Restaurant Assoc. asks for extension of tax-exempt prepared foods
January 31, 2020
Given the emergency that Puerto Rico is experiencing as a result of the ongoing earthquakes, the Puerto Rico Restaurants Association has asked for an additional 60 days of the elimination of the Sales and Use Tax on prepared foods. Marisol Vega-Cuoto, president of the trade group known as ASORE in Spanish, said “many citizens, volunteers […]
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Low-cost carrier Allegiant Airlines pulling out of P.R. market in May
January 30, 2020
Less than four years after making its local debut with flights between San Juan and Orlando, low-cost carrier Allegiant Airlines will be pulling out of the market, ending service in May, this media outlet confirmed. “Allegiant’s business model is based on providing low-cost, affordable service to leisure travelers when they need it, which means our […]
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OFG Bancorp reports -$2.3M net income loss in 4Q19, $47.7M profit for ’19
January 30, 2020
OFG Bancorp reported results for the fourth quarter and full-year 2019, reflecting the previously announced acquisition of Scotiabank’s Puerto Rico and U.S. Virgin Islands operations. OFG reported a net loss to shareholders of $2.3 million, or ($0.04) per share, which included $21.5 million in acquisition related merger and restructuring charges and $6.6 million in additional […]
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IEFFA pens letter to Vázquez: ‘Explore other options for SJ power plant conversion’
January 30, 2020
The Institute for Energy Economics and Financial Analysis (IEEFA) sent a letter to Gov. Wanda Vázquez, urging her to reconsider plans for converting Units 5 and 6 of the San Juan Power Plant from diesel to liquid natural gas (LNG)-based generation. Signed by IEEFA’s Director of Finance Tom Sanzillo, the letter was accompanied by documents […]
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Gov’t unveils digital access to public information tool
January 30, 2020
The Secretary of the Department of Economic Development and Commerce, Manuel A. Laboy, unveiled the Access to Public Information tool, which complies with the disclosure obligations established in several laws. The digital tool responds to conditions established by the Puerto Rico Incentives Code, the Transparency Law and Expedited Procedure for Access to Public Information and […]
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Startup DataScope offers digital platform to gather data on P.R.’s seismic emergency
January 30, 2020
During the emergency caused by Hurricane María in Puerto Rico in 2017, Chilean startup DataScope offered the municipality of Mayagüez its digital platform that uses cell phones to collect data from the population in need of help. DataScope is now making it available to municipalities affected by the earthquake in southwest Puerto Rico and to […]
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Popular Inc. reports $671M in ’19 net income; $166M in 4Q19
January 29, 2020
Popular Inc. reported net income of $166.8 million for the quarter ended Dec. 31, 2019, compared to net income of $165.3 million for the quarter ended Sept. 30, 2019. In the report, Banco Popular de Puerto Rico’s parent company, confirmed it generated net income of $671.1 million for the year 2019, compared to net income […]
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First BanCorp. reports $167.4M in net income for ’19
January 29, 2020
First BanCorp., the bank holding company for FirstBank Puerto Rico, reported net income of $167.4 million, or $0.76 per diluted share for the year ended Dec. 31, 2019, vs $201.6 million, or $0.92 per diluted share for the year ended Dec. 31, 2018. The drop was attributed a one-time $63 million benefit last year, which […]
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P.R. loses major tourism conference due to earthquakes
January 29, 2020
The World Travel & Tourism Council (WTTC) announced its decision to move its WTTC Global Summit, slated to take place April 21-23, from San Juan to Cancún, Mexico. The local government, headed by the Destination Marketing Organization, Discover Puerto Rico, had reportedly set aside some $6 million to host the event, which will be reallocated […]
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Bravo Family Foundation announces 10 co’s picked for Rising Entrepreneurs Program
January 28, 2020
Bravo Family Foundation — a philanthropic entity founded by Puerto Rican businessman Orlando Bravo – announced the 10 innovative companies that moved on to the next phase of the Rising Entrepreneurs Program. BookSloth, CINCO Engineering, FiberWolf LLC, Insu Health Design Inc, Local Guest LLC, Pratian LLC, Raincoat, Skootel, Synchrolog, and Momentum Creative Lab were selected, […]
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1st BurgerFi restaurant in P.R. to open in Guaynabo
January 28, 2020
Florida-based gourmet burger chain BurgerFi is looking for employees for the first of six restaurants planned for the Puerto Rico market, which will open in Guaynabo, this media outlet learned. The company is looking to hire cooks, dishwashers, bartenders and team members for the local fast-casual restaurant chain to be owned and operated by franchisee […]
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‘Caguas Compite’ free business training program accepting applicants
January 28, 2020
The “Caguas Compite 2020” is accepting applications from participants looking to learn how to establish a business and succeed in entrepreneurial projects. Caguas Mayor William Miranda-Torres said enrollment is now open for the session that begins Feb. 20. This project, led by the Caguas Department of Economic Development, consists of 20 free business training workshops […]
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InterContinental San Juan reopens after $80M resort transformation
January 27, 2020
Seven months after shutting down for a top-to-bottom renovation, the InterContinental San Juan reopened for business today, owners IHG announced. The iconic beachfront property in Isla Verde began its transformation in June 2019, as this media outlet reported. At the time, the estimated investment was $80 million. “Outfitted with the latest in design, technology and […]
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FDIC offers guidance to P.R. banks to ease earthquake recovery efforts
January 27, 2020
The FDIC announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Puerto Rico affected by earthquakes. In a release, the regulatory body stated the measures would apply to all FDIC-supervised financial institutions with total assets under $1 billion. The FDIC is encouraging banks to “work […]
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Use of digital food delivery platforms on the rise in P.R.
January 27, 2020
When ordering food delivery services, Puerto Ricans are showing a preference for the convenience and flexibility offered by mobile digital platforms, Uber officials said. Anchored in state-of-the-art technology that is easy to use, these platforms have transformed the prepared food industry, helping to develop the business ecosystem and empowering consumers with more options to match […]
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