Simon Property Group Inc. and Taubman Centers Inc. have entered into a definitive agreement under which Simon will acquire an 80% ownership interest in The Taubman Realty Group Limited Partnership (TRG), the companies announced. In Puerto Rico, Simon Property Group owns the Puerto Rico Premium Outlets in Barceloneta and the Plaza Carolina shopping center. […]
The Financial Oversight and Management Board for Puerto Rico has reached an agreement with certain Commonwealth bondholders to resolve $35 billion of debt and non-debt claims via a revised plan of adjustment. The new agreement reduces the Commonwealth’s debt service (including principal and interest from the COFINA Senior Lien bonds) by 56%, to $39.7 billion […]
U.S. Customs and Border Protection (CBP) Officers and Import Specialist seized 138 shipments of counterfeit products during the month of January, including stacks of fake $100 bills. The estimated value of all the counterfeit products seized is $4.2 million, the agency confirmed. “CBP alone cannot stem the tide of counterfeit and pirated goods,” said Leida Colón, […]
Low-cost carrier Spirit Airlines confirmed that Puerto Rico is “doing quite well” from an earnings perspective, although the positive results are not attributed to post-earthquake traffic. During an earnings call with analysts to discuss fourth quarter results, Matthew Klein, chief commercial officer of Spirit Airlines said while “we have seen some impact in Puerto Rico, […]
To incentivize tourists to visit our island, destination marketing organization Discover Puerto Rico, and the Puerto Rico Hotel & Tourism Association, have been working with hotels around the island to develop special packages. A total of 17 hotels have joined this attractive initiative to encourage travel to the island. The packages feature different offers, some […]
Nine more municipalities that were affected by the earthquakes that began Dec. 28, 2019, in southwest Puerto Rico have been designated as eligible for Federal Emergency Management Agency’s Individual Assistance program. At the request of the government of Puerto Rico, FEMA extended eligibility for Individual Assistance to Arecibo, Ciales, Hormigueros, Juana Díaz, Las Marías, Mayagüez, […]
The Federal Communications Commission’s Wireline Competition Bureau established the procedures for its investment of up to $691.2 million over the next 10 years to support the deployment of “advanced, hardened” broadband and voice networks in Puerto Rico and the U.S. Virgin Islands. This investment will help ensure that those living in Puerto Rico and the […]
The Federal Emergency Management Agency recently obligated nearly $14.3 million in federal funds to the Puerto Rico State Historic Preservation Office for permanent work to restore the Cuartel de Ballajá in Old San Juan. The work to be completed includes electrical repairs, removal and replacement of wood windows, stain-glass windows and wood doors, as well […]
The Office of the Commissioner of Financial Institutions (OCIF, in Spanish) released a Circular Letter requiring Puerto Rico’s financial institutions helping customers affected by the recent earthquakes to report on their efforts. In the document, the regulatory body orders mortgage lenders and services specifically to file monthly reports of the steps they are taking to […]
One year after Judge Laura Taylor Swain approved the agreement on the Sales Tax Financing Corp. (COFINA, in Spanish) bonds which, with the consent of a majority of the members of the Puerto Rican legislature, was presented by the executive and the Financial Oversight and Management Board to the bondholders, a study by economist Daniel […]
The Puerto Rico Information Technology Cluster opened the call for the third edition of the Puerto Rico IT Innovation Awards, which recognize the work of individuals and leading companies in the island’s information technology industry. “As a Board, we decided to continue this effort for the third consecutive year, since it has been very positive […]
Following a “trailblazing cohort” where 45% of the teams had female leaders, parallel18 just launched an open call for its Generation 8 edition, the nonprofit announced. The San Juan-based international accelerator program that has worked with more than 160 companies in the last four years is actively looking for innovative startups with a global vision […]
The Puerto Rico Society of CPAs will be commissioning the third edition of its occupational fraud study, to determine the impact of the problem on the island, trade group President David González said. “Occupational fraud is a global problem that represents a threat to companies today. It is a great phenomenon that affects practically each […]
By Eliván Martínez-MercadoCenter for Investigative Journalism After suffering a severe allergy and respiratory problems while working in Puerto Rico with experimental agrochemicals for the multinational seed producer Monsanto, agronomist Iris Pellot sued the company for allegedly causing her “intentional and negligent” harm, as well as violating her constitutional rights. The first day in court was […]
Airbnb announced it has extended its Open Homes program activation through Feb. 9 to help people affected by the recent earthquakes in Puerto Rico and relief workers deployed to help. The Open Homes Program connects hosts who are willing and able to provide free housing with people in need of temporary accommodation and disaster relief […]
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