New $130M mixed-income housing complex breaks ground in Caguas
January 25, 2019
The Puerto Rico Department of Housing and affordable housing developer, McCormack Baron Salazar, Inc., announced the closing on the financing and start of construction of a $130 million mixed-income housing in Caguas. Located on vacant land that was previously a public housing site, the new community includes housing options that are affordable to families and […]
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Iberia to resume direct Madrid-San Juan service on Mar. 31
January 25, 2019
Spanish airline Iberia will resume its direct route between San Juan and Madrid on Mar. 31 with three weekly flights between Luis Muñoz Marín International Airport on Wednesdays, Fridays and Sundays during the months of April, May, September and October. Those flights are in addition to the daily flights to be offered — except Monday […]
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IEEFA P.R.: New natural gas deal fits same old pattern for choosing contractors
January 25, 2019
Editor’s Note: The following is an analysis by Tom Sanzillo ([email protected]), IEEFA’s director of finance and Cathy Kunkel ([email protected]), an IEEFA energy analyst. It is being reprinted as it originally appeared in IEEFA’s website. The government of Puerto Rico is moving forward with plans to convert two units at the San Juan power plant from […]
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Popular Inc. reports whopping increases in net and adjusted income in ’18
January 24, 2019
Popular Inc. closed 2018 with significant year-over-year increases in its net and adjusted income, according to its quarterly earnings report. For the 12-month period ended Dec. 31, 2018, adjusted net income was $487 million, up 76 percent from the prior year’s adjusted net income of $276 million. Net income for 2018 totaled $618.2 million, a […]
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Liberty P.R. to increase rates on current plans effective Feb. 1
January 24, 2019
Liberty Puerto Rico will increase rates on current television and internet packages effective Feb. 1, the company announced in a notice sent to customers. However, clients choosing to switch to new plans that Liberty began offering late last year will not experience rate changes for the rest of 2019. “As part of our commitment to […]
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Public power versus privatized power: The debate in P.R. before and after María
January 24, 2019
By Eliván Martínez Mercado | Center for Investigative Journalism From the inside of a cargo container like the ones used to transport food overseas, the town of Sterling, Massachusetts implements the energy system of the future. The general manager of this power services company, Sean Hamilton, walks with his head protected by a white constructor’s […]
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Economic Activity Index up 21.5% in Nov. 2018 vs. same year-ago month
January 24, 2019
Puerto Rico’s Economic Activity Index showed a 21.5 percent year-over-year growth in November 2018, the government announced. The EAI-PR released by the Puerto Rico Economic Development Bank reached a level of 120.3 in November 2018, showing a decrease of 0.1 percent compared to October 2018. The most recent results mark the third consecutive increase after […]
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OFG Bancorp reports $23.1M in net income in 4Q18
January 23, 2019
OFG Bancorp reported net income of $23.1 million, or $0.45 per fully diluted share, compared to $19.6 million during the third quarter of 2018, or $0.42 per share and the same year-ago quarter, when it made $13.6 million or $0.30 per share. For the year ended Dec. 31, 2018, the financial institution reported net income […]
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P.R. Institute of Statistics seeks injunction against board appointments
January 23, 2019
The Puerto Rico Institute of Statistics is seeking an injunction and declaratory judgment from the San Juan Superior Court challenging the validity of a number of board appointments Gov. Ricardo Rosselló made in late November 2018. The appointments casts doubt on the Institute’s independent criteria and the knowledge and expertise required for Board members to […]
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P.R. Nonprofit Capacity Building Network to boost grassroots organizations
January 23, 2019
The Puerto Rico Nonprofit Capacity Building Network is coming together to provide training, networking opportunities and funding for grassroots organizations across Puerto Rico. The goal is to increase their capacity to meet crucial community needs in areas such as housing, climate resilience, education and health, especially as the island recovers from Hurricanes Irma and María. […]
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Rosselló: Gov’t working on ‘transformation’ of Vieques/Culebra ferry system
January 22, 2019
Admitting that transformations are “seldom smooth and many times messy,” Puerto Rico Gov. Ricardo Rosselló confirmed that his administration is working on ironing out the kinks that have come up with the shift into the “short route” connecting Puerto Rico with Vieques and Culebra. In an exclusive interview with this media outlet, Rosselló said moving […]
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1st post-María resilience summit to focus on lessons learned from hurricanes
January 22, 2019
Caribbean Strong, under the slogan of “Building Resilience with Equity,” is the first post-Hurricane María resilience summit to be held this year, at the Sheraton of the Convention Center Hotel from Feb. 27 to Mar. 1, organizers confirmed. The summit will focus on the lessons learned after the two devastating hurricanes that hit Puerto Rico […]
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P.R. jobless rate at 8.3% in December, 15K jobs added YOY
January 21, 2019
The Puerto Rico Department of Labor and Human Resources announced that the island’s unemployment rate stood at 8.3 percent in December 2018, reflecting a decrease of 2.7 percent versus December 2017. Labor Secretary Carlos Saavedra further said the workforce participation rate rose to 40.8 percent in December, while 15,000 more jobs were reported in comparison […]
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Liberty LatAm settles $108.5M in hurricane-related insurance claims
January 18, 2019
Liberty Latin America has reached a settlement agreement with its third-party insurance provider for $108.5 million in net damages related to Hurricanes Irma and María last year, the company confirmed. The gross amount agreed to in December 2018 totaled $138.5 million, but Liberty deducted $30 million in self-insurance from the total amount. “We have received […]
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New car sales up 28.4% in ’18, when 107K+ units rolled off P.R. lots
January 18, 2019
Puerto Rico’s new car sales received a significant boost last year, when a total of 107,941 units sold, compared to the 84,080 units sold in 2017, representing a 28.4 percent increase. However, the United Automobile Importers Group, known as GUIA for its initials in Spanish, predicted that this year, the industry will see a reduction […]
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