First BanCorp. reported net income of $41.3 million, or $0.19 per diluted share, for the second quarter of 2019, compared to $43.3 million, or $0.20 per diluted share, for the first quarter of 2019, and $31.0 million, or $0.14 per diluted share, for the second quarter of 2018. First BanCorp CEO Aurelio Alemán described the […]
The Financial Oversight and Management Board for Puerto Rico issued a statement calling for a swift resolution to the island’s current governance crisis so “Puerto Rico can move forward to rebuild trust and to focus government on those it is here to serve.” “The public outcry by residents of Puerto Rico over the last two […]
Upon revealing a 3.3% net revenue increase to $99.2 million from $96 million during the second quarter, Oriental CEO José Rafael Fernández said the events of the past week have not had an economic impact so far but could create them in the long-run. In a call with analysts to discuss the results, Fernández said […]
In a letter to federal inspectors general, IEEFA director of finance Tom Sanzillo and energy analyst Cathy Kunkel urged increased scrutiny of any contracting involving the Puerto Rican government. The analysts warned that the latest scandals involving Puerto Rican officials raise serious questions about the legality and propriety of contracts relying on federal funds, in […]
A range of private-sector businesses — from malls to banks — will remain closed today, as thousands of Puerto Rico residents are expected to convene on one of the island’s main highways to demand the resignation of Gov. Ricardo Rosselló. The massive march is expected to begin at 9 a.m. on PR-18, known as the […]
Cruise lines MSC and Royal Caribbean canceled the stops for the MSC Seaside and Celebrity Equinox cruises, respectively, today, as thousands are expected to march in San Juan demanding Gov. Ricardo Rosselló’s resignation. The ships scheduled to arrive in the afternoon and leave San Juan at 10 p.m. and 1 a.m., respectively, Puerto Rico Tourism […]
U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration is awarding a $1.2 million grant to Operation Hope Inc., to provide up to 300 technical assistance workshops in Puerto Rico to help small businesses and entrepreneurs “grow and succeed” following Hurricanes Irma and María in 2017. The project, to be located […]
The Puerto Rico Treasury Department has begun to implement the reduction of the Sales and Use Tax (IVU, for its initials in Spanish) on prepared foods from 11.5% to 7%, which will take effect in October. “We have already started conversations with the Puerto Rico Restaurants Association to delineate the parameters of the implementation and […]
The Association of General Contractors, Puerto Rico Chapter proposed a number of strategies to eliminate corruption in public procurement processes, including promoting legislation to ban the government from hiring newly created legal entities, without financial experience, or a history of expertise. In a statement, Alejandro J. Abrams, president of the trade group known as AGCPR, […]
The Puerto Rico Economists Association has joined the chorus of private-sector voices asking Gov. Ricardo Rosselló to step down from his post and make way for “an orderly transition.” Meanwhile, the Puerto Rico Manufacturers Association separately asked the various government branches to do their part and act swiftly to resolve the turmoil currently engulfing the […]
Nonprofit Organization Open Space warned that messages in the chat in which Gov. Ricardo Rosselló and others participated in could constitute serious ethical and legal violations through a conspiracy to limit citizen rights to demand transparency and accountability the government. During a sit-down with the media, Open Spaces Executive Director Cecille Blondet said the chat […]
The New York Fed announced it is launching its “Investment Connection” program to boost investments in regional community development financing. The program’s first phase will begin in Fall 2019 in Puerto Rico, where the New York Fed is working to rebuild the island’s economic resiliency in the aftermath of Hurricane María. The program will help […]
The United Automobile Importers Group announced that a total of 10,200 new cars were sold in Puerto Rico last month, representing a 6.3% increase vs. the 9,596 units sold during the same month in June 2018. GUIA, as the trade group is known by its initials in Spanish, said the increase so far this year […]
https://media.blubrry.com/dollarsandsensenewsismybusines/newsismybusiness.com/wp-content/uploads/2019/07/NIMB-Podcast-GOVERNMENT-CRISIS_mixdown-S1E13.mp3Podcast: Play in new window | DownloadSubscribe: Apple Podcasts | RSSBusiness leaders from the Puerto Rico Private Sector Coalition condemned the arrests of former government officials and collaborators and requested an immediate corrective plan action. For Coalition members, the fact that it is not the first time that a government in power is the subject […]
https://media.blubrry.com/dollarsandsensenewsismybusines/newsismybusiness.com/wp-content/uploads/2019/07/NIMB-Podcast-GOVERNMENT-CRISIS_mixdown-S1E13.mp3Podcast: Play in new window | DownloadSubscribe: Apple Podcasts | RSSThe Puerto Rico Builders Association and the Puerto Rico Farm Bureau, two professional organizations representing thousands of local members, voiced their rejection of recently uncovered acts of government corruption, which has “tainted the island’s reputation. In a statement the Builders Association, through its President Emilio […]
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