In the wake of the severe impact from local measures implemented to control the spread of the COVID-19 pandemic, the Puerto Rico Restaurants Association asked the government to consider and approve the proposal presented in October to create a new assistance or incentives program for the industry using CARES Act funds. “Certainly, the industry is […]
While most retailers have jumped on the trend of offering customers the ability to buy groceries online and picking them up curbside or in-store, big box retailer Costco Wholesale is still not considering adding that option just yet. During a conference call to discuss its quarterly results, Richard Galanti, executive vice president and CFO for […]
Viatris Inc. — the new company product of the merger between Mylan and Pfizer’s Upjohn manufacturing operations — announced the closure of its plant in Caguas that will happen in phases through December 2022. Some 600 employees will be affected by the corporate decision to eliminate the solid dose manufacturing facility that still carries the Mylan […]
Challenges such as the grim economic scenario affecting Puerto Rican companies, the heavy tax load, high energy costs, government bureaucracy, and the recent closures due to COVID-19 have local entrepreneurs convinced that recovery will not happen soon. A survey conducted by analysis firm Estudios Técnicos Inc. confirmed that 84.7% of the entrepreneurs polled believe that […]
The Puerto Rico Tourism Co. announced that two companies dedicated agricultural production — Cosecha Don Juan and ¡Viva La Cosecha! —have been certified under the agency’s Agrotourism Program. These are, both located in the metro region. With these two certifications, there is a total of 26 companies that currently offer agrotourism experiences for the general […]
The Federal Emergency Management Agency approved a $5.6 million injection of funds to the Puerto Rico Health Department to repair health facilities throughout the island. The improvement plans range from diagnostic and treatment centers to laboratories and public health units in six municipalities. This amount, approved this year, adds to the total of about $8 […]
Women entrepreneurs headed this year’s list of winners of Grupo Guayacán’s 2020 edition of the EnterPRizebusiness competition, with health technology start-up Evocare as the big winner, nabbing several awards, including first place in the competition and earning $70,000 in prizes. This is the largest sum of seed capital obtained by a single winner in the […]
Puerto Rico’s housing market was improving prior to the COVID-19 pandemic, as reflected by price trends and sales in 2019, which were upward-bound due to a lack of available inventory. However, in general, prices have not recovered to pre-2007 levels and COVID-19 may slowdown the recovery process. Those were some of the conclusions of the […]
The government of Puerto Rico “does not have the right mix of people to respond capably to new challenges of delivering effective, efficient public services with limited resources, and in an environment of technological transformation and increasing public expectations,” according to research by the Financial Oversight and Management Board for Puerto Rico’s Research and Policy […]
Looking to promote the development of the so-called “blue economy” in Puerto Rico and the U.S. Caribbean, nonprofit organization, Bluetide Puerto Rico (BTPR) recently signed a contract to design a strategic plan that will make Puerto Rico the central axis on this matter in the Caribbean. “Blue economy” is a term in economics relating to the exploitation and […]
In a special 2020 edition, the Ford Environmental Grants program assigned $40,000 among four winning projects in Puerto Rico, as part of its goal of empowering communities toward a more sustainable future by encouraging the proliferation of collective efforts to achieve a better planet. Due to the COVID-19 pandemic, this year the program opened a […]
The US House of Representatives passed H.R. 683 — the Puerto Rico Recovery Accuracy in Disclosures Act of 2019 (PRRADA) — the first amendment approved by either chamber of Congress to the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). The legislation, introduced by Rep. Nydia M. Velázquez (D-N.Y.), mandates financial disclosures by professionals […]
The Liberty Foundation rounded up $500,000 in donations during the virtual edition of its 23rd Liberty Foundation Golf Invitational — A new reality tournament, which it split among 23 nonprofits in Puerto Rico and the U.S. Virgin Islands. The donation was presented right before the game, which took place Dec. 4 at a virtual golf […]
The Uber Eats app announced it has expanded its delivery service to the southern town of Ponce, where users can order from their favorite restaurants with the touch of a button. Meanwhile, restaurants can expand their customer base, while Ponce residents can use the app to earn extra earnings as drivers if they decide to […]
Faced with the reality of an economy that has been reduced by 25% since 2006 and a population in continuous decline, Economist José Joaquín Villamil, from the Estudios Técnicos, Inc. firm, warned that the island’s risk profile “is very pronounced,” and urged planning for markets for the elderly, as well as taking advantage of new […]
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