust (REIT) focused on investing in luxury hotels and resorts, announced it has entered into a definitive agreement to acquire the 96-room Dorado Beach, a Ritz-Carlton Reserve in Dorado, for $186.6 million. The purchase price represents $1.7 million per key, including 14 luxury residences adjacent to the hotel […]
The US Department of Transportation announced it has awarded the Puerto Rico Ports Authority a $10 million grant to fund the reconstruction of the Tender Pier and Dock B in the Pier 15 area in Old San Juan. US Department of Transportation Secretary Pete Buttigieg announced the award of more than $241 million in discretionary […]
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