DMO says ‘decision was needed’ to keep P.R. on path of recovery
July 26, 2019
Discover Puerto Rico, the island’s Destination Marketing Organization, said in a statement that a “decision was needed to maintain tourist, investor, and public confidence in Puerto Rico and for the island to continue its strong path to recovery.” The DMO’s comments were in reference to Gov. Ricardo Rosselló’s resignation following nearly two weeks of widespread […]
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FEMA to reinstate manual drawdown process for P.R. hurricane recovery funding
July 25, 2019
Citing the “ongoing leadership changes within the Puerto Rican government,” the Federal Emergency Management Agency announced its decision to reinstate the manual drawdown process for the Commonwealth of Puerto Rico as an additional step to protect the federal investment. Effective immediately, the Commonwealth must receive approval from the agency to drawdown grant funds for Hurricanes […]
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Popular Inc. reports $171.1M in net income for 2Q19, vs. $167.9M for 1Q19
July 25, 2019
Popular Inc., parent company of Banco Popular de Puerto Rico, reported net income of $171.1 million for the quarter ended June 30, 2019, compared to net income of $167.9 million for the quarter ended March 31, 2019. But when compared quarter-to-quarter, the financial institution revealed a 39% drop this quarter when compared to the same […]
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P.R. Pathology invests $7.5M in new 50K square-foot, state-of-the-art lab
July 25, 2019
Puerto Rico Pathology, which has been serving the island for 65 years, has invested $7.5 million in a new state-of-the-art, 50,000 square-foot lab to continue offering services on the island and the Caribbean. In an interview on the “En Una Hora” program on 11Q 1140 AM, in which News is my Business participates, Víctor Carlo, […]
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Rosselló resigns after corruption scandal, chat leak rocks administration
July 24, 2019
Embattled Gov. Ricardo Rosselló-Nevares is resigning, becoming the first governor in Puerto Rico’s history not to end his term and to leave office pressured by hundreds of thousands of island residents and members of his own New Progressive Party. However, his resignation will be effective Aug. 2, 2019, at 5 p.m. he said in a […]
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FirstBank reports net income of $41.3M in 2Q19 as CEO remains optimistic
July 24, 2019
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 […]
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Oversight Board calls for swift resolution of P.R.’s governance crisis
July 24, 2019
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 […]
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Oriental CEO: Political crisis could have future ‘economic consequences’ for P.R.
July 23, 2019
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 […]
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IEEFA letter urges U.S. inspectors general to scrutinize PREPA contracting
July 23, 2019
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 […]
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San Juan-based businesses closing today as thousands expected to march
July 22, 2019
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 […]
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2 more cruise ships cancel stops in San Juan, representing $750K loss
July 22, 2019
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 […]
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U.S. Dept. of Commerce invests $1.2M to stoke post-disaster business growth in P.R.
July 19, 2019
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 […]
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Treasury starts processes to reduce sales and use tax on prepared foods to 7%
July 19, 2019
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 […]
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General Contractors outline strategies to slash illegal gov’t procurement processes
July 19, 2019
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, […]
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Economists join claims for governor’s ouster; PRMA asks for ‘swift action’
July 18, 2019
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 […]
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