Film Industry fund exhausts full $38M FY22 tax credit budget on 4 projects
June 29, 2021
The Department of Economic Development and Commerce’s (DDEC, in Spanish) Film Industry Development Program has already assigned the full $38 million in tax credits available for Fiscal 22 to just four productions, before the start of the year on July 1, News is my Business confirmed. The situation has surprised local industry executives and drawn the attention of […]
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3 new stores to open at parcel next to Outlets at Montehiedra in ’22
June 29, 2021
Urban Edge Properties announced it has signed leases with Walgreens, Global Mattress and Arby’s for a new parcel currently under development at The Outlets at Montehiedra in San Juan. This development, adjacent to K-mart, will feature a 10,305 square-foot Walgreens, a 3,695 square-foot Global Mattress in a single building and on the same parcel. Arby’s […]
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Puerto Rico retail sales up 49.6% in YoY in March to $3B
June 29, 2021
Puerto Rico’s retail sales exceeded $3 billion in March 2021, reflecting a 49.6% year-over-year increase, the Department of Economic Development and Commerce (DDEC, in Spanish) confirmed. The agency’s most recent retail sales report shows this is the 10th consecutive sales increase recorded at an annual rate. Sales for March 2020 were recorded at a little […]
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Ports Authority unveils $21.8M in improvements to Culebra airport, dock
June 28, 2021
The Puerto Rico Ports Authority broke ground on the reconstruction of the Benjamín Rivera Noriega airport in Culebra and unveiled the recently completed improvements to the island municipality’s cargo dock. The projects represent a combined investment of $21.8 million. Ports Authority Executive Director Joel Pizá said the $7.4 million bid process for the airport project, […]
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Colmena66 survey: Puerto Rico’s entrepreneurs struggling 15 mo.’s after onset of pandemic
June 28, 2021
A survey of some 400 entrepreneurs conducted by nonprofit Colmena66 revealed that 21% of participants confirmed they are self-employed due to financial need, 28% work a full-time job while promoting their business, 33% stressed the lack of available financing, and 67% are not exporting, so they have lower income than those who are. Colmena66 — […]
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Civil engineers return to in-person format for annual education summit
June 28, 2021
The College of Engineers and Surveyors’ Institute of Civil announced its upcoming summit, the Mega Viernes Civil 2021 (MVC 2021), which returns to its in-person format on July 16, at the Puerto Rico Convention Center in Miramar. Under the slogan of “Ruta al Futuro,” the event will present a sweeping academic, highly technical lineup featuring […]
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Puerto Rican entrepreneur Bravo donates $250K to Surfside relief efforts
June 27, 2021
Orlando Bravo, founder and managing partner of private equity firm Thoma Bravo, today announced a $250,000 donation from his Foundation, the Bravo Family Foundation, to the Support Surfside fund. The Bravo Family Foundation’s donation will support temporary housing for displaced families before insurance arrives, and therapy for those victims. This donation is in addition to […]
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CPI INVESTIGATES: Puerto Rico Act 22 tax incentive fails
June 25, 2021
The jobs and economic impact anticipated by the Puerto Rico government never materialized. From being an instrument to attract millionaires and foreign investment, Act 22 went on to become a haven for cryptocurrency fans, YouTube personalities and consultants. By Luis J. Valentín Ortiz, Joel Cintrón Arbasetti and Dalila M. Olmo LópezCenter for Investigative Journalism A […]
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EDB’s Center for Economic Studies validates gasoline price hike, consumer impact
June 25, 2021
The latest report by the Puerto Rico Economic Development Bank’s Center for Economic Studies confirmed that increases in fuel prices are “affecting business operations and daily life,” agency President Luis Alemañy said. The price of any good can spike when it’s cost of production increases, inventories are scarce or its market demand is on the […]
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Fitch Ratings upgrades First BanCorp to ‘BB;’ assigns stable outlook
June 25, 2021
Fitch Ratings announced it has upgraded First BanCorp’s (FBP) Long-Term Issuer Default Rating to ‘BB’ from ‘B+,’ with a stable outlook. “The upgrade primarily reflects Fitch’s review of FBP’s blended operating environment score as well as the resiliency of FBP’s financial profile despite the significant challenges in Puerto Rico’s operating environment over the past several […]
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Op-Ed: 5 reasons to continue protecting ourselves against COVID-19
June 25, 2021
Puerto Rico’s hospitality and entertainment businesses are facing a challenge of great proportions, as we continue the economic reopening that we all long for. In the quest to get more people vaccinated, the protection recommendations issued by our government and health leaders are confusing and inconsistent, causing many residents and visitors to lower their guard, […]
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Dept. of Consumer Affairs activates plan to recover $950K for clients
June 24, 2021
Looking to defend consumer rights, the Puerto Rico Department of Consumer Affairs (DACO, in Spanish) is launching several measures to recoup about $950,000 from businesses that have failed their clients, agency Secretary Edan Rivera said. During a press conference, the government official said among other steps, the agency will disclose the names of businesses monthly […]
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COR3: 300+ permanent reconstruction projects completed with FEMA funds
June 24, 2021
Municipalities, government agencies and nonprofit organizations in Puerto Rico have completed 337 permanent works projects with funds allocated under the Federal Emergency Management Agency’s Public Assistance program, the Central Office of Recovery, Reconstruction and Resiliency (COR3) confirmed. “FEMA has obligated more than $24 billion under the Public Assistance program, including more than $18 billion for […]
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Porsche forum: Puerto Rico on track to become ‘smart, sustainable’ island
June 24, 2021
During the most recent Porsche NEXT: Digital Innovation Forum, panelists concluded that Puerto Rico is “on the right track” to becoming a smart island that integrates renewable energy, sustainable architecture, electric vehicles, and environmentally friendly infrastructure. To fully achieve this objective, Puerto Rico must have a smart electrification network, have greater access to internet with […]
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Op-Ed: Are corporate America’s boardrooms diverse and inclusive?
June 24, 2021
Public discussion and social movements like Black Lives Matter might suggest there has been great progress in terms of diversity and inclusion in corporate America’s boardrooms. Let’s take a look at what a recent study shows. According to the 6th edition of the “Missing Pieces Report,” conducted by the Alliance of Board Diversity (ABD) in […]
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