The Musical Arts Corporation (CAM, in Spanish) and the Institute of Puerto Rican Culture (ICP, in Spanish) will collaboratively hold a series of keynote conferences called “Musical Factories,” to train and offer entrepreneurial tools to professional and developing musicians. This new training project will be an extension to the ICP Cultural Factories initiative, and participation […]
During the decade from 2010 to 2019, Puerto Rico lost 14% of its population. What forced Puerto Ricans to emigrate? On July 26, the first part of the “Beyond the Census: The Demographic Crisis of Puerto Rico,” premiered on the YouTube platform. The documentary series presents the factors associated with the emigration of Puerto Ricans […]
The Federal Emergency Management Agency (FEMA) and the Central Office for Puerto Rico Recovery, Reconstruction and Resilience, or COR3, confirmed the allocation of $14 million in additional funds for 83 projects related to the recovery and reconstruction of Puerto Rico due to Hurricane María. Among the most recent obligations is more than $691,000 for the […]
Discover Puerto Rico, the island’s destination marketing organization, confirmed that hotel occupancy and airline capacity have dropped in the past week or so following the government’s decision to roll back the reopening of the island to visitors. In its latest industry report, Discover Puerto Rico said that “after a month of increases in hotel occupancy […]
First BanCorp., parent company of FirstBank Puerto Rico, announced results for the second quarter and six months ended June 30, reporting net income of $21.3 million and $41.2 million for the periods, respectively. The second quarter result reflects a growth from the $2.2 million reported for the three-month period ended March 30, and a 48% […]
U.S. Customs and Border Protection San Juan Field Operations announced the seizure of 100 counterfeit Nintendo Mini Gaming consoles inside a parcel package coming from Hong Kong into the Rafael Hernández International Airport Cargo facility. The estimated manufacturer suggested retail price of the seized products is about $326,000, had the goods been genuine, the […]
First BanCorp., the parent company for FirstBank Puerto Rico, announced it has received the requisite regulatory approvals local and federal banking regulatory agencies to wrap up its acquisition of the Puerto Rico operations of Banco Santander Puerto Rico. First BanCorp. got the go-ahead from the Board of Governors of the Federal Reserve System, Federal Deposit […]
OFG Bancorp, the parent company of Oriental bank, reported net income available to common shareholders totaled $20.2 million or $0.39 per share fully diluted, for the second quarter ended June 30. As other banks did, Oriental “faced a number of Covid-19 pandemic related challenges during the second quarter, but acting promptly and with foresight, we […]
Puerto Rico may soon have a new player in the specialty carbonated drinks category, with the launch of The Pop’d Shop soda brand, a product manufactured by a startup currently participating in business accelerator Parallel18’s Generation 8 cohort. Company founder Mark Wieder said the handcrafted soda pop line — which features four different flavors: citrus, […]
The Paseo del Caño Sur Project in Israel-Bitumul was preselected by the Central Office of Recovery, Reconstruction and Resiliency, known as COR3, to access federal funds from the Hazard Mitigation Grant Program- Section 404 of the Federal Emergency Management Agency. If selected, the Paseo del Caño Sur, which requires an investment of $66 million, would […]
World Central Kitchen announced its fifth round of grants in Puerto Rico through Plow to Plate, the organization’s food security and resilience program that provides direct financial support to small farmers, fishermen, and food businesses. The subsidies granted support small businesses related to food production in an effort to regenerate their long-term capacity for the […]
Construction of the LoopLand Hotel, a $200 million property that will become the first hotel that will open on the former Roosevelt Roads Naval Base in 2022, was announced Thursday. The proposal presented by the company behind the project, Brillembourg Group, calls for redeveloping about 750 former military homes on the former base in Ceiba […]
Popular Inc., parent company of Banco Popular de Puerto Rico, reported net income of $127.6 million for the quarter ended June 30, 2020, a 25% drop from the $171.1 million on record for the same quarter in 2019, but a significant jump from the $34.3 million reported for the first quarter of the year. For […]
Pall Life Sciences Puerto Rico, LLC announced the $10 million expansion of its plant in Fajardo, where it manufactures filters for bio-pharmaceutical applications. The company has been doing business in the eastern town of Puerto Rico for 46 years, where it will begin the construction of a new warehouse that will allow, among other things, […]
A hybrid model that combines office work and remote work is the predominant trend among companies in Puerto Rico during the COVID-19 pandemic, according to a survey conducted this summer by Puerto Rican consulting firm Retention Strategies. The results showed that only a third (32%) of the companies surveyed have managed to fully reopen their […]
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