CAMBIO, IEEFA sue to get PREPA to release public documents and data
May 17, 2019
The Institute for Energy Economics and Financial Analysis and CAMBIO, a Puerto Rico-based environmental nonprofit organization, filed a mandamus action in San Juan Superior Court to obtain information about the Puerto Rico Electric Power Authority’s system and ongoing privatization process. “Very little information has been provided about the underlying studies or plans related to the […]
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CPI heads group that sues U.S. Treasury for info on Oversight Board members
May 16, 2019
A lawsuit was filed in the New York District Court to demand information about the files related to the process of appointing the members of the Oversight Board, specifically the documents related to ethical conflicts and the financial disclosures that were required, the Center for Investigative Journalism (CPI) announced. The lawsuit — which also seeks […]
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Legal group predicts avalanche of foreclosures in P.R. this year
May 16, 2019
Mortgage foreclosures in Puerto Rico are at critical levels, with great repercussions for Puerto Rican society, contrary to the panorama official figures paint, accordig to an analysis from nonprofit organization Legal Help Puerto Rico. Ariadna Godreau-Aubert, executive director of the non-profit organization, explained that “the crisis does not affect all people alike. People suffer as […]
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Caribe Hilton reopens iconic property in San Juan after 20-month hiatus
May 16, 2019
Park Hotels & Resorts Inc. announced that the Caribe Hilton in San Juan reopened today following a $150 million restoration. The 652-room resort was impaired for 20 months after sustaining significant damage from Hurricane María in September 2017. “We’re thrilled to re-introduce the iconic Caribe Hilton to guests and locals alike,” said Thomas J. Baltimore, […]
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New permit regulations limit power of P.R.’s autonomous municipalities
May 15, 2019
By Jeniffer Wiscovitch and Angélica Serrano-RománCenter for Investigative Journalism The new permit regulations approved by Gov. Ricardo Rosselló, which repeals municipal regulations, could be a new minefield between the executive and the mayors, since it seeks to override the Autonomous Municipalities Law. This, despite the fact that the Permit Reform Act of 2009, under which […]
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P.R.’s new car sales come to a halt in April with a 9.3% Y-O-Y drop
May 15, 2019
The United Automobile Importers Group (known as GUIA for its initials in Spanish) reported a 9.3% drop in sales during April 2019, when compared to the same month last year. The organization that represents the automotive industry in Puerto Rico said the month ended with a total of 7,352 units sold in Puerto Rico in […]
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P.R. small, mid-sized retailers experience 10% Y-O-Y sales increase in March
May 15, 2019
Puerto Rico’s small and mid-sized retailers showed a 10% year-over-year growth in March 2019, when totals exceeded $1.1 billion in sales, vs. $1.06 billion in the same month of 2018. According to data shared by Puerto Rico Trade and Export, the month’s $110 million increase maintained a month-to-month growth trend. In February, the sector reported […]
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Hundreds of students participate in 1st edition of ‘Lemonade Day’ P.R.
May 15, 2019
Hundreds of young entrepreneurs island wide had their first experience creating and operating a business on May 4 during Puerto Rico’s first “Lemonade Day.” More than 750 kids ranging from preschool to high school, signed-up to participate in “Lemonade Day Puerto Rico,” an initiative hosted by the Center for Economic Renewal, Growth and Excellence (CRECE, […]
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Rosselló signs Opportunity Zones Development Act
May 14, 2019
Gov. Ricardo Rosselló signed into law today Senate Bill 1147, which establishes the regulatory framework for the development of Opportunity Zones in compliance with the Federal Tax Reform of 2017. The Opportunity Zones created under federal law provide tax benefits to low-income communities in order to achieve their economic development. Puerto Rico, as well as […]
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An Airbnb boutique hotel: Opportunity Zones arrive in Old San Juan
May 14, 2019
By Joel Cintrón ArbasettiCenter for Investigative Journalism The walk is led by Adrian Beales, an Australian sales director for Lifeafar, a company that offers real estate investment options for people from abroad. Behind him is a group of 20 investors. They left El Convento hotel on Cristo Street in Old San Juan after the second […]
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Caribbean Produce Exchange formalizes agricultural trade plan between P.R./NY
May 14, 2019
Consumer and fresh products distributor Caribbean Produce Exchange Inc. announced the visit of New York State Agriculture Secretary Richard Ball to evaluate growth opportunities and validate the strategic alliance agreed between the company and the Government of New York agreed to in 2017. The strategy seeks to achieve an increase in the commercial agricultural trade […]
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Popular Inc. CEO: Promoting P.R. is important, but working on structural issues is a must
May 13, 2019
Doing the work of promoting Puerto Rico beyond its shores is an important task, but the island must continue working on its structural issues so that it becomes a place where doing business works, said Ignacio Álvarez, CEO of Popular Inc. during a recent sit-down with the media. “You can sell something, but if after […]
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P.R.’s Fiscal ’18 GDP hits $5.7b, or -4.7% vs. Fiscal ’17
May 13, 2019
The Puerto Rico Planning Board released macroeconomic data closing out the island’s Fiscal 2018, showing that the Gross Domestic Product (GDP) at constant prices totaled $5.7 billion or -4.7%, compared to Fiscal 2017. At current prices it was $6.8 billion or 2.8 percent, for the same comparison, Planning Board President María C. Gordillo said. “These […]
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P.R.’s small inns launch discount card for summer high-season
May 13, 2019
The Puerto Rico Small Inns Owners Association and the Puerto Rico Tourism Co. announced the launch of the “Visit Paradores Card,” targeting local tourists who flock to local hotels during the peak summer season that begins with the Memorial Day holiday. “This year, we have a better tourism product. After María, we collectively invested more […]
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Liberty Puerto Rico is a ‘highlight’ of parent co.’s LatAm operations
May 10, 2019
After emerging as a reinforced operation in the wake of back-to-back hurricanes in 2017, Liberty Puerto Rico has become one of the “highlights” of its parent company, Liberty Latin America’s regional network. Balan Nair, CEO of Liberty Latin America said after Hurricanes Irma and María, “the business was completely devastated, just like the population on […]
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