DMO: P.R.’s year-to-date tourism revenue of $445M set to break records
July 2, 2019
Discover Puerto Rico, the island’s Destination Marketing Organization, marked its one-year anniversary, announcing that tourism is the strongest it’s ever been, as the destination tracks toward a record-breaking year. Year-to-date revenue is the highest in the island’s history, with $445 million reported through May, Brad Dean, CEO of Discover Puerto Rico, said. The island has […]
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14,800 PREPA customers benefiting from utility’s net metering program
July 2, 2019
Some 14,800 Puerto Rico Electric Power Authority customers are benefiting from Net Metering Billing, representing about 70 million-kilowatt hour of energy consumption through renewable energy sources including solar, wind and geothermal. Under net metering, renewable energy system supplies all or part of the client’s electricity consumption; excess energy, if any, is exported to PREPA’s electrical […]
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Oversight Board sues PREPA fuel suppliers, laboratories over fraudulent payments
July 1, 2019
The Special Claims Committee of the Financial Oversight and Management Board for Puerto Rico today filed a complaint against several fuel suppliers and laboratories seeking to recover potentially billions of dollars in fraudulent payments made by the Puerto Rico Electric Power Authority. The Oversight Board’s complaint alleges that between 2002 and 2015 certain fuel suppliers […]
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P.R. Community Foundation awards $95K in grants to Vieques, Culebra nonprofits
July 1, 2019
Seven nonprofit organizations in Vieques and Culebra received $95,000 in donations from the Hispanic Federation of Puerto Rico Recovery and Relief Fund, established by the Hispanic Federation in the Puerto Rico Community Foundation, to promote economic development and the conservation of the environment in both island municipalities. The organizations benefited in Vieques are: Vieques en […]
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WORA-TV in Mayagüez begins restructuring process after Telemundo cancels contract
June 28, 2019
Broadcaster WORA-TV in Mayagüez, owned by Telecinco Inc., announced the start of a restructuring process in response to the decision by Telemundo Puerto Rico not to renew its contract agreement. As this media outlet reported this week, Telemundo notified WORA of its decision to rescind its contract which according to documents obtained from the Federal […]
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Texaco brand returning to P.R. market through rebranding of Puma gas stations
June 28, 2019
Nearly eight years after disappearing from the Puerto Rico market, the Texaco brand is returning through the conversion of Puma gas stations, this media outlet learned. In December 2011 Puma Energy agreed to acquire Chevron’s fuel marketing and aviation businesses in Puerto Rico and the U.S. Virgin Islands, as News is my Business reported. Chevron […]
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MIDA to present ‘united front’ to lobby for P.R.’s inclusion in SNAP program
June 28, 2019
The members of the Chamber of Marketing, Industry and Food Distribution, or MIDA, as the trade group is known for its initials in Spanish, confirmed the need to present a “united front” to get Puerto Rico included in the Supplemental Nutrition Assistance Program. In March, Sen. Bernie Sanders and Rep. Nydia Velázquez introduced a bill […]
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Evertec to enter Chilean payments market through agreement with Banco Santander Chile
June 28, 2019
Evertec Inc. announced the signing of an agreement with Banco Santander Chile under which the Puerto Rican firm will provide acquiring processing services as well as other solutions and regional expertise as Banco Santander enters the merchant acquiring business in Chile. “We’re extremely pleased to provide our products and services to Banco Santander, the first […]
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Workers in P.R.’s metro area earned 42% less an hour vs. U.S. counterparts
June 28, 2019
Workers in the San Juan-Carolina-Caguas Metropolitan Statistical Area had an average (mean) hourly wage of $14.61 in May 2018, about 42% below the United States average of $24.98, the U.S. Bureau of Labor Statistics said Thursday. Chief Regional Economist Martin Kohli noted that, after testing for statistical significance, wages in the local area were lower […]
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Telemundo to stop airing signal via WORA-TV in Mayagüez by year’s end
June 27, 2019
Telemundo, one of Puerto Rico’s three main television stations, will stop retransmitting its signal through WORA-TV in Mayagüez before year’s end, this media outlet learned. This would represent a signal interruption for thousands of residents of 28 towns in the south-central-west and northwest regions, where most of the population receives the programming via over-the-air antennas. […]
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P.R. Community Foundation gets $4.1M grant to deploy renewable energy in Culebra
June 27, 2019
Puerto Rico Community Foundation is getting a $4.1 million grant from the U.S. Department of Commerce to install a 100% renewable energy system to support businesses in the municipality of Culebra. The project, to be located in a Tax Cuts and Jobs Act designated Opportunity Zone, will be matched with $1 million in local funds, U.S. Secretary of […]
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$16M Caguas Ambulatory Surgical Center to begin operating next month
June 27, 2019
Caguas Ambulatory Surgical Center, a multiple-specialty ambulatory surgical center in Caguas, will begin operating next month after a $16 million investment, company executives said. Caguas Ambulatory will offer ambulatory surgical procedures in the specialties of Orthopedics, Urology, Ophthalmology, Otorhinolaryngology, and Hand Surgery, among others. This type of facility offers more cost-efficient services and facilitates access […]
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Oriental to buy Scotiabank’s operations in P.R. for $550M; USVI for $10M
June 26, 2019
OFG Bancorp’s subsidiary Oriental Bank will acquire Scotiabank’s Puerto Rico operation for $550 million and its U.S. Virgin Island branch operation for $10 million. Scotiabank’s Puerto Rico and USVI operations will be merged into Oriental Bank and its related businesses. The acquisition is subject to customary regulatory approvals, which will likely take about six months […]
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BurgerFi to open 6 restaurants in P.R., create 200 jobs over next 5 years
June 26, 2019
Florida-based gourmet burger chain BurgerFi announced it will open six new stores across the island and create more than 200 jobs over the next five years. The six Puerto Rico locations will be owned and operated by franchisee Phillip Faigenblat, an entrepreneur who owns 14 Denny’s franchises in on the island. Faigenblat recognized the need […]
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PREPA’s limited delivery of documents extends suit filed by CAMBIO and IEEFA
June 26, 2019
CAMBIO, a local nonprofit, and the Institute for Energy Economics and Financial Analysis (IEEFA) expressed their dissatisfaction at the San Juan Superior Court about the limited amount of public information they have received from the Puerto Rico Electric Power Authority. In response, Judge Anthony Cuevas-Ramos, who is presiding over the case has summoned the parties […]
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