Following an investment of $2.1 million, entrepreneurs Matt Moncada and Paco López officially announced the opening of Fifty-Eight, a new nightclub at La Concha Renaissance Resort in the Condado sector of San Juan. The new venue also represents a partnership with the hotel’s owner, Paulson & Co., which may open the doors for more locations […]
Ponce Health Sciences University has broken ground on the construction of an $80 million campus and medical research facility, which will be the largest of its kind in Puerto Rico, school officials said. The expansion comes in the wake of the conditional authorization it has received from the Liaison Committee on Medical Education – which […]
Taco Bell Cantina, the chain’s new flagship restaurant, recently opened in Toa Baja, bringing to the island a new urban and modern concept with unique offers in its category, restaurant owners said. “With a local investment of $1 million, Taco Bell Cantina will create 23 direct and indirect jobs, and it is expected to stimulate […]
Investigations by the U.S. Department of Labor’s Wage and Hour Division have resulted in the recovery of nearly $5.6 million in back wages and benefits owed to 993 employees of nine subcontractors that provided power generator operation support for hurricane recovery efforts in Puerto Rico, the agency announced. WHD investigators found that the subcontractors violated […]
Puerto Rico’s changing economic landscape will prompt banks to keep a tight grip on their activites until risks recede, an analysis by H. Calero Consulting firm concluded. The “retrenching,” as the firm called it, will likely lead banks to remain a “passive sector, one that, in the future, stands to react rather than lead the […]
The release of $1.5 billion in post-Hurricane María CDBG-DR reconstruction funds will spur a positive momentum in Puerto Rico’s economy, which should grow by 4.2 percent in fiscal year 2020, and will remain positive until 2022, according to new estimates by Estudios Técnicos Inc. “This week the [U.S.] Department of Housing announced the release of […]
Resident Commissioner Jenniffer González-Colón introduced H.R. 1014, known as the “Offshore Wind for Territories Act,” a bipartisan legislation that would amend federal law to study the potential for offshore wind energy development in the U.S. exclusive economic zone adjacent to Puerto Rico and the rest of the U.S. territories. Over the past few years, […]
National affordable housing developer, McCormack Baron Salazar, Inc., and the Puerto Rico Department of Housing, have officially opened Renaissance Square, a new mixed-income apartment community located in Hato Rey. A public/private partnership between the Department of Housing, McCormack Baron Salazar, Citi Community Development, and Hunt Capital Partners, the project used public dollars to leverage private […]
The government sent out another $39.4 million to 1,294 employers who requested Employee Retention Tax Credit program after the impact of Hurricanes Irma and María last year. Gov. Ricardo Rosselló said the new allocation pushes the total amount paid out to $414.4 million from June 2018 to 16,676 employers who retained 415,921 employees after the […]
As part of its strategic plan to evolve and develop its Caribbean structure, Mastercard announced changes that will strengthen its presence on the islands, including expanding their offices in the Dominican Republic and opening new offices in Puerto Rico and Jamaica. This growth will promote greater agility and efficiency when providing service to clients and […]
The Puerto Rico government has signed a collaborative agreement with Florida-based RS&H Inc. to conduct a feasibility study to establish a commercial spaceport at the José Aponte de la Torre Airport, in the former Roosevelt Roads naval base in Ceiba. The study will cost $75,000 and should be ready by June 30, 2019. “We believe […]
FedEx Express, a subsidiary of transportation company FedEx Corp., officially inaugurated its new state-of-the-art ramp operation located at the Luis Muñoz Marin International Airport in Carolina. The opening of the new facility is part of the company’s plan to increase its operational efficiency and meet its growing customer demands. While the investment was no revealed, […]
Sacred Heart University, through its “Our Neighborhood: Cultural District of Santurce” program, has opened a call for creative companies established in the Santurce area interested in developing their project. The initiative, called the CEPA for its initials in Spanish, seeks to recruit 10 to 12 companies committed to their neighborhood, that need support to give […]
A Key Biscayne, Florida resident was found guilty by a federal jury for his role in a $100 million scheme to defraud Westernbank of Puerto Rico. The losses triggered a series of events leading to Westernbank’s insolvency and ultimate collapse in 2010. Jack Kachkar, 55, was convicted of eight counts of wire fraud affecting a […]
At a meeting of the Clinton Global Initiative Action Network on Post-Disaster Recovery held in Puerto Rico last week, the Clinton Giustra Enterprise Partnership (CGEP) announced a commitment to launch an assessment in Puerto Rico that would evaluate feasibility to increase sourcing from local farmers, connecting new customers and improving incomes for farmers in the […]
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