MasTec North America Inc., a FL-based infrastructure construction company, is suing Claro Puerto Rico for $10 million in outstanding pay for the work it did to restore the telecommunications provider’s “devastated” infrastructure following Hurricane María in 2017. In a lawsuit filed last week in the US District Court of Puerto Rico in San Juan, the […]
Due to the passage of the American Rescue Plan, Puerto Rico has received $35.4 million for the Low-Income Home Energy Assistance Program (LIHEAP) available this fiscal year, which runs through September 2022. As part of a state-by-state breakdown of funding, the White House reported that in addition to an annual appropriation of $15.2 million for […]
Gov. Pedro Pierluisi has appointed Gabriel Maldonado-González as Puerto Rico’s new Department of Labor and Human Resources secretary, filling the vacancy left by his predecessor, Carlos Santiago, who stepped down Dec. 31. Maldonado has extensive government and private sector experience, as well as in the field of labor law, both in the state and federal […]
Passenger traffic at Puerto Rico’s Luis Muñoz Marín International Airport (LMM) approached nearly 9.7 million in 2021, up some 2.5% when compared to the 12-month period ended December 2019, before the COVID-19 pandemic crippled air traffic. When compared to 2020, passengers who used the facility doubled from the 4.8 million reported by its operator, Grupo […]
The heads of cooperatives from all over Puerto Rico have come together to create the Association of Co-op Presidents and Elected Leaders Inc., which aims to defend the best interests of local cooperative members, estimated at a million. This new organization brings together members who were elected by their peers to compose the boards of […]
After wrapping up what he called a “complex year” during which many projects were kicked-off and made possible using Puerto Rico Industrial Development Company (PRIDCO) properties, agency Executive Director Javier Bayón said 2022 brings a loaded agenda in favor of Puerto Rico’s economic development. PRIDCO officials spent the better part of 2021 reshaping the agency’s […]
Two years after the string of earthquakes that hit Puerto Rico at the end of 2019, the recovery continues with more than $523 million that the Federal Emergency Management Agency (FEMA) has allocated. The funds are distributed among projects in 14 municipalities of the southern, western, and central parts of the island. Among the structures […]
A new year, a new set of aspirations. And a new venture within the technological universe is to experiment with Non-Fungible Tokens. What? NFT, being such an unassuming commercial venture, the name does have a high-tech ring. Essentially, it has to do with blockchain technology, cryptocurrencies, etc. So, what are non-fungible tokens? NFT — These […]
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) […]
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