Demolition set to begin on site of future P.R. Film District in Miramar
May 3, 2019
Demolition of the abandoned structures located on the 13-acre site that will be occupied by the proposed $136 million Puerto Rico Film District project will begin in “coming days,” paving the way for the start of construction. So far, the process of mitigation and lead and asbestos removal has been completed, Noelia García, deputy director […]
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Oversight Board sues 20+ banks, other parties to recover $1B in excess payments
May 3, 2019
The Financial Oversight and Management Board for Puerto Rico filed complaints to recover more than $1 billion from holders of bonds issued in excess of Puerto Rico’s constitutional debt limit, and from firms and advisors that helped with the issuance of those bonds. The Oversight Board filed a claim against more than 20 banks, law […]
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Diversity in the workplace at heart of T-Mobile’s corporate philosophy
May 3, 2019
This week, T-Mobile Puerto Rico has been celebrating the diversity of its employees, which has been part of its DNA for years. The events lead up to the carrier’s fourth annual participation in Puerto Rico’s gay pride parade taking place this weekend. Lyannete Dávila, marketing director for T-Mobile Puerto Rico, said T-Mobile’s commitment to diversity […]
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Study claims P.R.’s southern aquifers are ‘healthy, efficient and resilient’
May 3, 2019
Despite the moderate drought that recently affected parts of the island, a new study belies the notion that there is a crisis in the aquifers of Puerto Rico’s southern region, a natural source of water that is critical for the area’s agricultural sector. According to the data exposed in the study, these bodies of water […]
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Op-Ed: What does the Oversight Board’s lawsuit against Commonwealth suppliers mean?
May 3, 2019
As of May 2, 2019, the Financial Oversight and Management Board for Puerto Rico has filed 230 lawsuits against suppliers of goods and services to the Commonwealth of Puerto Rico and the Committee of Unsecured Creditors Under Title III of PROMESA. The Oversight Board has entered into this scenario through a stipulation that allows it […]
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Gov’t puts prime Convention Center District property on the block for $3.5M
May 2, 2019
A prime 2.4-acre lot located next to the Sheraton Puerto Rico Hotel & Casino has been put on the block for $3.5 million, this media outlet confirmed. The property, owned by the Puerto Rico Development Fund — a subsidiary of the defunct Government Development Bank — must be used “for an office building not to […]
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Casual dining restaurant chain Kona Grill seeks Ch. 11 bankruptcy protection
May 2, 2019
Arizona-based Kona Grill Inc. and its subsidiaries — including Kona Grill Puerto Rico Inc. — have filed a Chapter 11 petition in the U.S. Bankruptcy Court for the District of Delaware, to facilitate its previously announced sale process. Kona Grill has one restaurant in Puerto Rico, located at The Mall of San Juan. It opened […]
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P.R.’s hemp regulations to be submitted to USDA in June for review
May 2, 2019
Puerto Rico Agriculture Secretary Carlos Flores-Ortega said the agency should be ready in June to submit a draft of the proposed regulations for commercial production of industrial hemp on the island. In an interview on 1140, during the “En Una Hora” program — in which News is my Business participates — the government official said […]
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Evertec reports 8% year-over-year 1Q19 revenue growth
May 2, 2019
Evertec Inc. announced results for the first quarter ended Mar. 31, 2019, reporting $118.8 million in revenue, an 8% growth compared with $110.3 million in the prior year. Revenue increase in the quarter reflected growth from elevated sales volumes in Puerto Rico and increased core banking transactions in part due to last year’s hurricane impacted […]
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Oversight Board pursues 230+ gov’t vendors to recover $4.2B in conflictive payments
May 1, 2019
The Financial Oversight and Management Board for Puerto Rico filed more than 230 complaints against individuals and entities to recover some $4.2 billion in payments by the Commonwealth of Puerto Rico that were in conflict with the U.S. Bankruptcy Code and Puerto Rico law. The complaints allow the Oversight Board to ensure that the payments […]
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Aluminios de P.R. resumes operations in Humacao after $4M investment
May 1, 2019
Aluminios de Puerto Rico announced the re-start of its manufacturing plant operations at the Industrial Park in Humacao. The company invested $4 million, which will generate 115 jobs in five years. “We celebrate the reopening of Aluminios of Puerto Rico’s aluminum plant in Humacao, which will result in economic benefits for many families and for […]
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M Property Services expands into P.R., hires local executive
May 1, 2019
Missouri-based M Property Services announced its entry into the Puerto Rico market, where it has hired Dorado native José M. Arreseigor as vice-president of the local operation. Founded in 1990, M Property Services, LLC is a full-service real estate development, property management and brokerage firm. Its developments focus the concept of “LifeWorks” – the creation […]
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Op-Ed: Now’s the time to redevelop former Corco complex
May 1, 2019
Next week, the U.S. Environmental Protection Agency (EPA) and the Center for Creative Land Recycling (CCLR) will deliver an important recovery message to the island’s municipalities, communities, and nonprofit sector: community revitalization is possible, even on contaminated properties. Across the United States and U.S. territories, an estimated 450,000 to 1 million brownfield sites remain undeveloped […]
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House Bill 2073 submitted to inject more transparency into prescription drug pricing
April 30, 2019
The Puerto Rico House of Representatives will be reviewing a bill to amend Act 7, known as the Prescription Drugs Pricing Transparency Act, to identify the factors that influence what patients pay for their medication. House Rep. Juan Oscar Morales, chairman of the House Health Commission, said during an interview on the “En Una Hora” […]
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Demand for independent rentals in P.R. back to pre-María levels
April 30, 2019
Lodging demand on the island during the first quarter of 2019 is on par with levels reported during the same quarter in 2017, 14 months post-hurricane Maria, signaling an “unprecedented pace of recovery” for a destination, Destination Marketing Organization Discover Puerto Rico announced. Total demand for independent rentals is up 72% from first quarter 2017 […]
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