The Federal Aviation Administration (FAA) announced it has awarded $13.2 million to the Luis Muñoz Marín International Airport (LMM) to reconstruct the apron, or the area where aircraft are parked. The grant is part of a global $479.1 million that the US Department of Transportation’s FAA is distributing in airport infrastructure grants to 123 projects […]
The Puerto Rico Supreme Court has in its hands the final decision on whether a 12-year-old case against Claro de Puerto Rico will be resolved in favor of consumers or be reverted to a lower court for a trial by jury. The class action lawsuit filed in February 2009 at the Bayamón Superior Court could […]
After an interlude of some two or more years, finally, Apple and Microsoft are updating their operative systems. Both revamps are something to look forward to as they are replete with bug fixes and neat enhancements to everyday utilities. Apple — In Apple’s case, by putting out the macOS Monterey update for its devices, it […]
The $550 million sale of nine shopping centers formerly owned by Retail Value Inc. has brought Developers Diversified PR back to the island 15 years after first establishing operations. That transaction, which closed in August 2021, has also meant the return of developer Scott Wolstein, who will oversee the portfolio, whose performance — he believes […]
The University of Puerto Rico (UPR) announced the start of its Asset Mapping Project, for which it will invest $1.1 million, to provide visibility and access to the resources of the university system at a local and global level. The asset map will identify properties, programs and research, human capital, professors, and their areas of […]
The Community Development Financial Institutions Fund awarded $5.5 million in technical assistance to 44 credit unions in Puerto Rico. The CDFI fund allocations are intended to reinforce credit union’s financial ability to develop products aimed at low-income populations with affected credit, young people with no credit history, and vulnerable communities that lack adequate access to […]
The US Department of Labor recently awarded the Puerto Rico Labor Department a little more than $2.4 million to help the agency detect and combat fraud in its unemployment insurance programs. The funds are part of a global $195.7 million allocation awarded to states and territories, and the District of Columbia, the federal agency said […]
Driftwood Capital, commercial real estate investment, development and lending platform specializing in hospitality, has acquired the Sheraton Old San Juan, a 240-room hotel and 27,500-square-foot retail complex in Old San Juan, it announced. The financial terms of the deal were undisclosed, News is my Business confirmed. “Driftwood intends to undertake a full-scale renovation of the […]
People 55 and older living in Puerto Rico experienced the most significant increases in internet access and digital media use, increasing from 62% in 2019 to 86.5% in 2021, while those 65 and over jumped from 28% to 43.6%. However, even with this jump of more than 657,000 people 55+ who are connected, gaps in […]
Invest Puerto Rico — a nonprofit investment promotion organization — confirmed that it was able to lock down commitments generating almost 5,000 jobs, with $270 million in capital investment for the island in Fiscal 2021. Those achievements will be included in the entity’s final report to be released in a few months, Ella Woger-Nieves, chief […]
EDITOR’S NOTE: This post is sponsored by Oriental bank. It has been a hard year for small and medium businesses (SMEs). The COVID-19 pandemic stopped the economy, and SMEs were the first to feel the consequences. Months with little to no activity can have a devastating effect on a business. Luckily, the Small Business Administration […]
Puerto Rico credit unions “have a great opportunity” for expansion with the growing Puerto Rican migratory flow to the US mainland, where they can also grab part of the Hispanic market that does not yet have banking services, according to a study by local analysis firm Estudios Técnicos. Other growth challenges for Puerto Rican credit […]
Federated Wireless, a shared spectrum and private network provider, announced it will be introducing the Citizens Broadband Radio Service (CBRS) in Puerto Rico and the U.S Virgin Islands to deliver service to the region’s Wireless Internet Service Providers (WISPs) and Mobile Network Operators (MNOs). With the buildout and deployment of its Environmental Sensing Capability (ESC) […]
The Federal Emergency Management Agency (FEMA) has allocated more than $1.2 million to make repairs to the facilities at the iconic Caja de Muertos Island Nature Reserve, located off Puerto Rico’s southern coast. Among the attractions of this protected natural area are the Pelícano beach and several educational offerings, such as talks or sea turtle […]
Despite the allocation of federal funds that exceed $62 billion, Puerto Rico’s recovery has faced multiple delays, and because a large portion of reconstruction projects are delegated to contractors, nonprofit Sembrando Sentido carried out a study on public contracting processes with Community Development Block Grant (CDBG-DR) funds, to identify the causes of the delays, their impact, and […]
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