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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P.R.’s Consumer Price Index remains flat, while value of the dollar drops
June 26, 2019
Puerto Rico’s Consumer Price Index remained virtually flat in May 2019, increasing 0.2% compared to April 2019, according to data released by the Puerto Rico Institute of Statistics. Meanwhile, from May 2018 to May 2019 the General Price Index increased by 0.5%, the data showed. Furthermore, the purchasing power of the consumer dollar dropped to […]
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FEMA opens new consolidated resource center in P.R.
June 25, 2019
The government of Puerto Rico, the Central Office of Recovery, Reconstruction and Resilience, or COR3, and the Federal Emergency Management Agency have established a Consolidated Resource Center on the island to help move recovery forward, the federal agency announced. A Consolidated Resource Center, known as a CRC, was established on June 3 to streamline the […]
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Facebook, Platzi to grant 1K programming scholarships in LatAm
June 25, 2019
Facebook and online technology training school Platzi announced that 1,000 scholarships will be awarded to residents of Brazil and Spanish-speaking countries in Latin America to contribute to the region’s talent development and economic growth. The scholarships consist of a 21-week course at Platzi and the end of the course, participants will receive certification as front-end […]
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SJ Marriott Resort and Stellaris Casino to invest $80M to renovate 404 rooms
June 24, 2019
The San Juan Marriott Resort and Stellaris Casino has major plans in the pipeline, starting with an $80 million renovation of the 404 rooms in its main tower. Joaquín Cruz, marketing manager of the beachfront property in the Condado sector of San Juan, said the project is set to begin in August and should be […]
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AON highlights value of intangible assets in companies
June 24, 2019
In the current business ecosystem, adopting digital transformation creates new and unforeseen risks for companies. Facing this reality, Aon plc, a company dedicated to professional services in risk management, retirement and health, emphasized the most significant risks that organizations may face at present and the importance of taking the appropriate cyber security measures. “Since 2015, […]
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Aurora Angel Network invests in Guilty, a local fashion tech startup
June 21, 2019
The Aurora Angel Network announced it has invested an undisclosed amount in local fashion tech startup Guilty, Puerto Rico’s first subscription-based fashion service. Leveraging the growing sharing economy ecosystem and a proprietary platform, Guilty allows its clients the ability to constantly refresh their wardrobe, pulling from hundreds of items in their own virtual closet for […]
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