Guayacán Venture Accelerator reaches 100 participants in P.R.
June 18, 2019
Grupo Guayacán Inc. (GGI) announced the start of the 11th edition of the Guayacán Venture Accelerator (GVA), its business development program for established companies in search of new growth opportunities. The class of 2019 includes 11 companies and a nonprofit organization, for a total of 12 participants representing a wide variety of industries in Puerto […]
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AT&T invests some $350M in 3 years to boost P.R. networks
June 18, 2019
AT&T has invested nearly $350 million in its Puerto Rico wireless and wired networks during 2016-2018, the company announced The investments boost reliability, coverage, speed and overall performance for residents and businesses. The carrier has also improved critical services that support Public Safety and first responders using the FirstNet communications platform. In 2018, AT&T made […]
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Hydroponics farm expands operations with $250K gov’t investment
June 18, 2019
Agriculture Secretary Carlos Flores announced the recent expansion of the F&F Hydroponics agricultural project in Ciales, with a contribution of $250,000 from the agency’s Farm Investment Program, adding 13 new jobs to the agricultural region of Utuado. The project that specializes in growing a variety of the “salanovas” lettuce variety in structures featuring a controlled […]
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Oversight Board reaches agreement on framework to restructure $35B in debt
June 17, 2019
The Financial Oversight and Management Board for Puerto Rico announced it reached an agreement with certain Commonwealth bondholders on the framework for a plan of adjustment to resolve $35 billion worth of debt and non-debt claims against the government. The agreement will reduce the amount of Commonwealth-related bonds outstanding to less than $12 billion, a […]
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New car sales skid 3.1% in May, as demand for vehicles drops
June 17, 2019
New car sales in Puerto Rico reflected a drop in May, when a total of 8,865 units were sold, representing a 3.1% drop in comparison to the 9,152 units sold during the same month last year. Statistics released by the United Automobile Importers Group (known as GUIA for its initials in Spanish,) also said the […]
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JLL report says P.R.’s hotel industry rebounding after back-to-back challenges
June 17, 2019
Following the negative impact caused by the events of the past few years — the Zika virus scare in the Caribbean and Hurricanes Irma and María — Puerto Rico’s hotel industry is facing a wide range of opportunities for development and growth. That was the main conclusion reached by JLL Research in its “Hotel Destinations […]
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36 Puerto Rican companies to participate in upcoming pre18 accelerator program
June 17, 2019
Parallel18 (P18), a global business accelerator operating since 2015, announced the selection of 36 Puerto Rican companies that will participate in its pre-acceleration program, pre18. The companies will be part of a 12-week training curriculum, and each will receive a $20,000 grant for their projects. This initiative that was created after Hurricane María to support […]
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P.R. housing market on the mend after Hurricane María
June 14, 2019
Puerto Rico’s housing market improved between 2017 and 2018, after recovering from the impact of Hurricane María, showing a 78% increase in new homes sale and an 17% increase in previously owned homes, a study by the Estudios Técnicos research firm showed. However, despite the current improvement, Puerto Rico’s housing market will have to create […]
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Community Health Centers were lifesavers after hurricane, but gov’t didn’t count on them
June 14, 2019
By Mc Nelly TorresCenter for Investigative Journalism Three days after Hurricane María, Isolina Miranda stared in disbelief at what was left of the two-story building where a community health center once stood in the heart of San Lorenzo, a town of 37,000 people in the eastern central region of the island. Miranda is the executive […]
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PRIDCO reaches deal to restructure $165M in debt with bondholders
June 14, 2019
The government of Puerto Rico announced it has entered into a restructuring support agreement for $165 million in Puerto Rico Industrial Development Company debt with GoldenTree Asset Management, holder of over two-thirds of the agency’s outstanding revenue bonds. The RSA contemplates a financial restructuring of the PRIDCO Bonds through a Qualifying Modification under Title VI […]
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Dept. of Agriculture to require expiration date for imported, local egg starting in July
June 14, 2019
With the consensus of the island’s organized egg production sector, Agriculture Secretary Carlos Flores-Ortega, signed a new administrative order to require that all local and imported egg containers carry an expiration date effective July 1, 2019. At present, the imported product only contains the date when the eggs were packaged, with no expiration date for […]
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Hotel room tax collections reach ‘record levels’ in April at almost $7M
June 13, 2019
Hotel room tax collections reached nearly $7 million in April, the highest in the history of the levy for that month, Puerto Rico Tourism Company Executive Director Carla Campos said. In April 2019, collections totaled $6.96 million, a figure that reflects an increase of more than $500,000 when compared to collections for April 2018, and […]
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Famous Dave’s restaurants disappearing from P.R. market
June 13, 2019
Grupo Colón Gerena, franchise license holders for the Famous Dave’s restaurants in Puerto Rico, confirmed that the chain will disappear from the local market, and will be transformed into Olive Garden eateries. The transformation is the result of recent market assessments and studies, which revealed consumers’ desire for more Olive Garden on the island, said […]
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Truenorth tech solution for Treasury Department featured in IBM case study
June 13, 2019
IBM recently highlighted Truenorth Corporation in a case study about a technology solution the Guaynabo-based company worked on for the Puerto Rico Treasury Department in the aftermath of Hurricanes Irma and María. Truenorth, along with IBM partner PSR, helped the Treasury Department develop and implement a continuous availability solution that is based on IBM z14 […]
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MIDA’s Consumer X-Ray shows a 5% year-over-year drop in grocery spending
June 12, 2019
The amount of money consumers are spending on groceries a month dropped to $422, a fall of 5% versus the expenditure reported in 2018, similar to that recorded in 2015, according to the study released by the Chamber of Marketing, Industry and Food Distribution, or MIDA, as the trade group is known for its initials […]
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